Artikel
How do state-owned and private-owned CVC differ in nurturing innovation in China?
We investigate how state-owned corporate venture capital differs from privately owned corporate venture capital in fostering innovation among startups. Based on the data of Chinese A-share listed companies and the startups in their portfolios that they invested in between 2009 and 2018, we find that startups backed by state-owned corporate venture capital are less innovative than startups backed by privately owned corporate venture capital. Using a two-stage least-squares analysis yields the same results. Further, we find evidence consistent with two potential mechanisms: Investors of state-owned corporate venture capital provide weaker technical support and are less tolerant of failure. These results have important implications for stakeholders, management, and policy makers who care about incentivizing young and rapidly growing companies to innovate more effectively.
- Language
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Englisch
- Bibliographic citation
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Journal: Journal of Risk and Financial Management ; ISSN: 1911-8074 ; Volume: 16 ; Year: 2023 ; Issue: 1 ; Pages: 1-12
- Classification
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Management
- Subject
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China
firm innovation
privately owned corporate venture capital
startups
state-owned corporate venture capital
- Event
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Geistige Schöpfung
- (who)
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Gao, Xiang
Shi, Guoping
Wu, Yige
Zhang, Luming
- Event
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Veröffentlichung
- (who)
-
MDPI
- (where)
-
Basel
- (when)
-
2023
- DOI
-
doi:10.3390/jrfm16010026
- Handle
- Last update
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10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Gao, Xiang
- Shi, Guoping
- Wu, Yige
- Zhang, Luming
- MDPI
Time of origin
- 2023
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