Analysis of the Impact of Venture Capital on the Overall Level of Technological Innovation in High-tech Enterprises

2020 ◽  
Keyword(s):  
Venture Capital ◽  
Technological Innovation ◽  
High Tech ◽  
The Impact

scholarly journals How Venture Capital Influences High-tech Enterprises’ IPO: External Factors versus Internal Growth

CONVERTER ◽  
2021 ◽  
pp. 84-99
Author(s):  
Hui Wu, Yu Wang
Keyword(s):  
Venture Capital ◽  
Manufacturing Sector ◽  
High Tech ◽  
Symmetric Information ◽  
Corporate Growth ◽  
Matching Degree ◽  
Investment Experience ◽  
Traditional Manufacturing ◽  
The Impact ◽  
The Empirical Analysis

There is huge potential for China to transform and upgrade its traditional manufacturing sector, and high-tech enterprises in manufacturing industries stand out. This study contributes to the literature on how venture capital affects technology-based Enterprises’ IPO by evaluating the characters between the two parties.  According to the symmetric information theory, certification theory and enterprise property rights theory, the first round of risk financing enterprises from 2010 to 2019 is taken as a research sample to empirically analyze the impact of venture capital and corporate growth on firm listing events. The results show that the investment experience of venture capital institutions, when matched appropriately to firms’ specific growth, will facilitate and accelerate the IPO process. Thus the matching degree between the two are significantly positively related to the company's IPO. Under the premise of low growth of the company, venture capital has a significant impact on the listing of the company. As the growth of the company increases, the impact of venture capital on the listing of the company is gradually reduced. Venture capital institutions with overseas backgrounds are more inclined to promote the IPO of invested international companies. Finally, we discuss the implications based on the results of the empirical analysis, and make suggestions for venture capital institutions and companies.

scholarly journals How Does Technological Innovation Mediate the Relationship between Environmental Regulation and High-Quality Economic Development? Empirical Evidence from China

2021 ◽  
Vol 13 (4) ◽  
pp. 2231
Author(s):  
Die Li ◽  
Sumin Hu
Keyword(s):  
Economic Development ◽  
Environmental Regulation ◽  
Technological Innovation ◽  
Mediating Effect ◽  
Mediation Effect ◽  
High Tech ◽  
High Quality ◽  
Measure Model ◽  
The Impact

Technological innovation is considered to be an effective way to promote the quality of economic development and green transition under environmental policies, while the specific mechanism of this process is still unclear. Thus, the purpose of this paper was to examine how technological innovation mediates the relation between environmental regulation and high-quality economic development. Based on the panel data of 34 industries in China from 2007 to 2015, this paper firstly calculated the green total factor productivity (GTFP) as a proxy variable for the quality of economic development through the super-slack-based measure model, and then analyzed the impact of environmental regulation and technical innovation on the GTFP by making use of the mediation effect model. The results showed that environmental-related policy directly affected the GTFP while technological innovation indirectly moderated this process, where the moderate impact of technological innovation was industrial heterogeneous. Specifically, the relation between environmental regulation and GTFP was positively and partially moderated by technological innovation in clean industries and high-tech industries, while positively but completely moderated by technological innovation in low-and medium-tech industries. Moreover, the mediating effect of technological innovation in pollution-intensive industries was positive but insignificant.

scholarly journals ESSENCE AND ECONOMIC NATURE OF COUNTRY-REGIONAL BENCHMARKING MODELS IN ORDER TO DETERMINE THEIR COMPETITIVE FACTORS

2021 ◽  
Author(s):  
Antonina Lahun
Keyword(s):  
Venture Capital ◽  
Market Model ◽  
High Tech ◽  
Bank Capital ◽  
Regional Models ◽  
Corporate Sector ◽  
Capital Financing ◽  
Venture Financing ◽  
The Impact ◽  
Venture Capital Investments

The article is devoted to the current typification of country-regional models, which is based mainly on criteria for the scale and structure of venture financing, the degree of development of national financial markets, the level of concentration of bank capital and participation of banks in corporate sector management, the availability of venture capital financing. structures, share of bank capital in venture financing of investment projects, share of corporate sector in financing of venture funds, tupenya of mergers and acquisitions, the protection of minority investors and the concentration of ownership in the real economy. The criteria of classification of country-regional models of venture financing of innovative projects that cannot fully reflect its impact on the structural dynamics of national and global innovation development and should be supplemented by a number of additional criteria are considered. It is also the market model most widely used in the Anglo-Saxon countries. The presence of the best international business schools in the world is also a major competitive advantage of the market model of venture financing for innovation; deep cooperative links between universities, government laboratories and private companies. The role of the state in supporting the venture industry is analyzed, since in the market model it consists in direct investment of state funds into innovative companies (ie participation in capital) and high-tech programs and projects, as well as implementation of guarantee programs for the development of venture activity and creation of proper regulatory, organizational-economic, financial-investment and credit-tax conditions of its support. The strategic goal is most realized today in countries with a market model of venture financing, where it has long proven its high efficiency as a significant source of innovative development. And, the deepening of the processes of technoglobalism gives the venture business a powerful impetus for development, transforming it in accordance with the impact of global economic trends and stimulating the scale-up and diversification of the regional and sectoral-sectoral structure of venture capital investments.

