| Venture capital as an important pillar of the development of high-tech enterprises,focusing on investment in innovative high-profile projects.Not only for innovative entrepreneurial enterprises to provide operating funds,but also to participate in the follow-up management of invested enterprises,to provide value-added services.Compared with the general mature enterprises,innovative entrepreneurship-oriented enterprises need to face the technical,market,management and many other issues,with greater uncertainty.In order to effectively reduce the risk of investment process,more and more venture capital institutions tend to adopt a joint investment strategy,that is,together with the investment partners to share the investment risk,share investment income.Compared with the single investment,the joint investment can combine the resource advantages and information advantages of the investment institutions,and jointly manage the venture enterprises,so as to effectively reduce the risks and realize the mutual benefit and win-win situation.Strategic emerging industries as a typical representative of China 's high-tech industries,it is an important breakthrough to carry out industrial restructuring and promote economic restructuring.It is of great strategic significance to discuss the impact of joint venture investment on the technological innovation capability of target enterprises with the samples of strategic emerging industry enterprises.Based on the joint motivation of venture capital institutions,using strategic emerging industries as the research object.this paper analyzes the mechanism of joint venture investment on the technological innovation capability of strategic emerging industries.Compared to previous studies,both theoretical and empirical aspects are abundant.In the aspect of theoretical research,the existing research mainly discusses the influence of venture capital participation on technological innovation from the perspective of the presence or absence of venture capital,and only involves the single hierarchy of governance structure.Compared to a separate investment,taking into account the joint investment has both the advantages of resources and additional costs,This paper analyzes the impact of joint venture capital on technological innovation capability from the perspective of the combination of venture capital and the depth of the governance structure,and the governance structure is subdivided into equity structure,board structure.From the empirical point of view,there are many cross-sectional models from the perspective of national and industry analysis.Based on the strategic emerging industries in the GEM market as a sample,using the data of 105 enterprises during 2012-2015,Multiple linear regression model and negative binomial regression model are respectively used to analyze the technological innovation input and technological innovation output of venture enterprises.In addition,this paper also considers the hysteresis effect of independent variables on the influence of invention patents.The empirical analysis results show that joint venture capital is promoting the technological innovation capability of strategic emerging industries,both from the perspective of technological innovation input and technological innovation output.This conclusion is consistent with the existing research.In addition,the participation of venture capital institutions has a positive effect on the technological innovation of strategic emerging industries,but with the involvement of joint venture capital institutions,the effect of stakeholding ratio of venture capital institutions on technological innovation of target enterprises will be affected by the law of diminishing returns.In order to further study the effect of joint venture capital on the technological innovation of enterprises from the perspective of governance structure,this paper also discusses the impact of joint venture investment in this dimension on the input and output of technological innovation.The results show that the positive impact of joint venture capital on technological innovation capability is only partially established in the perspective of equity structure and board structure.The results are not completely consistent with the existing literature on the relationship between governance structure and technological innovation,and the reasons are analyzed in depth.The empirical results also show that the control variables of asset size and asset-liability ratio also affect the technological innovation capability of enterprises.In the end,the author puts forward some pertinent policy suggestions from the angle of venture capital institution,start-up enterprise and government institution,and points out the possible shortcomings of this research.It also forecasts the future research direction of joint venture investment. |
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