Research On The Influence Of Background Interaction Of Joint Venture Capital Members On Enterprise Innovation

As the driving force of a country's economic development,innovation plays an important role in promoting the continuous advancement of the economy and society.In China,many high-tech enterprises are small and medium-sized enterprises,they are playing an increasingly important role in promoting technology,product and service innovation.However,the resource limitations of SMEs limit the development of their innovation activities.Insufficient funds,backward management and lack of talents have become three mountains that hinder SMEs from carrying out innovative activities.In the United States,where the capital market is relatively more mature,the solution to this problem is mainly based on the support of venture capital.Based on this background,we introduced venture capital as a way to alleviate the financing difficulties of SMEs in the 20th century,in order to promote the innovation activities of high-tech enterprises.With the development of the venture capital industry in China,more and more investment institutions use multiple venture capital institutions to cooperate to diversify risks and achieve the complementarity of resources and services provided by different investment institutions.There has been a lot of research on this phenomenon at the academic level.The existing research mainly explores the impact of joint investment on corporate governance structure and management methods from the perspective of a single background and resource theory.This paper combines resource theory and transaction cost theory,taking into account the advantages and costs of joint investment,and reflects the motives and abilities of investors with the source of capital of investors,and considers the background between different members of the joint investment.The impact of interaction on enterprise innovation,the revision of contradictions and disputes in existing research,and the analysis of the advantages of the joint process and the cost of conflict from investment motivation are the perfection and supplement to the existing research.This paper takes joint venture capital as the starting point.Firstly,it introduces the development status and research status of venture capital and joint venture capital,and divides the background of venture capital into government venture capital,company venture capital and independent venture capital from the attribute of capital source..On the basis of discussing the motivation and purpose of investing in different background venture capital institutions,this paper analyzes the influence of the interaction of different background members in joint venture capital on the innovation performance of the invested enterprises,and enriches and develops the existing literature.In theory,this paper uses the content of resource-based theory and transaction cost theory,and compares the risk investment of different backgrounds in China from the aspects of motivation and ability,and discusses the risks of different backgrounds in joint venture capital.The interaction of investment may have different effects on the innovation performance of the invested company.In terms of empirical research,this paper adopts the method of regression analysis,and takes the model of Shenzhen small and medium-sized board and GEM listed companies from 2010 to 2016 as the research object,and establishes the model with its related financial data and patent data.This paper is divided into five parts to study the subject.The first part is the introduction.Starting from the background of China's capital market,combined with previous research,this paper discusses the research significance and innovation points from the perspectives of theory and practice.The second part is a theoretical basis and a review of research.Through the reading and combing of previous literatures,the theories and researches on the joint venture capital and venture capital background are summarized,and the definition and dimension division of related variables are summarized.The third part is the study of theory and assumptions.From the perspective of resources and cost,combining the investment motives and abilities of different backgrounds,it explains the complementary or alternative relationship that the background of joint venture capital members may form on the innovation performance of the invested enterprises,and the number of patents and R&D investment of the invested enterprises.The perspective of innovation performance is measured,and the research hypothesis of the influence of member background on the innovation performance of the invested enterprise is proposed.The fourth part is an empirical analysis.The SPSS was used to perform correlation analysis and regression analysis on the collected data,verify the proposed hypothesis,and explain the conclusions of the study in detail.The fifth part of the countermeasures and recommendations.This part explains the limitations of this paper and the direction of research,and puts forward relevant countermeasures and suggestions in combination with the research of this paper.For the purpose of this paper,this study takes the enterprises of China's small board and GEM on 2010 to 2016 as the research sample,and uses SPSS software to analyze and test the relevant hypotheses.The main conclusions of this study are:the interaction between government venture capital and corporate venture capital can effectively promote the innovation investment and output of the invested enterprises,showing complementarity,and the interaction between government venture capital and independent venture capital is improving the enterprise.The level of innovation input is complementary,and the results of innovation output are not significant.Independent venture capital and corporate venture capital are reflected in the innovation investment,and the results are not significant.The innovation of this paper is:from the perspective of research,this paper studies the relationship between joint venture capital and corporate innovation performance.At present,in the research field of venture capital,the main research results focus on the choice of joint investment strategy and the study of the overall performance of business operations,and there is room for further research on the issue of innovation performance.Therefore,this paper focuses on the impact of the background interaction of the joint investment members on the innovation performance of the invested enterprises,and enriches the existing research to a certain extent.At the same time,this paper focuses on the investment strategy of joint investment.Different from the previous research,only the influence of joint investment intervention is considered.Instead,the characteristics of investment members are refined under this investment strategy,which can be analyzed to some extent.The existing literature is supplemented.Finally,in response to the controversy in the existing literature,a new,resource-based and transaction-cost perspective between co-investment and innovation performance is provided,which divides the background of the investment institution from the motivation of the investment and the source of the capital.How does the interaction between them affect the innovation performance of the invested company?It can not only explain the contradictions that draw different conclusions in previous studies,but also further refine the research on joint investment strategies.The shortcomings of this paper are:First,the R&D investment and patent application are selected.The measurement of innovation performance is relatively rough.You can consider the measurement of innovation performance with more comprehensive indicators to get a more complete conclusion..The second is to analyze the interactions from different backgrounds.In the future,we can consider the degree of participation and impact to be more detailed and detailed.