| Equity investment originated in the United States in the 1940 s and rose in the 1970 s.It grows rapidly and gradually takes over the world,which has become the third largest financing method after bank borrowing and IPO listing in China at present.Related research shows that equity investment can enhance the enterprise value and obtain high investment returns,so it is highly valued by investors and enterprises with large space for growth and development.Now,China is in an important period of promoting the transformation of economic development mode and economic restructure.Technological innovation plays a significant role in optimizing industrial structure,promoting economic development and social progress.As an essential force in promoting technological innovation,entrepreneurial enterprises are of great significance to improve economic development structure and drive regional development.Equity investment institutions contributes a lot for the growth of entrepreneurial enterprises.Without money and support being needed at every stage,the innovation activities of those entrepreneurial enterprises will be affected.The existing literature has a profound research upon the direct influence of equity investment institutions on enterprise value,but it lacks of in-depth discussion about the mechanism of equity investment on enterprise technological innovation.Moreover,due to the short research period,there also exist large theoretical differences among schools of thought with more theoretical and empirical conflicts.And the literature which combines the trait of equity investment intervention timing to study is more scarce.In view of this,based on the enterprise life cycle theory,this paper makes a distinction on the timing of equity investment intervention.Replying on the existing principal-agent theory,enterprise financing theory and enterprise technology innovation theory,the influencing mechanism of equity investment on enterprise technology innovation is defined,and it further extends to the influencing mechanism of enterprise technology innovation under different time of intervention.Meanwhile,this paper also analyzes the input-output factors of the evaluation of enterprise technology innovation efficiency,and measures the technology innovation efficiency of entrepreneurial listing enterprises.Based on the data of gem listed companies between 2009 and 2016,this artcle first builds a model of equity investment on the enterprise technology innovation efficiency and then creates a model of the impact of equity investment on the efficiency of technological innovation of enterprise under different time of intervention.The empirical analysis has adopted the Hackman two-stage model,and the robustness test is conducted through applying substitution variable method and PSM tendency matching comparison method.Main research conclusions are as follows:(1)the overall technological innovation efficiency of the enterprises shows a steady upward trend,among which there exists a huge gap among technological innovation efficiency industries.(2)equity investment can improve the efficiency of technological innovation.(3 the time of equity investment intervention will produce different influences on the efficiency of technological innovation;the improvement of technology innovation efficiency of equity investment in the initial stage is the most;the efficiency of technological innovation will decline when enterprises get equity investment in maturity.Based on the theoretical and empirical research results,this paper proposes the following three policy recommendations:(1)actively developing the equity investment market to promote the healthy development of the real economy;(2)establishing and improve the diversified exit method of equity investment fund;(3)actively supporting the early-stage enterprises and develop the “enterprise-university-equity investment” model.At last,this paper puts forward the improvement plan and future research direction as for the research achievements and their deficiencies. |
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