Private Equity Investment Based on the Dual Innovation of Enterprises

DOI

10.2991/978-94-6239-598-5_10How to use a DOI?

Keywords

private equity; corporate dual innovation; exploitative innovation; exploratory innovation

Abstract

In the context of science and technology innovation-driven economic development, the impact of private equity investment on corporate innovation has attracted much attention, but the conclusions of existing studies are divergent. This paper takes A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as samples, divides corporate innovation into developed innovation and exploratory innovation based on the theory of corporate dual innovation, and empirically examines the impact of private equity investment on corporate innovation by using multiple linear regression model. The study finds that private equity investment significantly promotes the developmental innovation of enterprises, and the developmental innovation input of enterprises that have received private equity investment is 1.2 percentage points higher than that of enterprises that have not received private equity investment, thanks to the resource integration and management supervision of investment institutions; while private equity investment has a dampening effect on the exploratory innovation, and it will reduce the exploratory innovation input of enterprises by 0.8 percentage points, which is due to its short-term return orientation and risk aversion tendency. This is due to its short-term gain orientation and risk-averse tendency. In addition, firm size and profitability positively affect dual innovation, while gearing plays an inhibitory role, and the impact of firm age on the two types of innovation is differentiated. This study provides theoretical basis and practical reference for enterprises to optimize their innovation strategies, investment institutions to improve their investment decisions and policy formulation.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Jun Ma
PY  - 2026
DA  - 2026/02/26
TI  - Private Equity Investment Based on the Dual Innovation of Enterprises
BT  - Proceedings of the 2025 6th  International Conference on Big Data and Social Sciences (ICBDSS 2025)
PB  - Atlantis Press
SP  - 89
EP  - 98
SN  - 2352-538X
UR  - https://doi.org/10.2991/978-94-6239-598-5_10
DO  - 10.2991/978-94-6239-598-5_10
ID  - Ma2026
ER  -