R&D Investment, Venture Capital and Financial Constraints: Evidence from the Listed Manufacturers in China

Abstract

Abstract:

This paper investigates the association among R&D investment, venture capital and financial constraints by analyzing A-share listed manufacturers from 2008 to 2014. The empirical results show that venture capital could play a very important role in reducing the information asymmetry through active participation and effective supervision, thus easing the financial constraints caused by the increase of R&D investment. Furthermore, the main conclusion of this study is further verified by the analyses on the following three aspects:product and market environment, the enterprise characteristics and the venture capital features.

Key words: R&D investment, venture capital, financial constraints, information asymmetry

Chen Sanke, Zhao Bei. R&D Investment, Venture Capital and Financial Constraints: Evidence from the Listed Manufacturers in China[J]. , 2019, 31(10): 110-123.

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