The Influence Of Venture Capital Type On Firms' Innovation Performance

Venture Capital(VC)has been highly associated with corporate innovation since its birth,and many technology companies have been developed with the support of VC.However,there are also a large number of VC failure cases on the market.Independent venture capital(IVC)and corporate venture capital(CVC)which both have important position in VCs have different influences on the innovation performance of the invested firms due to huge differences in investment motivation and value-added services.Such as input&output in patent of the invested firms and IPO valuation differ which are backed of different VCs.In the past,both domestic and foreign research focused on the relationship between traditional VC and innovation performance.Some domestic and foreign scholars have researched IVC&CVC but haven't reached a consensus on the comparative study yet.And few studies have studied the mechanism of the impact of different VC type on firms' innovation performance.The internal "black box" has led to a lack of interpretation of the controversy in the field of venture capital by the academic community.On the basis of reviewing existing research,this study establishes a research framework based on resource-based view and resource dependent theories,with a sample of 325 small and medium-sized high-tech companies,conducting empirical research and analysis through simultaneous equation modeling.The relationship between IVC&CVC and firms' innovation performance are in deep discussion,and the mechanism based on the dual innovation mediation mechanism and the intellectual capital moderation mechanism as well.The study results show that both IVC and CVC positively affect firms' innovation performance,and IVC can improve corporate innovation performance more than CVC.The result of the moderate effect of intellectual capital shows that intellectual capital significant negatively moderate the relationship between IVC&CVC and firms' innovation performance.The result of the mediate effect of dual innovation shows that : CVC positively impacts exploratory Innovation,but exploratory Innovation does not significantly affect innovation performance.It shows that exploratory Innovation does not have the mediating effect of the relationship between CVC and innovation performance;IVC positively influences exploitative Innovation,and the later positively impacts firms' innovation performance.Also exploitative Innovation play fully mediation between IVC and firms' innovation performance.This article compares IVC and CVC which expands the existing research perspectives;this study based on the mediation of dual innovation and moderation of intellectual capital on the mechanism which between IVC&CVC and innovation performance,provides new ideas for researching VC and firms' innovation performance with the "black box".Finally,according to the research results,it provides management suggestions for enterprises to formulate venture capital introduction strategies and innovation strategies based on the external resources of venture capital and their own internal resources.