Hao Haixia, Guo Lihong, Dong Jianwei
School of Economics and Management, Northwest University, Xi'an, China.
Front Psychol. 2022 Jul 22;13:921168. doi: 10.3389/fpsyg.2022.921168. eCollection 2022.
In recent years, venture capital (VC) cross-border syndication has shown an obvious growth trend. Based on the existing studies, this paper explores the impact of VC cross-border syndication on corporate innovation. We also examine the mediating roles of cross-border quadratic relationship closure (CBQRC) formed by the strategic cooperation relationship between the respective portfolio companies of domestic and foreign VCs. This paper conducted an empirical analysis to test our hypotheses using a sample of first-round investments in domestic firms by domestic VC firms from 2014 to 2016. Results show that the more investment events of VC cross-border syndication or the more partners of VC cross-border syndication, the more likely it is to have a significant positive impact on the innovation of domestic portfolio companies. CBQRC plays a mediating role between VC cross-border syndication on corporate innovation. Results remain robust after removing endogeneity using the instrumental variables approach and removing sample selection bias using Heckman two-stage regression. Results deepen the understanding of the relationship between VC cross-border syndication and corporate innovation and provide essential guidance to domestic VC firms promoting corporate innovation in open partnerships.
近年来，风险投资（VC）跨境联合投资呈现出明显的增长趋势。基于现有研究，本文探讨了VC跨境联合投资对企业创新的影响。我们还考察了国内外VC各自投资组合公司之间的战略合作关系所形成的跨境二次关系闭合（CBQRC）的中介作用。本文利用2014年至2016年国内VC对国内企业首轮投资的样本进行实证分析，以检验我们的假设。结果表明，VC跨境联合投资的投资事件越多或VC跨境联合投资的合作伙伴越多，就越有可能对国内投资组合公司的创新产生显著的积极影响。CBQRC在VC跨境联合投资对企业创新的影响中起中介作用。使用工具变量法消除内生性并使用赫克曼两阶段回归消除样本选择偏差后，结果依然稳健。研究结果加深了对VC跨境联合投资与企业创新之间关系的理解，并为国内VC在开放式合作中促进企业创新提供了重要指导。
