讲座：Do Entrepreneurial Firms’ Academic Publications Matter for Venture Capital Financing?
题 目：Do Entrepreneurial Firms’ Academic Publications Matter for Venture Capital Financing?
嘉 宾：Yajing Li, Ph.D. Candidate, Rice University
主持人：李菲 助理教授 上海交通大学安泰经济与管理学院
地 点：腾讯会议 (校内师生如需会议号和密码，请发送电邮至xuziqing@sjtu.edu.cn获取)
Given the pervasive information asymmetries about the quality of entrepreneurial firms, a key research question concerns how startups can use signals of their technological resources to attract venture capitalist (VC) investments. While the role of patents has drawn substantial attention from scholars, this study sheds new light on another form of firms’ technological resources through academic publications. Drawing on signaling theory, I extend inquiry on VCs’ interpretation of the publication signal by incorporating the value creation and appropriation evaluation framework. Publications are perceived positively by VCs because of the value creation potential for innovations, and such a positive effect is stronger for publications in top journals. However, VCs have concerns of value appropriation when there are knowledge spillovers from publications to potential competitors, and these concerns weaken the positive effect of publications on VC financing. Furthermore, I consider the joint effects of patents and publications on VC financing. I argue that VCs prefer patents to publications and this preference weakens the positive effect of publications on VC financing when firms have patents. My sample of 935 U.S. biotech and pharmaceutical firms founded after 1980 finds support for my hypotheses.
Yajing Li (email@example.com) is a Ph.D. Candidate in Strategic Management at Rice University. Her dissertation examines how firms interact with academia, with a special focus on the phenomena of firm publications (essay 1), academic founders (essay 2), and firm patents built on science (essay 3). The distinctiveness of her research lies in examining the dual nature of firms’ interactions with academia and differentiating the conditions of when such interactions would be beneficial. Drawing on her hand-collected datasets of 935 US biotech and pharmaceutical firms founded after 1980 in different dimensions – founders, publications, patents – her research aims to answer important questions on VC financing, new venture alliances, and innovation. Yajing earned a Master of Management from Peking University and a Bachelor of Management from Renmin University of China.