Shareholding by Venture Capitalists and Patent Applications of Japanese Firms in the Pre- and Post-IPO Periods

In this thesis, we will analyze the effect of venture capitalists (VC) on patent applications, focusing on their effects on patent applications in the pre-and post-IPO periods for Japanese firms. It can be stated that the shareholding by VC is positively correlated with their patent applications in the pre-IPO period; however, this effect becomes feeble in the post-IPO period. On the basis of the analysis, it was found that VC promoted the patent application of Japanese firms in the pre-IPO period, in order to enhance their market values.