The Impact Of Venture Capital On Technology Innovation Of Enterprises

Venture capital,as an investment method focusing on innovative enterprises,provides capital support for enterprises through equity investment,supervises and participates in enterprise management,provides additional value-added services,and later withdraws from the profit through corresponding channels.The experience of developed countries in Europe and America shows that venture capital plays a crucial role in promoting technological innovation and promoting scientific and technological progress.Government funds are the initial and most important source of venture capital.With the continuous development and growth of the venture capital market,private venture capital,foreign venture capital and other kinds of capitals are gradually added to the venture capital industry.From the point of view of enterprise development,the involvement of venture capital has had a certain degree of impact on business operations,innovation and performance.The impact of venture capital on innovation of enterprises has attracted the attention of many scholars at home and abroad.But most of the existing researches are focusing on the impact of venture capital on R&D investment or corporate innovation performance,lacking of research on the multi-dimensional impact of venture capital on enterprise technology innovation.In addition,although many scholars in China have discussed the impact of venture capital background on corporate technological innovation,they lack the comparative study on the impact of state-owned venture capital and private venture capital on corporate technological innovation.This study first theoretically analyzes the impact mechanism and path of venture capital on technological innovation decision-making,behavior and performance of enterprises,and further analyzes the impact of background attributes of venture capital,industry experience and shareholding ratio on technological innovation of the enterprises.Then,this author constructed an empirical model based on the theoretical analysis,and used the sample of listed companies on the New OTC Market from China which have received venture capital before their IPO.The empirical models are used to examine the impact of venture capital on the innovation.This paper discusses the differences between the state-owned venture capital and private venture capital on the company's technical behavior and innovation performance.The research results show that the state-owned and mixed venture capital has a significant positive effect on the enterprise's technological innovation decision-making;State-owned,private,and mixed venture capital all contribute to corporate R&D investment,and private venture capital has stronger effect on corporate R&D investment than state-owned venture capital;State-owned venture capital,private venture capital and mix venture capital all have a significant positive impact on enterprise technological innovation performance.The specific performance is to increase the number of patent grants,and the promotion effect of state-owned venture capital is greater than that of private venture capital.The industry experience of venture capital has a positive effect on the technological innovation decision-making and performance of enterprises and has no significant impact on R&D investment.The higher the proportion of venture capital holdings,the stronger the R&D investment of enterprises,but the high stockholding of venture capital has no significant effect on the technological innovation decision-making and performance of enterprises.This paper analyzes the impact of venture capital on corporate technology innovation based on the “decision-behavior-performance” perspective of enterprise technology innovation,which provides theoretical support and empirical evidence for government to make more scientific and targeted venture capital policy.