Translated Title
Venture capital and innovation investment in listed firms： Moderating effects of property rights and institutional environment
Translated Abstract
As a new means of financing, relationship between venture capital and innovation investment in enterprises has been thought to be controversial. On the basis of 10488 samples of Chinese listed firms, this paper analyzes the impact of venture cap- ital on innovation investment from the perspectives of property right and institutional environment adopting the Tobit regression model anti negative binomial regression model. The resuks show that venture capital has a significantly positive impact on innova- tion investment in the listed enterprises, especially the non - state - owned ones and those in the regions with more favorable in- stitutional environment. Further research also reveals ＂that venture capital can promote innovation outpu＇, by virtue of more innova- tion investment, which can be of great value to understand the role of venture capital in improving financial service system, pro- moting capital market development and bettering national innovation system.
Translated Keyword
innovation investment
innovation output
institutional environment
property right
venture capital
