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| Research on the Impact of Double Competitor Indirect Ties and VC Fund Preferred Return on Entrepreneurial Innovation |
| WANG Han，SHI Guoping，DONG Jianwei |
| 1. Xi’an University of Finance and Economics, Xi’an, China; 2. Shanghai Business School, Shanghai, China; 3.Northwest University, Xi’an, China |
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Abstract From the theoretical perspective of competitive information leakage, in combination with the actual operation mode of venture capital (VC) institutions, this research constructs a theoretical analysis framework of double competitive information leakage, and incorporates the preferred return of VC funds, which is a limited partnership agreement clause, into this analysis framework, so as to study the negative impact of double competitor indirect ties on enterprise innovation and the inhibitory effect of VC fund preferred return on the above relationship. This research mainly draws the following two conclusions. To put it concretely, first of all, both the number of cross-fund competitor indirect ties and the number of competitor indirect ties with the same fund have a significant negative impact on the enterprise innovation. Second, the higher the preferred return of VC fund is set, the weaker the negative impact of the number of cross-fund competitor indirect ties on the enterprise innovation. In contrast, the negative impact of the number of competitor indirect ties with the same fund on the enterprise innovation has not changed. In addition, the above effects are more evident if the invested enterprise is in the high-tech industry.
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Received: 24 September 2021
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