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The Impact of Venture Capital on the Innovation and Growth of Chinese Pharmaceutical Firms: An Empirical Study of A-Share Listed Companies

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The pharmaceutical industry plays an important role in Chinese economic development. How to propel the innovation and growth of the pharmaceutical industry with capital market tools becomes an important question. With the increasing layout of venture capital (VC) in the pharmaceutical industry, the impact of VC participation on the innovation…

The pharmaceutical industry plays an important role in Chinese economic development. How to propel the innovation and growth of the pharmaceutical industry with capital market tools becomes an important question. With the increasing layout of venture capital (VC) in the pharmaceutical industry, the impact of VC participation on the innovation and growth of pharmaceutical enterprises should be carefully studied. For investment purposes, CVCs, which are established by industrial corporations, mainly focus on new technologies and modes in the relevant industrial chain of their parent companies, and try to establish strategic synergy through their equity investment. IVCs have no specific industry restrictions, and their purpose is to search for and identify innovative enterprises with high growth potentials, and to harvest financial gains by investing in them.In order to explore these issues, this paper collects and analyzes data from a sample of Chinese A-share listed pharmaceutical companies from 2015 to 2022, tests the impact of VCs on the innovation inputs, innovation outputs, and growth performance of this sample of companies, and examines the differences between the impacts of IVCs and CVCs on the relevant performance. It is found that VC investment has a significant positive impact on pharmaceutical firms' innovation input, innovation output, and firm growth. In particular, IVCs have a significant positive effect on innovation input, growth performance, and an insignificant effect on innovation output of pharmaceutical firms. CVCs, on the other hand, have a significant positive effect on innovation input, innovation output, and growth performance of pharmaceutical firms. In addition, the interaction between IVC and CVC can further enhance the innovation input level and growth performance level of pharmaceutical enterprises. This paper uncovers the differences in the impact of IVCs and CVCs on the innovation input, innovation output, and growth performance of pharmaceutical enterprises, expands the research on venture capital, enriches the driving mechanism of pharmaceutical enterprises' high-quality growth and innovation capability in the Chinese context. This paper also provides some insights into how pharmaceutical enterprises select VCs and how VCs can empower pharmaceutical enterprises in practice.
ContributorsZhang, Pei (Author) / Zhu, David (Thesis advisor) / Yan, Hong (Thesis advisor) / Wu, Fei (Committee member) / Arizona State University (Publisher)
Created2023
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IVC与CVC对科技型创业企业上市及上市后的影响差异分析

Description随着科创板、注册制出台，企业间的竞争逐步从资源型竞争转向科技和技术的竞争，大量有知识、有文化、有理想、有技术的人才涌入社会，给科技发展、技术创新在政策、市场和人才层面提供了支撑、机遇和源动力，科技型创新企业大量涌现，形成趋势性上升行业。科技型创业企业多冠以“规模小、技术密集、高成长、高风险”的标签，在融资过程中困难重重，这些特点与风险投资（VC）“高风险、高回报”的特质不谋而合，VC机构还能给被投企业提供人才、信息、商业模式、政策法律咨询等增值服务，助力企业发展。引入VC走上市路径成为诸多科技型创业企业最优选择。 近些年VC行业在我国得到迅猛发展，IVC和CVC已成了助推我国科技型创业企业发展的主力军。由于IVC和CVC的组织架构、投资期限、资金来源、投资目标、投资经验、管理层薪资结构等方面存在着很大的不同。不同的投资模式势必会对被投企业的经营活动产生不同影响，本文基于总资产单位产出和投入为经济学逻辑，针对相关变量提出假设。 本文对我国中小板和创业板2013年以前上市的七个高新技术行业（5G通信、大数据、人工智能、软件服务、生物制药、新材料、医疗器械）共123家，以上市为起点的6年企业数据为基础。以IVC和CVC为自变量，以上市司龄、企业规模、行业控制、分红占净利润比为控制变量，以V/A、E/A、K/A和E/R为因变量，对IVC和CVC投入的科技型创业企业分别进行描述性统计、相关性分析和回归分析，验证IVC和CVC对被投企业的市场维度（V/A）、财务维度（E/A、E/R）、创新维度（K/A）的影响。试图从企业的角度出发，理清企业与VC的关系，为二级市场投资者提供一个投资决策视角。
ContributorsZhang, Mingpeng (Author) / Shen, Wei (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Hu, Jie (Committee member) / Arizona State University (Publisher)
Created2021