| Technological innovation is of vital importance to the overall economic and social development of our country and the country's long-term stability.The report of the 19 th National Congress of the Communist Party of China emphasizes that ‘innovation is the primary driving force for development'.The Fifth Plenary Session of the 19 th CPC Central Committee further proposed that ‘we should adhere to the core position of innovation in the overall situation of China's modernization drive,and take self-reliance in science and technology as a strategic support for national development'.Science and technology innovation in the sense of economy and management includes not only technology research and development,but also the combination process of science& technology and economy.How to put scientific and technological achievements into commercial application efficiently and improve the quality and efficiency of economic development is the key and difficult problem in the field of scientific and technological innovation in China.As one of the most important participants in scientific and technological innovation,enterprises need to further increase investment in research and development and focus on breaking through key core technologies.On this basis,they should be adept in putting technologies with independent intellectual property rights into commercial applications,so as to control the initiative and dominance of industrial development,and add momentum to China's innovation-driven development.Uncertainty runs through the whole process of scientific and technological innovation,and the uncertain factors in every link may lead to the failure of the whole innovation process.The key to the success of new technology-based enterprises is to transform technology into products,bring products to the market,and obtain business benefits.The process of R&D and the combination of technology and economy need a long-term and large amount of resources investment,so the demand for funds is usually urgent and sustainable.However,the traditional financial form mainly represented by bank loans is difficult to adapt to the high uncertainty of technology innovation and the common characteristics of technology start-ups,such as light assets and lack of historical performance.In this context,venture capital,which accords with the basic characteristics of technological innovation,emerges as an innovative form of science and technology finance.Venture capital not only provides funds to the target enterprises,but also provides a series of tangible,intangible resources and specialized value-added services,so as to help the growth and development of science and technology enterprises.Since the establishment of China's first localized private equity investment enterprise in 1986,China's venture capital industry has achieved rapid development in more than 30 years.According to the data disclosed by China Securities Investment Fund Association,by the end of 2019,the scale of private equity investment funds and venture capital funds registered in the association totaled 9.74 trillion yuan,and the scale of China's venture capital market reached Second in the world.However,there are some practical problems in China's venture capital industry,such as ‘pure financial investment',difficulty in fund registration,fund raising,project exiting,scarcity of high-quality investment projects,insufficient industry confidence,low industry awareness,and insufficient professional development level.Based on Schumpeter's innovation theory,enterprise resource-based theory,enterprise capability theory and financing constraint theory,this paper focuses on the impact of venture capital on the technological commercialization performance of start-up enterprises.This paper constructs a theoretical model of "venture capital-resource acquisition capability / operation management capability-technology commercialization performance" with venture capital industry expertise and technological innovation monopoly as moderating variables.This paper divides the variables of venture capital into three structural dimensions: money investment,risk-control investment and value-added investment.It systematically analyzes the impact of each dimension of venture capital on the technological commercialization performance of the invested enterprise,studies the influence of money investment and value-added investment on the resource acquisition ability of the invested enterprise,and the influence of risk control investment and value-added investment on the operation and management ability of the invested enterprise.This paper analyzes the mediating role of resource acquisition capability and operation management capability in the relationship between venture capital and technology commercialization performance,and the moderating role of venture capital speciality in the relationship between venture capital and technology commercialization performance.Combined with PFI theory,this paper analyzes the moderating role of technological innovation exclusivity in the relationship between resource acquisition capability/operation management capability and technology commercialization performance.Based on the normative analysis,this paper puts forward the corresponding research hypotheses,develops the risk investment scale,designs the questionnaire,and research those Start up enterprise established on or after January 1,2011,in Beijing,Shanghai,Guangdong,Jiangsu,Zhejiang,Shandong,Fujian or Hubei,which mainly belong to the industries of electronic information,biomedicine,high-end equipment manufacturing,new materials,new energy,energy conservation and environmental protection,venture capital has been obtained before December 31,2018,and not yet IPO as of the time of the survey.After collecting 318 valid samples and using statistical software to process the data,we get the following conclusions: each dimension of venture capital has a positive impact on the technological commercialization performance of entrepreneurial enterprises;money investment and value-added investment have a positive impact on the resource acquisition ability of entrepreneurial enterprises,the hypothesis that risk control investment has a positive impact on enterprise resource acquisition ability has not been confirmed;risk-control investment and value-added investment have a positive impact on the operation and management ability of start-up enterprises;resource acquisition capability and operation management capability have positive impact on technology commercialization performance;resource acquisition ability plays a partial intermediary role in the impact of money investment on enterprise technology commercialization performance;resource acquisition ability plays a partial intermediary role in the impact of value-added investment on enterprise technology commercialization performance,the hypothesis that resource acquisition ability plays a mediating role in the impact of risk control investment on the performance of enterprise technology commercialization is not supported by the survey data;operation management ability plays a partial intermediary role in the impact of risk-control investment on enterprise technology commercialization performance;operation management capability plays a partial intermediary role in the impact of value-added investment on the technology commercialization performance of the invested enterprise;venture capital speciality has a positive moderating effect on the relationship between risk-control investment and technology commercialization performance;venture capital industry speciality has a positive moderating effect on the relationship between value-added investment and technology commercialization performance;technological innovation exclusivity has a positive moderating effect on the relationship between resource acquisition ability and technology commercialization performance;technological innovation exclusivity has a positive moderating effect on the relationship between operation management ability and technology commercialization performance.Based on the above research,in view of a