下载掌阅APP，畅读海量书库
立即打开
Abstract We merge Chinese Industrial Enterprises Database during 1998—2009 with CV-Source Database from ChinaVenture Group, and investigate the innovation feeling and its realization in the history of China's venture capital（VC）development. We find that compared with firms without VC-backing, firms backed by VC have higher level of innovation inputs, innovation outputs, innovation efficiency and investment quality.Compared to the situation before VC entrance, firms have higher level of innovation inputs after VC entrance, but there is no significant difference in innovation outputs, innovation efficiency and investment quality.After controlling the problem of sample selection bias, the results from treatment effect model, propensity score matching and difference in-difference show that the above conclusions are robust.Further discussion shows that firms backed by VC have higher level of innovation than firms without VC backing even before the en-trance of VC.The dynamics analysis shows that there is no significant improvement after the en-trance of VC.Firms with higher level of innovation have higher probability to introduce VC.The results indicate that the screening effect of China's VC is much greater than the value-added effect.It's the innovation-first hypothesis instead of VC-first hypothesis that is more likely to hold.VC has positive effect on innovation inputs, but has insignificant effect on innovation outputs, innovation efficiency and investment quality.The innovation feeling in the history of China's VC development could not be realized sufficiently.
Key words Venture Capital；Innovation Inputs；Innovation Outputs；Innovation Efficiency；Investment Quality