Venture Capital Participation, Mitigation of Financial Constraints, and Disruptive Innovation in Enterprises: A Comparative Study Based on Ownership Heterogeneity

In the context of intensifying global technological competition and accelerating industrial transformation, disruptive innovation has become a crucial driving force for promoting high-quality economic development. Based on data from Chinese publicly listed companies from 2010 to 2023, this study empirically tests the impact of venture capital participation on disruptive innovation in enterprises and analyzes the underlying mechanisms from the perspective of alleviating financial constraints. The findings indicate a significant positive correlation between venture capital participation and the level of disruptive innovation in enterprises, with conclusions remaining valid across various robustness checks and treatments for endogeneity. The alleviation of financial constraints plays an intermediary role in the influence of venture capital participation on disruptive innovation. Further analysis reveals that enterprise size moderates the relationship between venture capital participation and disruptive innovation. The promoting effect of venture capital participation on disruptive innovation is more pronounced in state-owned enterprises (SOEs) and firms where executives have financial backgrounds. The conclusions drawn from this study provide empirical evidence for understanding the practical pathways through which financial capital supports high-risk innovative activities.