| Under the era and opportunity when knowledge creates value and innovation drives development,as an important part of the construction of the national capital market system,venture capital plays an indispensable role in promoting the development of scientific and technological start-ups.As a "financial capital" and "knowledge capital" that pursue high-risk and high-yield,venture capital is not only an effective decision maker and supervisor of business operations,but also a key discoverer and creator of enterprise value.Compared with mature enterprises with strong strength,entrepreneurial enterprises often face some difficulties and obstacles when carrying out business management activities and formulating development strategies due to their limited resources,insufficient capacity and relatively sparse network connections,and there is a serious "weakness of innovation".As an important institutional investor of the company,venture capital has the dual status of shareholders and managers.It not only provides direct financial support for enterprises,but also relies on its accumulated market resources,professional management knowledge,rich investment experience and extensive network links to provide comprehensive and diverse value-added services for enterprises,and use the relevant investment contract terms to strictly and closely supervise the enterprise’s business decision-making,development strategy and governance mechanism,thus continuously promoting the growth and development of the enterprise.Therefore,there is a natural high affinity between venture capital and entrepreneurial enterprises,and the value-added effect of venture capital on enterprises has also attracted the attention and exploration of many scholars at home and abroad.However,after combing and analyzing the preliminary research results related to the content of this research,it is found that there are still some gaps and deficiencies in the research on the channels and mechanism of the impact of venture capital to exert value-added effect,which still need to be further deepened and improved.Based on this,this paper draws on the basic theory of resources,social network theory,principal-agent theory,certification supervision theory and signal transmission theory,and conducts systematic and in-depth research on the value-added effect of venture capital,in turn from technological innovation channels,IPO super-raised channel and the international strategic channel construct a theoretical analysis framework for the value-added effect of venture capital,and clarify the internal mechanism of venture capital affecting the value of the enterprise,and take the enterprise listed on the GEM in China as the research object,chapter 4 and chapter 6 uses panel data of companies listed on China’s GEM in 2010-2017,chapter 5 uses mixed cross section data of companies listed on China’s GEM before the end of 2014,adopting PSM two-step method,Tobit model,Logit model,Heckman two-stage model,median variable test model and other measurement methods,empirically test the ways in which venture capital can enhance the value of enterprises under different influencing channels,and reveal the impact path and action mechanism of value-added effects of venture capital.The main conclusions of this paper are as follows:First,venture capital support can have additional incentive effects on R&D investment of enterprises,but this effect cannot directly promote enterprises to increase corresponding innovation output,the promotion effect of R&D investment caused by venture capital on the innovation output of enterprises is affected by the regional institutional environment.Under the adjustment of marketization process,intellectual property protection and opening up level,R&D investment caused by venture capital can indirectly have a positive impact on the enterprise innovation output,that is,a good regional institutional environment can improve the output efficiency of additional R&D investment caused by venture capital and enhance the innovative output effect of venture capital.After subdividing the patent according to its creative and practical value,it is found that this effect is mainly prominent in the invention patent of the enterprise,that is,the R&D investment caused by venture capital can really promote the invention patent of the enterprise in the area with good institutional environment.In addition,further analysis of how venture capital affects the effect of innovation output on corporate value reveals that the improvement of corporate value does not benefit equally from its technological innovation activities.Venture capital support can improve the efficiency of enterprise innovation output,so that enterprise innovation output can improve the financial performance and market performance of enterprises to a greater extent,and this lifting effect is mainly prominent in invention patents that play a greater role in the competitiveness and development benefits of enterprises.Second,the involvement of venture capital can reduce the IPO over-raised financing rate of enterprises,and the greater the proportion of venture capital institutions holding shares,the stronger the inhibition of enterprise over-raised financing rate.Venture capital support has improved the efficiency of the use of over-raised funds by enterprises,the specific performance is the increase in the probability of investment in over-raised funds and the improvement of investment efficiency,which enhances the possibility of enterprises using super-raised funds for investment and the effect of corporate super-raised funds investment on financial performance and market performance.In addition,after further analyzing the mechanism of venture capital affecting the investment efficiency of over-raised funds,it is found that venture capital institutions have realized the positive impact on the investment efficiency of over-raised funds mainly by increasing the capital investment rate of over-raised funds and exerting their supervisory functions.Third,venture capital support can not only strengthen the depth of internationalization of enterprises,but also expand the breadth of internationalization of enterprises.Venture capital support has a positive impact on the implementation of internationalization strategies.Enterprises implement internationalization strategies,whether it is to further expand overseas markets or establish more overseas subsidiaries,it can have certain improvement effects on the financial performance and market performance of the enterprise,and the effect of internationalization strategy on corporate financial performance and market performance is affected by the support of venture capital.Venture capital can positively adjust the relationship between internationalization strategy and corporate financial performance and market performance,that is,the involvement of venture capital can improve the efficiency of the implementation of the internationalization strategy,and enhance the positive impact of the depth of internationalization and the breadth of internationalization on corporate value.In addition,the median effect test model is further used to find that the internationalization strategy plays a full mediating role in the relationship between venture capital and corporate value.The involvement of venture capital has a lifting effect on the value of the enterprise by affecting the selection and implementation of the internationalization strategy of the enterprise,which verifies the transmission path and mechanism of venture capital→internationalization strategy→enterprise value.According to the above research conclusions,this paper proposes the following countermeasures: First,for venture capital institutions,we must pay attention to cultivating and strengthening the awareness of result orientation;establish a more complete investment chain of "pre-investment research and review-in-investment assistance and cooperation-post-investment guidance and supervision";strengthen business exchange,experience sharing and learning activities with industry benchmarking enterprises and well-known experts.Second,for entrepreneurial enterprises,it is necessary to actively introduce venture capital and formulate reasonable investment contracts in a timely manner;it is necessary to make full use of a good institutional environment to provide effective support for the enterprise’s R&D investment-knowledge accumulation-technology application-innovation output;it is necessary to improve the quality of information disclosure,in order to prevent the occurrence of irrational behavior of misuse of funds;it is necessary to develop a suitable international development model according to their specific circumstances and the feasible path of internationalization of Chinese enterprises.Third,for the relevant government decision-making and regulatory departments,an independent monitoring agency is established to regularly review and evaluate the operating mechanism,professional qualifications,and investment results of venture capital institutions;further promote market-oriented reforms,break down inherent barriers,improve the quality and the efficiency of the review of intellectual property rights,and establish the effective dispute resolution mechanisms for intellectual property rights,expand the high-level openness in the region,and promote a new pattern of all-round opening up of internal and external linkages and the East and the West integrations;provide targeted policy support and create more favorable development space for entrepreneurial enterprises to expand overseas markets and utilize integrated global resources. |
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