Abstract By using data of listed firms on GEM before IPO and further dividing the sample data into the early stage and the later stage of entrepreneurship, this paper empirically studies the effects of venture capital on R&D expenditure in different stages of entrepreneurship and moderating effects of technical expert executives. The results indicate that the positive effects of venture capital on entrepreneurial firms’ R&D expenditure in early stage increase, but decrease in the later stage, even to insignificance. Technical expert executives negatively moderate the effects of venture capital on entrepreneurial firms’ R&D expenditure. That is, technical expert executives will lower the positive effects of venture capital on entrepreneurial firms’ R&D expenditure in the early stage, but will raise the positive effects in the later stage.
HU Yong-Beng. Technical Expert Executives, Venture Capital and Technological R&D of Venture Enterprises ——An Empirical Study Based on Differences in Venture Stages. Economic Survey, 2018, 35(5): 0108.
2018, Vol. 35 
