Venture Capital, Spatial Spillover and Heterogeneous Innovation

Abstract

Abstract: With Schumpeterian Growth Theory, this paper investigates the heterogeneous effects of venture capital investments (VCs) on two types of innovation using a spatial econometrics approach with the dataset covering 30 regions of China from 2005 to 2014. The empirical results show that VCs can promote regional frontier innovation in general, but have no effect on regional adaptive innovation. Since a large part of total effects comes from its global spillover effect, the externality of VCs should be taken into consideration to estimate their contribution to regional frontier innovation. The impacts of foreign vs. governmental vs. private VCs on regional innovation are heterogeneous. More specially, foreign VCs can significantly promote local frontier innovation, while private VCs can significantly foster local adaptive innovation. The governmental VCs can not only boost local frontier innovation, but also has a positive global spillover effect on frontier innovation.

Key words: venture capital, frontier innovation, adaptive innovation, spatial spillover, spatial econometric models

Chen Xin, Chen Demian, Ye Jiangfeng. Venture Capital, Spatial Spillover and Heterogeneous Innovation[J]. Management Review, 2021, 33(4): 102-112.

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