Research On The Location Of Network Nodes Of Venture Capital Institutions And The Innovation Capability Of Enterprises

Based on social embeddedness theory and venture capital theory,this paper constructs a theoretical model of the relationship between the node location of venture capital network node and innovation capability of SMEs,GEM and new three-board IPO companies,and obtains 541 samples of enterprises listed in three sectors and their venture investors from 2012 to 2015 for empirical testing.This paper joins the factors of the main location of venture capital network nodes,and then studies its impact on the innovation ability of enterprises.It enriches the relevant research on the impact of venture capital by utilizing the relevant knowledge of social networking.It also verifies that the higher the position of venture capital institutions themselves in the network,the stronger the promotion effect on the innovation ability of the invested enterprises.Secondly,this paper also considers the moderating effect of stage investment on the location of venture capital network and the innovation ability of enterprises.On the one hand,it is proved by empirical research that the investment rounds of stage investment indeed play a significant moderating role in the promotion of enterprise patent number by the degree of network nodes of venture capital institutions.On the other hand,it is concluded that the investment rounds have a significant moderating effect by comparing the models and analyzing the high-low chart of moderating effect.The increase of capital rounds can positively promote the invested enterprises to make better use of the network centrality of venture capital institutions to increase the number of patents applied by enterprises.With more investment rounds,enterprises can use the network location of venture capital institutions to improve their innovation capability.That is,the more investment rounds,the stronger the impact of the location of investment network nodes on innovation capability;it also proves that besides the location of network nodes of venture capital institutions themselves is a kind of resource and advantage that can support enterprise innovation,the increase of investment rounds is also a kind of monitoring and signal incentive,which makes the invested enterprises have pressure and more power to use the location advantage of venture capital institutions to promote.Its innovation ability is further enhanced.This paper tests the robustness of the above conclusions,and the results show that the conclusions of this paper are robust.The conclusion of this paper has certain guiding significance for the venture capital market.For the venture capital institutions,if the venture capital institutions are in a favorable position in the investment network,the venture capital institutions can take advantage of their advantages in the location of nodes in the venture capital network to enhance the innovation ability of the invested enterprises,and thus improve their investment performance.In addition,the venture capital institutions can consider increasing investment rounds when making investment decisions,on the one hand,the increase of investment rounds can be achieved.Strengthen their own understanding and monitoring of the invested enterprises.On the other hand,they can make better use of their network location advantages and maximize the use of value-added services of venture capital institutions themselves.For enterprises,in order to enhance their innovative ability and further enhance their competitiveness and intrinsic value,in addition to attracting direct capital resources of venture capital institutions in the financing stage and preparing for follow-up R&D investment,they should also make full use of "embedded" non-capital resources in multiple rounds of financing,such as network connections,information and influence of venture capital institutions.To maximize the use of network location resources of venture capital institutions.