The Impact of Governmental Venture Capital on Firm Innovation: The Role of Proactive R&D Management
研究了政府风险投资对中国新三板企业技术创新的影响，发现主动研发管理能增强其促进作用，对政策制定者和企业管理者有参考价值。
We investigate the effect of GVC funds on firm-level technological innovation performance and how proactive R&D management influences the effectiveness of GVC funds. Using an unbalanced panel of 4,999 firms listed on China's National Equities Exchange and Quotations from 2012 to 2019, this paper employs the propensity score matching (PSM) method with a difference-in-differences (DID) estimator to examine the effect of GVC funds. GVC funds can promote technological innovation at the firm level. This positive association between GVC funds and technological innovation is more pronounced in firms with proactive high-level R&D management compared to those with low-level R&D management. Policymakers could leverage GVC funds as a policy instrument to incentivize firms to innovate, focusing on directing funds to those with proactive R&D management. Firm managers should consider GVC funds as a valuable financial resource and facilitate the adoption of proactive R&D management to boost innovation performance. Building upon the resource dependence theory (RDT) and dynamic capability theory (DCT), our study complements and extends existing research by revealing the positive effect of GVC funds on firm innovation and also identifying that proactive R&D management can enhance the effectiveness of GVC funds on firm innovation.