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论文类型：会议论文

发表时间：2018-01-01

收录刊物：CPCI-SSH

页面范围：367-372

关键字：Venture capital; Monitoring; Innovation

摘要：This paper analyzes the effect of venture capitalist monitoring on firms' innovation. Based on 5382 firm-year observations of 492 listed firms during 2006-2016, we manually collect information on venture capital and empirically examine whether venture capitalist monitoring facilitates firms' R&D intensity by the Heckman Selection Model. The results show that compared with entrepreneurial companies that are not monitored by venture capitalists, entrepreneurial companies monitored by venture capitalist are associated with higher R&D investment. That is to say, venture capitalist monitoring contributes to the improvement of firms' innovation performance.