Technology Equity and Enterprise Innovation—Perspectives on Entire Innovation Chain

As an innovative financing method, technology equity is crucial to enhancing the innovation capabilities. We conducted the research using a sample of firms in Zhongguancun Haidian Science Park from 2014 to 2019 and employed the staggered difference‐in‐difference model. The empirical analysis reveals a significant positive effect of technology equity on innovation, which is achieved by promoting industry–university–research cooperation, alleviating financing constraints, facilitating the upgrading of human capital structure. Heterogeneity analysis shows that the impact of technology equity on innovation is more pronounced for non‐SOEs and digital industry firms. The findings provide valuable insights for building open innovation ecosystems.