Mechanism And Empirical Research On The Effect Of Joint Venture Capital Network On Value Creation Of Entrepreneurial Enterprises

Innovation is the soul of a nation's progress and also an inexhaustible motive force for national prosperity.Starting a business is considered to be an important source of national innovation and economic growth.And venture capital is regarded as the engine of economic growth.It can not only promote the rapid development of high-tech industries,but also facilitate the continuous progress of innovative economy,so as to drive industrial restructuring and technological innovation,as well as contribute to the capital market development and the financial manufacturing reform.At the same time,venture capital also plays an important role in the implementation of high-quality national strategies,such as quality revolution,efficiency revolution,and dynamic revolution.In recent years,venture capital has shown a network development trend.Due to diversifying investment risk and realizing value creation,more and more venture capital institutions choose to invest by cooperating and building a joint venture capital network.The joint venture capital network has also become scholars' focus.Although most scholars agree that the joint venture capital network can increase the success probability of venture capital projects,there are still some problems remaining to be further studied,such as the characteristics of the dynamic evolution of the joint venture capital network and the role of nodes in the network,as well as how the venture capital network realizes start-up enterprises' value creation and so on.In view of this,this paper explores the composition of the joint venture capital network and the dynamic evolution characteristic of the joint venture capital network.It puts the joint venture capital network and start-up enterprises' value creation under an integrated,logical and coherent research framework,so as to enrich and expand the research ideas of venture capital and start-up enterprises' value creation.And this paper uses hypercycle theory to explain the mechanism of action of the start-up enterprises' value creation of the joint venture capital network and to analyze the influential effect of joint venture capital network on the value creation of start-up enterprises.Aiming at mining the functions and effects of the joint venture capital network,this paper tries to verify the impact of joint venture capital network on start-up enterprises and investment institutions through empirical test.Based on these studies,this paper provides a theoretical and empirical basis for China to adjust its economic structure under the new normal,promotes the healthy growth of the joint venture investment network,and achieves a win-win cooperation between investment institutions and start-up enterprises.The main research contents include the following aspects.Firstly,the composition and dynamic evolution process of the joint venture capital network should be explicit and the theoretical research framework should be built.On the basis of systematically combing and summarizing the existing literature,the social network theory is introduced into the joint venture capital network in this paper.It tries to explore the relationship of the participants from the perspective of the participants of the joint investment network,so as to study the composition of the joint venture capital network.This paper describes the characteristics of joint venture capital network through social network analysis and also analyzes the characteristics and laws of its dynamic evolution.And the theoretical research framework of joint venture capital network to start-up enterprises' value creation is constructed to provide theoretical analysis basis for further research.Secondly,based on the hypercycle theory,this paper studies the start-up enterprises' value creation mechanism of joint venture capital network.It theoretically explains why the joint venture capital network can achieve start-up enterprises' value creation,and how it achieves hypercycle and so on.Based on the capital elements of the joint venture capital network,this paper analyzes three stages of the start-up enterprises' value creation and explores its inner driving force.On the basis of the hypercycle theory,according to the evolution path from a single reaction cycle to multiple system catalytic hypercycle,the paper analyzes the conversion reaction cycle,catalytic reaction cycle and catalytic hypercycle in the value creation process of the joint venture investment network and constructs a hypercycle mechanism model for the value creation of joint venture capital network.And the value creation process is regarded as a self-organizing hypercycle process,so as to explore its hypercycle behaviors.Based on the function and effect of the joint venture capital network and the hypercycle process of value creation,the influential effect of the joint venture capital network on the start-up enterprises' value creation will be revealed from three dimensions: the financial performance,technological innovation and value creation ability.Then,this paper verifies the effect of the joint venture capital network on start-up enterprises' value creation through empirical test.The social network analysis method is used to measure the attributes of the joint venture capital network,creating the propensity score matching model,analyse the influential effect of the joint venture capital network on the start-up enterprises' financial performance.And the DEA method is chosen to measure the innovation efficiency of start-up enterprises,choose number of patents as innovative output.The Bonazic power index is used to measure the network status of the venture capital institutions.And the multiple regression model is constructed based on the joint venture investment network relationship,network structure and network status.The influential effect of the joint venture investment network on the value creation of start-up enterprises should be empirically tested.Thus,the empirical basis for start-up enterprises to expand and deepen the good cooperative relations with venture capital institutions and realize value creation will be provided.Finally,according to the theoretical and empirical analysis,from the perspective of risk investment network organization innovation,based on the optimal system of different investment organization interests,preferences and information,the institutional environment and legal environment of China's venture capital should be optimized,so as to meet the diversified investment and financing needs of start-up enterprises and investment institutions.And the resource integration of the participants also should be promoted,so as to advance the development strategy of cooperation and innovation.Taking the joint venture investment network as a carrier,the start-up enterprises should be jointly supported to realize value appreciation through technological innovation and management improvement.Thus,the development of multi-level capital market will be promoted and the effect on the value creation of the real economy will be better facilitated.