series of practical problems in venture capital industry,this paper puts forward countermeasures and suggestions to relevant government departments,securities investment fund industry association,venture capital industry association,venture capital enterprises and science and technology start-up enterprises.The relevant government departments should pay more attention to the outstanding role of venture capital as a modern,multi-functional and compound financial means in promoting technological innovation,especially the commercialization of technological achievements and the acquisition of market benefits,so as to further create a good policy environment for the development of the risk investment industry.The securities investment fund industry association should pay attention to providing more convenient conditions for the business development of venture capital industry institutions and practitioners,give more guidance and reduce unnecessary intervention.All levels of venture capital industry associations should provide better contact and cooperation platform for relevant financial institutions and practitioners,At the same time,efforts should be made to enhance the awareness and influence of venture capital industry,so as to make the economic circles more familiar with the characteristics of supervision,control and value-added services of venture capital,and have a clearer understanding of the positive role of venture capital in the resource acquisition ability,operation management ability and technology commercialization performance of venture capital enterprises.The investors of venture capital fund should respect the basic law of venture capital industry,pay attention to the scientific division of roles in the industry,prevent excessive management participation and even decision-making intervention on the fund,and fully realize the professionalism and hidden high entry threshold of venture capital work,so as to avoid the situation of "bad money driving out good money" in the venture capital market.Venture capital fund management institutions should pay more attention to their own professional capacity building and reputation formation,and play a greater role in promoting the commercialization of technological achievements.The vast number of start-up enterprises should have a clearer understanding of the participating governance and value-added service function of venture capital,rationally choose financing methods and scientifically identify investment institutions.The government and enterprises should pay attention to the protection of intellectual property rights and trade secrets.Enterprises should also pay attention to the accumulation of complementary assets to create favorable conditions for the commercialization of technology while improving their technological capabilities.Venture capitalists should take the exclusivity of technological innovation of enterprises as the key index of project selection and the important focus of post investment services.The main innovations are as follows: First,the innovation of topic selection.In view of the existing quantitative research literature in related fields mainly focus on the impact of venture capital on the technological research and development of invested enterprises,and the impact of venture capital on the operating performance of invested enterprises,but lack of attention on the relationship between venture capital and technological commercialization performance of invested enterprises and the mechanism of their functions,this paper takes venture capital as explanatory variable and technological commercialization performance as passive explanatory variables carry out theoretical and empirical research.This topic is not only closely connected with the difficulties of technology commercialization in the practice of technological innovation of Chinese enterprises,but also closely combined with the current situation and trend of China's financial market development.In addition,considering the convenience of data collection,the quantitative research on the relationship between venture capital and invested enterprises mostly focuses on public companies such as listed companies and listed companies on the new three board,ignoring the influence of different development stages of invested enterprises on the research conclusions.Therefore,when we study the relationship between venture capital and technological innovation of invested enterprises,we should pay special attention to which stage of life cycle the invested enterprises are in and whether there are major events that have a qualitative impact on the development of enterprises.Focusing on the perspective of technology commercialization,this paper takes the new enterprises in strategic emerging industries as the basic research object,makes a systematic theoretical analysis on ‘ how venture capital affects the development of invested enterprises',and provides quantitative research evidence.Second,theoretical innovation.that is to say,this paper partly reveals the mechanism that venture capital affects enterprise technology commercialization performance.Through literature review,it is found that the existing research on the relationship between venture capital and enterprise technology commercialization is still in the relatively initial and rough stage.Only a little scattered normative discussion and a few quantitative studies have been carried out on this issue.The indicators used to reflect the performance of enterprise technology commercialization and venture capital are not reasonable enough.These literatures only discuss the direct causality,but do not reveal the internal influence mechanism through theoretical elaboration and empirical data.This paper systematically analyzes and verifies the effect and internal mechanism of venture capital on enterprise technology commercialization performance,finds two important mediating variables of this causal relationship,and explores the moderating role of venture capital speciality and technological innovation exclusivity,which is an expansion of the existing venture capital theory and enterprise technology innovation theory.The third is the innovation of structure dimension division and measurement method of venture capital.When studying the effect of venture capital on the invested enterprises,the theoretical circle has paid attention to the multi-functional and complex characteristics of venture capital compared with traditional financial methods such as bank loans.A large number of literatures have analyzed the role of venture capital in solving the financing constraints of venture capital,and some literatures have focused on the governance effect of venture capital and the role of value-added service function for venture capital,but none has been found related empirical studies integrate venture capital into economic capital investment and management investment effectively.This paper analyzes the money investment,risk-control investment,intellectual capital investment,social capital investment and reputation capital investment of venture capital on venture enterprises,analyzes the characteristics of various types of investment,and sums them up as money investment,risk-control investment and value-added investment in three dimensions,the scale of venture capital is developed and tested for reliability and validity to provide reference for the follow-up research.The main shortcomings of this study are as follows: the measurement of venture capital and the operational definition of venture capital speciality variables are not perfect;the data are all from the questionnaire survey,inevitably there is some inaccuracy;the sample size is not large enough,and can not do random sampling survey,which affects the representativeness of the sample;the factors that may affect the relationship between venture capital and technology commercialization performance,such as the ownership of technology,the entry time of venture capital and the ownership of venture capital institutions,are not included in the study. |
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