Government Innovation Grants, Venture Capital and Corporation Innovation——An Perspective Based on Signal

Abstract

Abstract: Currently innovation-driven advancement is the key for high-quality development in China. Since innovation activities occurs mainly in enterprises, the study of how the signal transmission effect of government subsidies for innovation affects enterprise innovation becomes a focus for both the government and the academia. This paper uses A-share listed non-financial enterprises from 2007 to 2016 as research samples to evaluate the effect of government subsidies for innovation in attracting subsequent venture capital and indirectly influencing enterprise innovation and to analyze the relationship between government subsidies for innovation and venture capital. The study finds that government subsidies for innovation are significantly negatively correlated and positively correlated with the shareholding ratio and investment amount of venture capital, respectively, which shows that government innovation subsidies can help start-ups to positively impress the public and promote enterprise innovation. Moreover, the intersection coefficient between government innovation subsidies and venture capital is significant, indicating that venture capital and government innovation subsidies have synergistic effects. This paper provides new empirical evidence for improving the enterprise service system for innovation, and provides constructive suggestions for decision makers in both government and enterprise.

Key words: government innovation grants, venture capital, corporation Innovation, signaling effect

Zhao Baofang, Chen Xiaodan. Government Innovation Grants, Venture Capital and Corporation Innovation——An Perspective Based on Signal[J]. Management Review, 2022, 34(12): 109-120.

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