Venture Capital Institution's Shareholding Ratio?Executives' Financial Background And The Innovation Of Enterprise

In China's “thirteen five” plan clearly pointed out that “the implementation of innovation-driven development strategy”,innovation,especially science and technology innovation has become the core of development.Venture capital as a new way of investment that is willing to bear a higher risk for higher profit return may meet the resources needs of innovative activities well,and the combination of venture capital and innovation has drawn wide attention all around the world.Based on the existing research results,this paper chooses the number of patents from the perspective of innovation output to measure the innovation performance of enterprises and try to study the impact of the proportion of venture capital ownership on the innovation performance of enterprise,then verify whether the proportion of senior executives with financial background can adjust the impact of the venture capital shareholding ratio on the innovation performance of an enterprise.Through the research and analysis of relevant issues,the dissertation aims to make a contribution to the effective integration of venture capital and business innovation.This paper chooses the listed companies listed on the Growth Enterprise Market of China's Shenzhen Stock Exchange as research objects,and analyzes the mechanism of venture capital ownership proportion on the innovation performance of enterprises based on the Resource-based Theory and the Corporate Governance Theory.This paper also introduces the Upper Echelons Theory to analyze the proportion of executives with financial background in the enterprise,which plays a regulatory role in the relationship between the proportion of venture capital ownership and the innovation performance.On the basis of theoretical analysis,this article further uses the Progressive Regression Analysis to analyze the related issues which have been mentioned above.And the results show that there is a significant positive correlation between venture capital ownership and innovation performance of enterprises,and the higher proportion of executives with financial background,the greater contribution of venture capital ownership to innovation performance.At the end of this paper,the conclusion of the study is discussed and relevant suggestions are put forward for the effective integration of venture capital and enterprises' innovation performance.