This paper investigates the long-term impact of venture capital on the sustainable development of Chinese SMEs, focusing on the timing of investment (early-stage vs. nonearly-stage) and the breadth of the venture capitalist's investment focus (professional vs. widespread). Using data on Chinese-listed companies from 2002 to 2022, the study employs semiparametric and nonparametric methods, specifically survival analysis. Findings indicate that early-stage venture capital significantly promotes sustainable development, while the impact of professionalism is insignificant in the short term but negatively affects long-term performance. The results highlight the importance of early intervention and the potential negative consequences of excessive professional interference.
Publisher
Humanities and Social Sciences Communications
Published On
Jul 06, 2023
Authors
Lili Liu, Heng Jiang, Yonglin Zhang
Tags
venture capital
sustainable development
Chinese SMEs
investment timing
early-stage
professionalism
performance
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