Venture Capital And Innovation Of High-tech Enterprise

Recently,the development of China's capital market is still not mature enough,enterprises can not get a lot of money from the capital market to meet the normal production and operation of enterprises and expand the scale of the strategic development of capital needs,the main source of corporate capital to a large extent still depends on credit financing.Moreover,the failure of credit allocation makes the enterprises have more serious credit constraints in China,especially high-tech enterprises of large-scale innovation investment and uncertainty future earnings,so that access to bank credit capital is facing more Large credit discrimination,leading to its financing needs are difficult to meet,which seriously constrained the development of enterprise innovation.Therefore,it is of great significance to study whether the introduction of venture capital will improve the credit environment of enterprises,alleviate the financing constraints of innovation activities and improve the innovation performance of enterprises under the financing constraint theory.Specifically,this paper is based on the theory of financing constraints to study the relationship between venture capital and enterprise innovation to test the following three questions:(1)whether venture capital can improve the credit environment of high-tech enterprises and help the enterprises to obtain more banks loan?(2)Can the financing facilitation effect of venture capital be used for innovation investment and mitigate the financing constraints of innovation investment?(3)Does this financing facilitation effect help to improve the innovation output of enterprises?Based on the principal-agent theory and information asymmetry theory,this paper studies the impact of venture capital participation on the innovation activities of high-tech enterprises under credit constraints.Through the multiple linear regression analysis of the research samples of high-tech enterprises listed in Shanghai and Shenzhen in 2008-2015,this paper studies the credit financing convenience brought by venture capital and the effect of credit financing convenience on the innovation of high-tech enterprises.This paper uses the "investment-cash flow sensitivity" model to test the financing constraints,and whether the credit financing convenience effect of the venture capital investment is significantly used for innovation investment,the financing constraints of the innovation investment are significantly improved and the risk investment is further examined Whether the financing facilitation effect contributes to the improvement of innovation output.However,the venture capital support enterprises are not the result of random sampling,but the venture capital institutions in the investigation and study on the basis of screening out,and thus there may be reverse causal relationship between the endogenous problem,this paper uses the tool variable method to focus on venture capital test.Through the above analysis,it is found that venture capital participation can improve the credit environment of enterprises and help enterprises to obtain more bank loans,and this credit financing convenience can be used for innovation investment and alleviate the financing constraints brought by enterprise innovation investment.Further,the discovery of this financing facilitation effect also helps to improve the innovation output of the enterprise.This paper studies the impact of venture capital participation on the innovation of high-tech enterprises from the perspective of credit constraints,which not only broadens the relevant theories of financing constraints,but also provides theoretical support for the promotion of innovation ability of High-tech enterprises.