Venture Capital Network Tie and Enterprise Technology Transfer
XU Yan1, YANG Kunrui2, JIAO Jijun1
1. School of Finance, Henan University of Economics and Law, Zhengzhou 450046, China; 2. College of Business, Johnson & Wales University, Providence 02903, USA
Abstract Based on the data of CVSource database and State intellectual property office, this paper establishes a panel model based on the samples of enterprises with venture capital shareholders listed on the Gem from 2009 to 2019, and empirically analyzes whether venture capital can effectively promote technology transfer by relying on the information advantage brought by its network connection. It is found that when there is a network tie formed by venture capital between the invested enterprise and the enterprise with strong technology transfer ability, the invested enterprise's technology transfer level can be improved. Moreover, the promotion effect of venture capital network connection on enterprise technology transfer is characterized by high quality, that is, although venture capital network connection can not significantly promote the transfer of non-invention patent technology, it can significantly promote the transfer of enterprise invention patent technology. In addition, when the venture capital network is a strong connection, the promotion effect of venture capital network connection on technology transfer will be enhanced. And when the industry expertise of venture capital is strong, its network connection will have a stronger positive impact on the technology transfer of the invested enterprises. This study not only expands the understanding of the importance of venture capital network connection in enterprise technology transfer, but also provides an empirical reference for venture capital institutions to optimize their investment decisions on technology transfer projects from the perspective of social network.
2022, Vol. 39 
