The Influence Of Venture Capital On Enterprise Innovation Output And Its Action Mechanism

Innovation is the driving force of economic development and an important force for the continuous progress and development of the whole country.With the rapid development of economy and the continuous adjustment of economic structure,the innovation ability of enterprises has been noticed by people from all walks of life.The 18th national congress of the CPC clearly put forward and emphasized the great strategic significance of innovation-driven development strategy.Highlight the important role of innovation in encouraging the all-round and coordinated development of society and even the country,focus on establishing a technology innovation system that integrates enterprise as the main body,market as the orientation,production,education and research,and emphasize the increasingly important role of venture capital in supporting innovation.After the state council related opinions released,accelerate the innovation development strategy of the several opinions",in response to the national call to encourage the development and improvement of capital market and support of enterprise innovation by encouraging venture capital investment,governments at all levels in China have also adopted various ways to give preferential treatment to venture capital in the aspects of capital raising and market access.For example,the government grants,tax incentives,government guarantees and other policy measures are all adopted to alleviate the pressure of investment institutions to raise capital,reduce the operational risk of investment institutions,promote the development of venture capital industry,ease the financing pressure of SMEs,and encourage enterprises to invest in innovation.Did the national directives and local responses have the same effect as expected?Although the development of venture capital investment can supplement and improve the capital market,whether it really has positive incentive effect on the enterprise innovation activity remains to be verified.This problem is particularly important in the current economic environment,which is the original intention of this paper.The formal promulgation of the interim measures on the management of venture capital enterprises on November 15,2005 has brought the practice of venture capital into a regular track with rules to follow,and also enriched the means of investment and financing of enterprises.In recent years,the scale of venture capital has been developing and expanding,and relevant supporting policies have been constantly improved and refined.From the official opening of the gem to the end of 2016,the number of companies successfully listed on the gem has reached 569,of which 461 have had the experience of venture capital participation.The writing process of this paper includes:Firstly,according to the introduction of the main business of the enterprise in the prospectus and the official website of the enterprise,manually collect data through the list of the top 10 shareholders,and compare with the PEVC library in Wind to reduce the error and obtain the data of venture investment.According to the definition of technical M&A in existing literature,manually screen and integrate the data of technical M&A on the basis of Wind M&A library.The rest of the data can be directly or simply processed in the database.After data collection,the whole sample was observed through the descriptive statistical process and the analysis results of the difference between the treatment group and the control group were analyzed.Test the hypothesis through empirical analysis,and further improve the hypothesis.The final conclusion is drawn:in the gem enterprises,venture investment can promote the innovation output of enterprises.From the perspective of providing value-added services,venture investment can promote the quantity and quality of enterprise innovation output by influencing the R&D technology team and the decision-making of technology M&A.This paper summarizes three innovation points and research contributions during the research process:First,this paper explores the mechanism of venture capital's effect on enterprise innovation output from the perspective of providing value-added services for venture capital investment for the first time.This paper describes the value added service of venture capital by using the indicators of R&D technology staff and technology M&A,respectively elaborates the effect of venture capital on enterprise innovation under different value added service mechanism,making a beneficial supplement to the previous research,and brings reference significance to the follow-up research.Second,may be due to insufficient data,most of previous studies of venture capital to limit sample interval in Shanghai and Shenzhen main board and SME boards of listed companies.Considering the scholars'different definitions on Venture Capital,this paper argues that should be defined as"the several opinions on promoting the sustained and healthy development of venture capital".It can reveal the important contribution of venture capital to enterprise innovation output more profoundly,which is a beneficial supplement to the existing research on the relationship between venture capital and innovation.Thirdly,this paper further verifies the relationship between venture capital and investee enterprises on the basis of predecessors' research,and explore the specific action path of the relationship between venture capital and enterprise innovation.In order to respond to the state's instructions and decisions,improve the formulation of supporting policies,encourage the integration of capital market and physical market materials,and promote the innovation of enterprises in the capital market,provide theoretical supplement and empirical evidence for the formation of the social effect of national innovation.