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2023 | OriginalPaper | Buchkapitel

2. Technology Innovation and Private Equity

verfasst von : Ruihui Xu, Dawei Zhao

Erschienen in: Digital Transformation of Private Equity in China

Verlag: Springer Nature Singapore

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Abstract

Development and innovation of science and technology are a source of inexhaustible power for a country and nation to flourish.

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Vorheriges Kapitel Private Equity in the Age of Fintech

Nächstes Kapitel Private Equity Investment in Fintech

It is controversial whether government participation (mixed syndication) bring positive influence as compared with private venture capital (PVC). On the one hand, existing studies find a positive effect of mixed syndication compared to syndication solely among PVCs in Europe (Cumming et al. 2017), and globally (Brander et al. 2015). On the other hand, Zhang (2018) find that start-ups backed by mixed syndication underperform in China, compared to those backed by syndication solely among PVCs. A possible explanations of the underperformance is less complementary resources but higher coordination cost in mixed syndication.

This is contrast to the argument of Aizenman and Kendall (2008) that China was the dominant net importer of VC investment during 2003–2007.

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Bain & Company. Global Private Equity Report 2023: Navigating a Shifting Tide; 2023. https://www.bain.com/insights/topics/global-private-equity-report/

Brander JA, Du Q, Hellmann T. The effects of government-sponsored venture capital: international evidence. Rev Finance. 2015;19(2):571–618. https://doi.org/10.1093/rof/rfu009.CrossRef

Cumming DJ, Grilli L, Murtinu S. Governmental and independent venture capital investments in Europe: A firm-level performance analysis. J Corp Finan. 2017;42:439–59. https://doi.org/10.1016/j.jcorpfin.2014.10.016.CrossRef

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Titel: Technology Innovation and Private Equity
verfasst von: Ruihui Xu
Dawei Zhao
Verlag: Springer Nature Singapore
Buch: Digital Transformation of Private Equity in China
Print ISBN: 978-981-9984-81-7

Electronic ISBN: 978-981-9984-82-4

Copyright-Jahr: 2023
DOI: https://doi.org/10.1007/978-981-99-8482-4_2