Venture Capital and Chinese Firms’ Technological Innovation Capability: Effective Evaluation and Mechanism Verification
Abstract
:1. Introduction
2. Literature Review and Research Innovation
2.1. TIC-Affecting Factors
2.2. Effects of VC on a Firm
2.3. Effects of VC on TIC
3. Theoretical Mechanism and Research Hypothesis
3.1. Preferences and Demand
3.2. Technological Innovation Spending Choice
3.3. Enterprise Production Behavior
4. Econometric Model, Variables, and Data Specifications
4.1. Econometric Model Settings
4.2. Variable Selection and Calculation Description
4.2.1. Explained Variable: TIC (Lnpatentit)
4.2.2. Core Explanatory Variable: VC
4.2.3. Controlled Variables
4.3. Data Description
4.4. Descriptive Statistics
5. Empirical Analysis and Results
5.1. Baseline Regression
5.2. Parallel Trend Hypothesis Test
5.3. Influence Mechanism Test
5.3.1. Investment in R&D
5.3.2. Executive Incentives
5.3.3. Financing Constraint
5.4. Heterogeneity Test
5.4.1. Firm Ownership
5.4.2. Firm Size
5.4.3. Technological Sophistication
5.4.4. Area Distribution
5.5. Robustness Test
5.5.1. Placebo Test
5.5.2. Propensity Score Matching (PSM) Analysis
5.5.3. Variable Substitution
5.5.4. Instrumental Variable Method
6. Conclusions and Limitations
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Variable Type | Variable Name | Variable Definition | Calculation Method |
---|---|---|---|
Explained variable | Lnpatent | TIC | The logarithm of the total patent applications |
Explanatory variable | VC | VC | Interaction term: Treati × Aftert |
Treat | VC entry or none | VC entry (1) or none (0) | |
After | Pre-and-post-VC entry | Post-entry (1) or not (0) | |
Mediator variable | RDspend | R&D spending | The logarithm of annual R&D spending |
RDperson | R&D personnel | The logarithm of annual R&D human capital input | |
Ave_salary | Average salary of directors, executives, and supervisors | Gross salary divided by the number of directors, executives, and supervisors | |
SA | Financing constraint | SA = −0.737 size + 0.043 size2 − 0.04 age | |
Controlled variable | Age | Firm age | The current year − The opening year + 1 |
Ownership | Firm ownership | State-owned or state-controlled firm (1), or not (0) | |
Size | Firm size | The logarithm of the gross assets of the current year | |
ROE | Return on assets | Gross assets divided by the net profit ratio | |
Debt | Debt-to-assets ratio | Gross assets divided by gross debts | |
PPE | proportion of fixed assets | Net fixed assets divided by gross fixed assets | |
Intensity | Capital intensity | Fixed assets divided by total employees |
Variables | Obs | Mean | SD | Min | Max |
---|---|---|---|---|---|
Lnpatent | 28,892 | 3.232 | 2.145 | 0.00 | 11.03 |
VC | 28,892 | 0.303 | 0.459 | 0.00 | 1.00 |
Age | 28,892 | 16.882 | 6.185 | 0.00 | 62.00 |
