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This study used a modified VAIC model to measure IC to compose a 4\u2010component variable including human capital, structural capital, relational capital, and innovation capital. The data were collected from VCS\u2010backed and listed firms in China during 2014 to 2018 applying the pooled OLS model for hypotheses test, Generalized Method of Moments (GMMs) to reduce endogeneity and unobserved factor control, and also return on equity (ROE) instead of ROA for the robustness test. Empirical results showed that IC and its components can improve PFP for VCS\u2010backed firms in China; in detail, IC showed greater impact on performance of firms invested by foreign lead investors than in private or government VCS, specially reflected in the impact of innovation capital on PFP. Furthermore, IC showed weaker impact on PFP of mixed VCS\u2010backed firms compared to pure VCS\u2010backed firms and showed diminished effect on higher VCS member heterogeneity mainly reflected in the impact of relational capital on firm performance. These findings propose a new way of combining IC and VC to improve firm performance and are beneficial to theoretical development of IC and VC as well as a perspective for VC firm managers to choose suitable partners prior to join a VCS.<\/jats:p>","DOI":"10.1155\/2021\/3425725","type":"journal-article","created":{"date-parts":[[2021,3,27]],"date-time":"2021-03-27T19:05:09Z","timestamp":1616871909000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":20,"title":["Intellectual Capital and Firm Performance in the Context of Venture\u2010Capital Syndication Background in China"],"prefix":"10.1155","volume":"2021","author":[{"given":"Yuzhong","family":"Lu","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3952-0372","authenticated-orcid":false,"given":"Zengrui","family":"Tian","sequence":"additional","affiliation":[]},{"given":"Guillermo Andres","family":"Buitrago","sequence":"additional","affiliation":[]},{"given":"Shuiwen","family":"Gao","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1139-7990","authenticated-orcid":false,"given":"Yuanjun","family":"Zhao","sequence":"additional","affiliation":[]},{"given":"Shuai","family":"Zhang","sequence":"additional","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2021,3,27]]},"reference":[{"doi-asserted-by":"publisher","key":"e_1_2_9_1_2","DOI":"10.1108\/jic-07-2017-0099"},{"doi-asserted-by":"publisher","key":"e_1_2_9_2_2","DOI":"10.3390\/su11195328"},{"doi-asserted-by":"publisher","key":"e_1_2_9_3_2","DOI":"10.1109\/ACCESS.2019.2963060"},{"doi-asserted-by":"publisher","key":"e_1_2_9_4_2","DOI":"10.4159\/9780674038981"},{"doi-asserted-by":"publisher","key":"e_1_2_9_5_2","DOI":"10.2307\/25937310.5465\/amr.1998.533225"},{"doi-asserted-by":"publisher","key":"e_1_2_9_6_2","DOI":"10.1111\/j.1467-6486.2004.00435.x"},{"doi-asserted-by":"publisher","key":"e_1_2_9_7_2","DOI":"10.5539\/ijbm.v6n2p3"},{"doi-asserted-by":"publisher","key":"e_1_2_9_8_2","DOI":"10.1108\/14691931111097944"},{"doi-asserted-by":"publisher","key":"e_1_2_9_9_2","DOI":"10.1111\/j.1467-9310.2005.00382.x"},{"doi-asserted-by":"publisher","key":"e_1_2_9_10_2","DOI":"10.1108\/JIC-12-2017-0184"},{"key":"e_1_2_9_11_2","first-page":"35","article-title":"From rapid growth to high-quality development\u2014review and prospect of China\u2032s 40 years of reform and opening up","volume":"33","author":"Duan W.","year":"2018","journal-title":"Academics"},{"doi-asserted-by":"publisher","key":"e_1_2_9_12_2","DOI":"10.1016\/j.pacfin.2021.101496"},{"doi-asserted-by":"publisher","key":"e_1_2_9_13_2","DOI":"10.5937\/sjm13-16997"},{"volume-title":"Intellectual Capital Is an Important Force in National Development Strategy","year":"2015","author":"Wang L.","key":"e_1_2_9_14_2"},{"unstructured":"PulicA. 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