Private Equity Investment and Corporate Technological Innovation: An Empirical Examination Based on Chinese Mainboard-listed High-Tech

Abstract

Technological innovation is very important to the growth and success of an enterprise, which greatly affects its market competitiveness. There are many known factors that affect the technological innovation of enterprises, and private equity investment is one of the important but often neglected factors. As a country with relatively developed finance, China's laws and systems related to private equity investment are relatively sound. Based on a large number of sample data of high-tech enterprises listed on the main board of China in 2012-2022, this paper studies the influence of private equity investment on technological innovation of enterprises. This paper finds that private equity investment has an obvious positive effect on enterprise technological innovation, and the effect of private equity investment on innovation shows certain differences due to different types of enterprises, which is embodied in the fact that state-owned enterprises or smaller enterprises are more sensitive to private equity investment. The research has both theoretical and practical significance, and can provide some help and suggestions for enterprises and the government in making decisions related to private placement.