Author(s)

Chen Yaoyu

Corresponding Author

Chen Yaoyu

Abstract

Venture capital is the way of financing for enterprises, and government-backed capital is the main source of venture capital in China. This paper uses panel data of SMEs (small and medium-Sized enterprises) to analyze the relationship between government-backed venture capital and enterprise innovation performance. The regression results show that: (1) government-backed venture capital promotes innovation performance; (2) government-backed venture capital in the period of enterprise development and maturity has a significant role in promoting enterprise innovation performance; (3) too high proportion of government-backed venture capital is not conducive to enterprise innovation.

Keywords

China Government-backed Venture Capital, Venture Capital Entry Period, Innovation Performance