The Effect of Venture Capitalist Monitoring on Firms' Innovation: Evidence from China

被引：0

作者：

Zou, Shuang ^{[1
]}

Cheng, Liwei ^{[1
]}

机构：

[1] Dalian Univ Technol, Fac Management & Econ, Dalian 116024, Peoples R China

来源：

PROCEEDINGS OF THE 10TH (2018) INTERNATIONAL CONFERENCE ON FINANCIAL RISK AND CORPORATE FINANCE MANAGEMENT (FRCFM) | 2018年

关键词：

Venture capital; Monitoring; Innovation; PERFORMANCE; GOVERNANCE;

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper analyzes the effect of venture capitalist monitoring on firms' innovation. Based on 5382 firm-year observations of 492 listed firms during 2006-2016, we manually collect information on venture capital and empirically examine whether venture capitalist monitoring facilitates firms' R&D intensity by the Heckman Selection Model. The results show that compared with entrepreneurial companies that are not monitored by venture capitalists, entrepreneurial companies monitored by venture capitalist are associated with higher R&D investment. That is to say, venture capitalist monitoring contributes to the improvement of firms' innovation performance.

引用

页码：367 / 372

页数：6

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