Ownership | 28,892 | 0.373 | 0.484 | 0.00 | 1.00 |
Size | 28,892 | 22.117 | 1.357 | 0.00 | 28.64 |
ROA | 28,892 | 0.041 | 0.060 | −0.24 | 0.20 |
Debt | 28,892 | 0.415 | 0.207 | 0.05 | 0.88 |
PPE | 28,892 | 0.212 | 0.162 | 0.00 | 0.95 |
Intensity | 28,892 | 2.448 | 1.933 | 0.40 | 12.34 |
Variables | (1) | (2) | (3) | (4) |
---|---|---|---|---|
Lnpatent | Lnpatent | Lnpatent | Lnpatent | |
VC | 0.8930 *** | 0.2452 *** | 0.1752 *** | 0.1660 *** |
(0.026) | (0.029) | (0.028) | (0.027) | |
Age | 9.0409 *** | 1.0024 *** | 0.9201 *** | |
(0.390) | (0.256) | (0.255) | ||
Ownership | −0.0024 | 0.1647 * | 0.1687 * | |
(0.099) | (0.096) | (0.096) | ||
Size | 0.1426 *** | 0.0525 ** | 0.0692 *** | |
(0.027) | (0.021) | (0.021) | ||
ROA | −0.2966 *** | −0.2616 ** | −0.2400 ** | |
(0.113) | (0.107) | (0.106) | ||
Debt | 0.3561 *** | 0.2991 *** | 0.2994 *** | |
(0.071) | (0.066) | (0.065) | ||
PPE | 0.4710 *** | 0.3296 *** | 0.3170 *** | |
(0.090) | (0.086) | (0.084) | ||
Intensity | 0.0298 | 0.0026 | 0.0055 | |
(0.026) | (0.037) | (0.037) | ||
Constant | 2.9621 *** | −1.7581 *** | 0.7704 * | 0.3661 |
(0.008) | (0.559) | (0.432) | (0.607) | |
Individual FE | YES | YES | YES | YES |
Year FE | NO | NO | YES | YES |
Industry FE | NO | NO | NO | YES |
Observations | 28,892 | 28,892 | 28,892 | 28,892 |
Number of id | 3993 | 3993 | 3993 | 3993 |
Within_R2 | 0.1276 | 0.3888 | 0.4467 | 0.4544 |
Variables | (1) | (2) | (3) | (4) |
---|---|---|---|---|
RDPerson | Patent | RDspend | Lnpatent | |
VC | 0.1207 *** | 0.0742 *** | 0.6173 *** | 0.1628 *** |
(0.003) | (0.013) | (0.105) | (0.013) | |
RDPerson | 0.8365 *** | |||
(0.024) | ||||
RDspend | 0.0051 *** | |||
(0.001) | ||||
Age | −0.2553 *** | 1.2160 *** | −8.0052 *** | 0.9607 *** |
(0.058) | (0.222) | (1.761) | (0.226) | |
Ownership | 0.0225 * | 0.1459 *** | −0.7498 * | 0.1725 *** |
(0.013) | (0.049) | (0.394) | (0.050) | |
Size | 0.0479 *** | 0.0124 | 1.0136 *** | 0.0641 *** |
(0.002) | (0.008) | (0.064) | (0.008) | |
ROA | 0.0321 * | −0.2885 *** | 0.3016 | −0.2415 *** |
(0.019) | (0.071) | (0.563) | (0.072) | |
Debt | 0.0628 *** | 0.2466 *** | −3.1421 *** | 0.3153 *** |
(0.009) | (0.034) | (0.273) | (0.035) | |
PPE | 0.0438 *** | 0.2930 *** | 0.1558 | 0.3162 *** |
(0.012) | (0.044) | (0.356) | (0.046) | |
Intensity | 0.0026 | 0.0005 | −0.2030 | 0.0065 |
(0.007) | (0.026) | (0.206) | (0.026) | |
Constant | −1.0056 *** | 1.6116 *** | −13.6015 *** | 0.4350 * |
(0.043) | (0.168) | (1.936) | (0.248) | |
Individual FE | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES |
Industry FE | YES | YES | YES | YES |
Observations | 28,892 | 28,892 | 28,892 | 28,892 |
Number of id | 3993 | 3993 | 3993 | 3993 |
Within_R2 | 0.7535 | 0.4721 | 0.2479 | 0.4552 |
Variables | (1) | (2) | (3) | (4) |
---|---|---|---|---|
Av_salary | Lnpatent | SA | Lnpatent | |
