부산대학교 도서관

The purpose of this study is to examine the role of venture capital(VC) in the internationalization of Chinese venture companies. Despite being recognized as a key player in the paradigm shift of the Chinese economy due to their recent rapid growth and overseas expansion, empirical research on the topic is still insufficient due to issues such as data accessibility. While VC has been shown to contribute to the competitiveness of venture companies through resource provision and knowledge transfer, research on its impact on internationalization has yielded conflicting results. Using a Panel Tobit Model, this study empirically analyzed 287 high-tech venture companies listed on the SME board and ChiNext board from 2010 to 2019, and found that VC investment has promoted the internationalization of Chinese high-tech venture companies through various mechanisms, such as providing resources and knowledge, solving agent problems, and enhancing social reputation. The study also verified how the type and characteristics of VC affect internationalization, and found that the participation of foreign VC firms had a greater effect on promoting the overseas expansion of Chinese venture companies compared to Chinese VC firms. In addition, joint investments by multiple VCs had a more positive impact on improving the level of internationalization of companies than solo investments, and the reputation of VC firms was also found to have a significant positive correlation with the internationalization of venture companies.