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Entrepreneurial Finance and Universi...

Li, Dongfu.

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Entrepreneurial Finance and University Technology Transfer.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Entrepreneurial Finance and University Technology Transfer./
作者:	Li, Dongfu.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
面頁冊數:	124 p.
附註:	Source: Dissertations Abstracts International, Volume: 83-02, Section: A.
Contained By:	Dissertations Abstracts International83-02A.
標題:	Finance. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28548573
ISBN:	9798534654011

Entrepreneurial Finance and University Technology Transfer.
Li, Dongfu.

Entrepreneurial Finance and University Technology Transfer. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 124 p.

Source: Dissertations Abstracts International, Volume: 83-02, Section: A.

Thesis (Ph.D.)--University of Macau, 2021.

This item must not be sold to any third party vendors.

Venture capital (VC) firms are financial intermediaries specializing in investing in young high-tech entrepreneurial companies with high growth potential. They play a critical role in fostering innovation and economic growth. As a source of radical innovation, university technology transfer (UTT) also plays an important role in modern knowledge-based economies. In particular, as an important subset of high-tech entrepreneurial companies, university spin-offs (USOs) are established to exploit the knowledge that originates within universities, especially in the form of breakthroughs. Access to VC is one of the most important types of support for USOs' growth strategies. Therefore, this thesis aims to investigate the efficiency of UTT and the relationship between VC investment and USO performance in China, the largest emerging economy and second-largest VC market in the world. First, considering that the conventional two-stage UTT model ignores the mismatch between industry needs and university research in China, this thesis develops a three-stage UTT model to analyze the performance of UTT in China, including the stages of research innovation, experimental development, and value creation. By employing the stochastic frontier approach, I find that the average level of efficiency of the UTT of 64 major universities in China over the period 2008-2015 decreases substantially across the three stages. In addition, the analysis of the determinants of UTT efficiency suggests that universities with higher-quality faculty, experienced technology transfer offices, more affiliated investment funds, and a comprehensive rather than specialized focus perform better in almost all three stages. Second, I look beyond the extant empirical evidence by developing a model that contains three types of trust-creating signals to address the excessive uncertainty and information asymmetry that are typically embedded in VC investment in USOs. By employing a unique dataset that includes all listed high-tech USOs and the corresponding VC investment activities in China over the past three decades, I find that USOs receive more investment from government VCs and mixed- VC syndicates, although USOs attract fewer private VC investments. In addition, the amount of initial investment from academic founders and their noncontrolling strategy are found to be positively related to USOs' ability to attract VC funding. Moreover, VCs in the organizational form of limited liability partnerships are quite different from those in the form of limited liability companies, as the former behave like typical pre- IPO-stage investors, who barely demonstrate any significant preference in terms of the abovementioned factors. Finally, given the embryonic nature of the university technologies utilized by USOs and the strategic resources brought about by VC investment, I investigate the impact of VC investment on post-IPO USO performance. Through the use of a manually collected novel dataset that covers all listed high-tech USOs and the relevant VC investment activities in China over the past three decades, I find that USOs demonstrate better market performance (Tobin's Q) but worse accounting performance (return on assets/equity) than do non-USOs during the post- IPO period. In addition, I find that VC investment has a significant and positive moderation effect on the relationship between university affiliation and USOs' market performance, whereas VC investment has no significant moderation effect on the relationship between university affiliation and USOs' accounting performance.

ISBN: 9798534654011Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Corporate governance

Entrepreneurial Finance and University Technology Transfer.
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520 $a Venture capital (VC) firms are financial intermediaries specializing in investing in young high-tech entrepreneurial companies with high growth potential. They play a critical role in fostering innovation and economic growth. As a source of radical innovation, university technology transfer (UTT) also plays an important role in modern knowledge-based economies. In particular, as an important subset of high-tech entrepreneurial companies, university spin-offs (USOs) are established to exploit the knowledge that originates within universities, especially in the form of breakthroughs. Access to VC is one of the most important types of support for USOs' growth strategies. Therefore, this thesis aims to investigate the efficiency of UTT and the relationship between VC investment and USO performance in China, the largest emerging economy and second-largest VC market in the world. First, considering that the conventional two-stage UTT model ignores the mismatch between industry needs and university research in China, this thesis develops a three-stage UTT model to analyze the performance of UTT in China, including the stages of research innovation, experimental development, and value creation. By employing the stochastic frontier approach, I find that the average level of efficiency of the UTT of 64 major universities in China over the period 2008-2015 decreases substantially across the three stages. In addition, the analysis of the determinants of UTT efficiency suggests that universities with higher-quality faculty, experienced technology transfer offices, more affiliated investment funds, and a comprehensive rather than specialized focus perform better in almost all three stages. Second, I look beyond the extant empirical evidence by developing a model that contains three types of trust-creating signals to address the excessive uncertainty and information asymmetry that are typically embedded in VC investment in USOs. By employing a unique dataset that includes all listed high-tech USOs and the corresponding VC investment activities in China over the past three decades, I find that USOs receive more investment from government VCs and mixed- VC syndicates, although USOs attract fewer private VC investments. In addition, the amount of initial investment from academic founders and their noncontrolling strategy are found to be positively related to USOs' ability to attract VC funding. Moreover, VCs in the organizational form of limited liability partnerships are quite different from those in the form of limited liability companies, as the former behave like typical pre- IPO-stage investors, who barely demonstrate any significant preference in terms of the abovementioned factors. Finally, given the embryonic nature of the university technologies utilized by USOs and the strategic resources brought about by VC investment, I investigate the impact of VC investment on post-IPO USO performance. Through the use of a manually collected novel dataset that covers all listed high-tech USOs and the relevant VC investment activities in China over the past three decades, I find that USOs demonstrate better market performance (Tobin's Q) but worse accounting performance (return on assets/equity) than do non-USOs during the post- IPO period. In addition, I find that VC investment has a significant and positive moderation effect on the relationship between university affiliation and USOs' market performance, whereas VC investment has no significant moderation effect on the relationship between university affiliation and USOs' accounting performance.
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