VC | 0.0166 ** | 0.1651 *** | −0.5376 *** | 0.1647 *** |
(0.008) | (0.013) | (0.194) | (0.028) | |
Av_salary | 0.0507 *** | |||
(0.020) | ||||
SA | −0.0023 * | |||
(0.001) | ||||
Age | −0.3854 *** | 0.9396 *** | −514.9573 *** | −0.2672 |
(0.069) | (0.226) | (21.597) | (0.617) | |
Ownership | 0.0022 | 0.1686 *** | −5.2404 *** | 0.1566 |
(0.034) | (0.050) | (1.394) | (0.097) | |
Size | 0.0906 *** | 0.0646 *** | −0.3930 | 0.0683 *** |
(0.011) | (0.008) | (0.426) | (0.021) | |
ROA | 0.3582 *** | −0.2581 *** | 6.8886 *** | −0.2241 ** |
(0.035) | (0.073) | (1.083) | (0.106) | |
Debt | −0.0120 | 0.3000 *** | 2.7688 *** | 0.3058 *** |
(0.020) | (0.035) | (0.717) | (0.065) | |
PPE | −0.0206 | 0.3180 *** | 1.1574 ** | 0.3197 *** |
(0.022) | (0.046) | (0.538) | (0.084) | |
Intensity | −0.0151 ** | 0.0062 | −0.1114 | 0.0052 |
(0.007) | (0.026) | (0.098) | (0.037) | |
Constant | −1.7243 *** | 0.4535 * | 70.9839 *** | 0.5297 |
(0.245) | (0.250) | (8.831) | (0.615) | |
Individual FE | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES |
Industry FE | YES | YES | YES | YES |
Observations | 28,892 | 28,892 | 28,892 | 28,892 |
Number of id | 3993 | 3993 | 3993 | 3993 |
Within_R2 | 0.2655 | 0.4545 | 0.8416 | 0.4545 |
Variables | (1) | (2) | (3) | (3) |
---|---|---|---|---|
Ownership | Scale | Sophistication | Area | |
VC_state | 0.2099 *** | |||
(0.019) | ||||
VC_others | 0.1504 *** | |||
(0.017) | ||||
VC_big | 0.2224 *** | |||
(0.015) | ||||
VC_small | 0.0936 *** | |||
(0.017) | ||||
VC_hightech | 0.2088 *** | |||
(0.019) | ||||
VC_lowtech | 0.1515 *** | |||
(0.016) | ||||
VC_east | 0.2470 *** | |||
(0.033) | ||||
VC_west | 0.1480 *** | |||
(0.016) | ||||
VC_med | 0.2275 *** | |||
(0.029) | ||||
Age | 1.0649 *** | 1.1776 *** | 0.9882 *** | 0.9194 *** |
(0.228) | (0.228) | (0.227) | (0.352) | |
Ownership | 0.1487 *** | 0.1566 *** | 0.1636 *** | 0.0125 |
(0.051) | (0.051) | (0.051) | (0.020) | |
Size | 0.0534 *** | 0.0412 *** | 0.0523 *** | 0.0516 *** |
(0.008) | (0.008) | (0.008) | (0.008) | |
ROA | −0.2660 *** | −0.2694 *** | −0.2592 *** | −0.2625 *** |
(0.073) | (0.072) | (0.073) | (0.073) | |
Debt | 0.3059 *** | 0.2927 *** | 0.2957 *** | 0.3019 *** |
(0.035) | (0.035) | (0.035) | (0.035) | |
PPE | 0.3322 *** | 0.3317 *** | 0.3291 *** | 0.3299 *** |
(0.045) | (0.045) | (0.045) | (0.045) | |
Intensity | 0.0027 | 0.0023 | 0.0027 | 0.0030 |
(0.027) | (0.027) | (0.027) | (0.027) | |
Constant | 0.7516 *** | 1.0096 *** | 0.7769 *** | 0.8426 *** |
(0.170) | (0.173) | (0.170) | (0.169) | |
Individual FE | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES |
Industry FE | YES | YES | YES | YES |
Observations | 28,892 | 28,892 | 28,892 | 28,892 |
Number of id | 3993 | 3993 | 3993 | 3993 |
Within_R2 | 0.4468 | 0.4480 | 0.4469 | 0.4467 |
Variables | (1) | (2) |
---|---|---|
Lnpatent | Lnpatent | |
VC | 0.8930 *** | 0.1779 *** |