scholarly journals Effect of Environmental Regulations on Foreign Direct Investment: Empirical Evidence From China

2021 ◽  
Author(s):  
Dongbei Bai ◽  
Ling Cai Liu ◽  
Shah Fahad ◽  
Zulfiqar Ali Baloch
Keyword(s):  
Foreign Direct Investment ◽  
Environmental Regulation ◽  
Technological Innovation ◽  
Direct Investment ◽  
Capital Investment ◽  
Manufacturing Industry ◽  
Foreign Capital ◽  
Dynamic Effect ◽  
High Tech ◽  
The Impact

Abstract The industry selection effect arising from the impact of environmental regulation on Foreign Direct Investment (FDI) in China is heterogeneous. Based on an extension of the principal-agent Game Theory, this paper constructs a system of simultaneous equations to study the dynamic effect of environmental regulation on Chinese FDI in terms of industry selection decisions, by utilizing panel data from 2005 to 2014 in China. Results of this study show that environmental regulation promotes the technological innovation within the Chinese industry and attract greater foreign capital investment. While the influx of capital will furthermore boost technological progress, a benign interaction effect may be observed between technological innovation and foreign capital. The implementation of the new environmental policy will intensify game strategies between managers and enterprises. Enhanced co-ordination activity within industrial organizations will generate more effective organizational and technological innovation, thereby attracting a large flow of FDI, Phase analysis suggests that the policy of market borrowing technologies is more effective. In addition, industry sample results highlight a compensation effect of technological innovation in the raw materials and manufacturing industry, though environmental regulation of high-tech industries will generate an offset effect with respect to technological innovation. Industries that show the strongest technological and innovative prospects will prove the most attractive for foreign capital investment.

Technological Innovation and Product Market Conditions: R&D Rivalry, Market Competition, and Customer Satisfaction

2018 ◽  
Vol 9 (2) ◽  
Author(s):  
Kyeong-Seop Choi
Keyword(s):  
Customer Satisfaction ◽  
Corporate Finance ◽  
Technological Innovation ◽  
Method Of Moments ◽  
Market Competition ◽  
Generalized Method Of Moments ◽  
High Tech ◽  
Prior Literature ◽  
The Impact ◽  
D Investment

Abstract With regard to research and development (R&D), corporate finance tends to be too broad, whereas marketing tends to be too specific. Using the marketing–finance interface, new R&D expenditure variables are constructed to reflect industry rivalry by incorporating industry-year median and standard deviation. Market competition and customer satisfaction are also included in the regression. Dynamic generalized-method-of-moments regressions based on US data provide subversive results. Sales and cash flow, which are reported in prior literature to be associated with R&D investment, were insignificant. Leverage, known as detrimental to investment in intangible assets, such as R&D, contributed to rivalrous and strategic R&D investments. Of course, high market-to-book ratios encourage such R&D investments. However, in high-tech industries, market competition absorbs all other influences on R&D, though the impact of market competition on R&D is negative. We also expect that while high customer satisfaction in the product markets could broadly serve as a suppressor to R&D, it can also serve as a driver for young and high-tech firms.

scholarly journals The Effect of Corporate Social Responsibility on the Technology Innovation of High-Growth Business Organizations

2021 ◽  
Vol 13 (13) ◽  
pp. 7286
Author(s):  
Jun Huang ◽  
Peijun Xie ◽  
Yating Zeng ◽  
Yun Li
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Venture Capital ◽  
Technological Innovation ◽  
Social Innovation ◽  
High Growth ◽  
Business Organizations ◽  
Innovation Activities ◽  
Corporate Social ◽  
The Impact

The implementation of innovation-driven strategy requires business organizations to actively conduct technological innovation activities. Corporate social responsibility (CSR) performance is an important factor to promote technological innovation, and venture capital (VC) as a matching capital with technological innovation also affects technological innovation. Using Chinese listed companies on the Growth Enterprise Market (GEM) during the 2014–2018 period as a sample, we study the role of corporate social responsibility performance in technological innovation and the impact of venture capital on the relationship between the two. We find that social responsibility performance can effectively promote innovation, which is promoted significantly by the shareholder responsibility and employee responsibility dimensions of social responsibility. We also find that venture capital inhibits the promotion of social responsibility to technological innovation. This work will guide VC institutions to pay more attention to business organizations social innovation projects.

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