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Research on the Relationship between Government-backed Venture Capital and Enterprise Innovation Performance

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DOI: 10.25236/mfssr.2019.066


Chen Yaoyu

Corresponding Author

Chen Yaoyu


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.


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