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dc.contributorFaculty of Businessen_US
dc.contributor.advisorJin, Jimmy (AF)en_US
dc.contributor.advisorXu, Xin (MM)en_US
dc.creatorWang, Peng-
dc.identifier.urihttps://theses.lib.polyu.edu.hk/handle/200/13441-
dc.languageEnglishen_US
dc.publisherHong Kong Polytechnic Universityen_US
dc.rightsAll rights reserveden_US
dc.titleUniversity venture fund : subpar investment instrument or effective technology transfer tool?en_US
dcterms.abstractUniversity venture capital and private equity funds (UFs) have gained popularity in recent years as vehicles for advancing university research outcomes and fostering student entrepreneurship. However, questions remain about their alignment with university missions and their actual impact on academic start-ups within innovation ecosystems. Despite their increasing adoption, the establishment and management of UFs remain largely unexplored and under-researched (Croce et al., 2014).en_US
dcterms.abstractThis paper investigates the effectiveness of UFs within innovation ecosystems, employing a comprehensive global dataset spanning 285,667 investment deals involving 126,207 companies from 2000 to 2021. It explores UFs as a technology transfer policy intervention, focusing on their primary goal of propelling investees past the challenging “Valley of Death.” This is evidenced by their ability to secure subsequent financing shortly after receiving UF investment. Employing an instrumental variable to address endogeneity and benchmarking against Government Venture Capital Funds (GVCs), this research reveals that UFs offer a distinct “signalling” effect regarding the technology's content, surpassing the traditional roles of “scarcity compensation” and “certification” functions typically associated with GVCs.en_US
dcterms.abstractThis unique “signalling” effect is further examined in regional innovation systems. UFs exhibit superior performance in less innovative ecosystems characterised by limited venture capital activities and moderate R&D levels, suggesting a pronounced "signalling" impact in contexts marked by heightened information asymmetry. This observation is also strengthened by findings that UFs prove counterproductive in the consumer product industry and within the American landscape, implying a weakened or even reversed "signalling" effect in environments where investors are well-informed and sophisticated.en_US
dcterms.abstractBeyond its academic significance, this study provides essential insights into the design and management of UFs. It highlights the importance of understanding ecosystem contextual factors to establish realistic expectations and tailor management frameworks that align with the intrinsic value proposition of UFs.en_US
dcterms.extentx, 111 pages : color illustrationsen_US
dcterms.isPartOfPolyU Electronic Thesesen_US
dcterms.issued2024en_US
dcterms.educationalLevelD.B.A.en_US
dcterms.educationalLevelAll Doctorateen_US
dcterms.LCSHPrivate equity fundsen_US
dcterms.LCSHUniversities and colleges -- Researchen_US
dcterms.LCSHAcademic-industrial collaborationen_US
dcterms.LCSHTechnology transferen_US
dcterms.LCSHHong Kong Polytechnic University -- Dissertationsen_US
dcterms.accessRightsrestricted accessen_US

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Please use this identifier to cite or link to this item: https://theses.lib.polyu.edu.hk/handle/200/13441