Venture Capital, Equity Concentration And Enterprise Innovation Efficiency

Innovation is the inexhaustible motive force for social development.In order to achieve the goal of entering the forefront of innovative countries in 2035,China encourages the establishment and growth of innovative enterprises in terms of policies.While promoting the development of China’s technological innovation,a large number of innovative enterprises have emerged.Innovative activities carried out by innovative companies usually need to go through a complicated and long process.In this process,there is the huge capital investment,high risk and high uncertainty.As a result,banks and other financial institutions are less likely to offer loans to innovative companies.However,venture capital institutions focus on investing in high-risk,high-yield and high-input innovative companies,and as an equity investment,they are in line with the characteristics of technological innovation.Venture capital can provide funds,transmit the latest technological information,promote marketization and supervise and motivate for technological innovation.But how does venture capital play a different role in the different stages of the innovation process? The equity concentration of different innovative enterprises in China is quite different.How does the equity concentration affect the relationship between venture capital and innovation? Based on this,this paper takes the listed companies of strategic emerging industries in 2010-2017 as the research sample,explores the mechanism of venture capital affecting innovation efficiency,and adds the moderating role of equity concentration to empirical analysis of the impact of venture capital on innovation efficiency.Specifically,firstly,the network DEA and super efficiency model is used to measure the enterprise knowledge innovation stage,the technical achievement transformation stage and the overall innovation efficiency.Secondly,this paper divides venture capital into two aspects: the background of venture capital and the proportion of venture capital stock holdings.From these two aspects,it uses empirical analysis to analyze the impact and significance of venture capital on innovation efficiency in knowledge innovation stage,the technology achievement transformation stage and the overall stage.Finally,adding the equity concentration to analyze its adjustment effect on the knowledge innovation stage,the transformation stage of technological achievements and the overall innovation efficiency.The results show that:(1)Generally speaking,the average value of knowledge innovation stage,technology achievement transformation stage and overall innovation efficiency of enterprises supported by venture capital institutions is higher than that of enterprises without venture capital institutions participation.(2)The proportion of venture capital holdings positively promotes the innovation efficiency in the stage of knowledge innovation,technology achievement transformation and the whole stage.(3)For the knowledge innovation stage efficiency and the overall innovation efficiency,the equity concentration has a negative adjustment effect on the relationship between venture capital and knowledge innovation stage efficiency and the overall innovation efficiency.However,there is no negative trend of the equity concentration for the technology achievement transformation stage.This paper not only enriches the theoretical system of innovation efficiency,but also provides a new direction for the research of venture capital on enterprise innovation.And it is conducive to the formation of a benign interaction mechanism between them.It also has a certain practical significance for promoting the rapid development of venture capital industry.