|
|
|
| Research on the Impact of Venture Capital and Information Diaphaneity on Enterprise Innovation Willingness |
| JIANG Shuangshuang，LIU Guangyan |
| 1.Liaoning Technical University, Huludao, Liaoning, China；2.Shandong Technology and Business University, Yantai, Shandong, China |
|
|
|
|
Abstract The specific impact of the participation of venture capital institutions on enterprises’ desire to innovate were investigated using the 2013~2019 empirical data of companies listed on Shanghai and Shenzhen stock exchanges based on the theory of information asymmetry from the perspective of financing constraints. The results show that venture capital institutions’ participation significantly boosts enterprises’ desire to innovate, especially as the venture capital institutions have their shareholding ratio increased; information diaphaneity positively promotes the influence of venture capital on enterprises’ desire to innovate; there is an obvious difference between state-owned enterprises and private enterprises in the effect of venture capital on enterprises’ desire to innovate and the moderating role of information diaphaneity.
|
|
Received: 24 November 2020
|
|
|
|
|
|
|