(0.026) | (0.028) | |
yyjll | 0.0020 *** | |
(0.001) | ||
cqbl | 0.0012 | |
(0.001) | ||
zzczzl | −0.0493 * | |
(0.026) | ||
PPE | 0.4618 *** | |
(0.083) | ||
ExecutivesNumber | 0.0068 * | |
(0.004) | ||
Age | 13.7765 *** | |
(0.312) | ||
Constant | 2.9621 *** | 0.6337 *** |
(0.008) | (0.091) | |
Observations | 28,892 | 28,434 |
R-squared | 0.1276 | 0.4270 |
Number of id | 3993 | 3878 |
Within_R2 | 0.1276 | 0.4270 |
Between_R2 | 0.0731 | 0.0168 |
Overall_R2 | 0.1032 | 0.0012 |
Variables | (1) | (2) |
---|---|---|
Lninvent | RDSpendSumRatio | |
VC | 0.1470 *** | 0.4122 ** |
(0.014) | (0.160) | |
Age | 1.0240 *** | 9.6894 *** |
(0.233) | (2.694) | |
Ownership | 0.2328 *** | −0.0434 |
(0.052) | (0.603) | |
Size | 0.0728 *** | 0.5239 *** |
(0.008) | (0.098) | |
ROE | −0.0391 | −8.2461 *** |
(0.075) | (0.862) | |
Debt | 0.3608 *** | −4.3447 *** |
(0.036) | (0.418) | |
PPE | 0.2110 *** | 0.1843 |
(0.047) | (0.544) | |
Intensity | −0.0016 | −3.6765 *** |
(0.027) | (0.315) | |
Constant | −0.2475 | −8.0667 *** |
(0.257) | (2.963) | |
Individual FE | YES | YES |
Year FE | YES | YES |
Industry FE | YES | YES |
Observations | 28,892 | 28,892 |
Number of id | 3993 | 3993 |
Within_R2 | 0.3581 | 0.0290 |
Variables | (1) | (2) |
---|---|---|
LnVC1 | LnVC2 | |
VC | 0.0468 *** | 0.1297 *** |
(0.003) | (0.024) | |
Age | −0.0195 *** | 0.0348 *** |
(0.002) | (0.013) | |
Ownership | 0.0005 | −0.0084 *** |
(0.000) | (0.002) | |
Size | 0.0061 *** | −0.0194 ** |
(0.002) | (0.010) | |
ROE | 0.0363 *** | 0.0828 *** |
(0.003) | (0.014) | |
Debt | −0.0004 | 0.0151 *** |
(0.001) | (0.004) | |
PPE | 0.0042 *** | 0.0025 |
(0.001) | (0.002) | |
Intensity | −0.0000 | 0.0016 *** |
(0.000) | (0.000) | |
Constant | 0.0050 | 0.0453 ** |
(0.003) | (0.020) | |
Individual FE | No | Yes |
Year FE | No | Yes |
Industry FE | No | Yes |
Kleibergen-Paap rk LM statistic | 357.273 | 28.082 |
Kleibergen-Paap rk Wald F statistic | 184.728 | 14.055 |
Hansen J statistic | 255.155 | 6.232 |
Observations | 28,888 | 28,888 |
Centered_R2 | −0.3464 | −5.4963 |
Uncentered_R2 | 0.5885 | −0.9853 |
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Song, Y.; Jin, S.; Li, Z. Venture Capital and Chinese Firms’ Technological Innovation Capability: Effective Evaluation and Mechanism Verification. Sustainability 2022, 14, 10259. https://doi.org/10.3390/su141610259
Song Y, Jin S, Li Z. Venture Capital and Chinese Firms’ Technological Innovation Capability: Effective Evaluation and Mechanism Verification. Sustainability. 2022; 14(16):10259. https://doi.org/10.3390/su141610259
Chicago/Turabian StyleSong, Yuegang, Songlin Jin, and Zhenhui Li. 2022. "Venture Capital and Chinese Firms’ Technological Innovation Capability: Effective Evaluation and Mechanism Verification" Sustainability 14, no. 16: 10259. https://doi.org/10.3390/su141610259