Venture Capital And Corporate Innovation Input

Since the 19 th CPC National Congress,the economy in China has entered a stage of high-quality development,and the implementation of the innovation-driven strategy is a constant requirement of the new era.The process of realizing high-quality development is also the process of the enterprise's innovative development,vitality and creativity constantly enhanced.In the era of “Mass entrepreneurship and innovation”,enterprises,as the main body of innovation activities,are an indispensable force for promoting high-quality development.Relevant documents of the State Council clearly proposed to strengthen the support of the capital market for innovation and expand the scale of venture capital investment.Compared with the traditional bank financing channels,the low threshold of venture capital in terms of enterprise scale and collateral broadens the financing channels of enterprises.In addition,venture capital can not only provide financial support to enterprises,but also promote the development of enterprises by participating in management and decision-making.However,can the entry of venture capital guarantee the development of corporate innovation and promote the improvement of enterprise innovation ability? This issue is particularly important in the current economic environment,which is also controversial in academic.Using the data of 341 enterprises in the GEM market during 2012-2017 as a sample,this paper discusses whether venture capital promotes corporate innovation input,and on this basis,this paper also considers the relationship between the syndicated investment of venture capital and the innovation input.The mean value T test and multiple linear regression are main method in this paper.Thereinto,when investigating the impact of venture capital,this paper uses the Difference in Difference(DID)method to overcome the endogeneity problem.The results show that venture capital indeed promotes the R&D of the invested enterprises.The innovation input of syndicated investment enterprise is significantly higher than that of single investment enterprise.In the syndicated investment mode,the higher the number of syndicated investment members and the greater the heterogeneity of the shareholding ratio among the members,the higher the innovation input.The reputation of the syndicated investment team has no significant impact on the innovation input.In theory,this paper not only reveals the impact of venture capital on the innovation input of invested enterprises,and provides another empirical support for this proposition,but also discusses the impact of syndicated investment mode and its characteristics,filling the research blank of the relationship between syndicated investment mode and corporate innovation.On the other hand,this paper also provides empirical evidence for venture capital to select investment strategies,government to guide the development of venture capital and use capital market to promote innovation strategies.