Study On The Impact Of Venture Capital On Enterprise Innovation

With the intensification of economic globalization,the industrial chain has been transferred all over the world and the competition in the world market has turned to the competition of comprehensive national strength with technology as the core.Today,China's economic development model is facing a real transformation.After the process of introducing and absorbing foreign advanced technology,Chinese enterprises can survive and develop in the international competition only through independent innovation and development of products and technologies with independent intellectual property rights and development of their own brands.In order to strengthen the ability of independent innovation,we should first promote the innovation of enterprises in the micro level.However,due to the high degree of uncertainty of enterprise innovation,there is a high degree of information asymmetry and agency costs.At this time,the start-up enterprises are lack of funds,that is,there are financing constraints in traditional financing channels,but also lack of relevant management experience.As a highly market-oriented capital investment,venture capital not only provides financial support for enterprises,but also provides value-added services such as strategic planning and human resource allocation in different stages of enterprises,which has solved the problem of financing difficulty in early-stage of innovative enterprise and become an effective way to deal with the financing constraints of innovative activities.Due to the late development of China's venture capital and its immature development,there is still a big gap between China and developed countries of the related research on venture capital.The existing researches on the relationship between venture capital and enterprise innovation investment mainly focused on the venture capital expenditure in enterprise innovation.Therefore,taking the listed companies of GEM of China from 2009 to 2014 as a sample,the paper takes the output of patents and R&D intensity as the proxy variables of the innovation level of enterprises,deeply analyzes the relationship between venture capital institutions and the innovation of enterprises,and further studies the impact of the joint venture capital and its member heterogeneity and lead investor institutions characteristics on enterprise innovation.The results show that:(1)Venture capital institutions can promote enterprise innovation,and the higher the shareholding ratio,the more significant the role of promoting enterprise innovation;(2)the innovation levels of enterprises with the support of joint venture capitals are higher than those supported by independent venture capital;the stronger the heterogeneity of joint venture capital members,the higher the innovation level of the enterprises;compared with the state-owned leading investment institutions,the private and foreign-funded leading investment institutions have a more prominent role in promoting enterprise innovation.(3)Venture capital institutions have significantly promoted the output of invention patents and utility model patents,but have no significant influence on the company's design patents;In the core developed regions,the innovation levels of enterprises supported by venture capital institutions are higher;in the non-core developed regions,the involvement of venture capital institutions has no significant impact on the company's innovation level.