| In recent years,the Chinese government has advocated “mass entrepreneurship and innovation”,the threshold for entrepreneurship has continued to decrease,and the entrepreneurial policy has been continuously introduced,resulting in the emergence of a large number of entrepreneurial enterprises.However,the financing channels of enterprises are narrow,just as venture capital institutions have the characteristics of raising social idle funds.Most companies will choose venture capital as an important support for funds,so the government attaches great importance to guiding development.In addition to meeting the financing needs of enterprises,venture capital institutions can also take advantage of social resources,management experience and professional technology to bring value to the enterprise through “screening”,“supervising” and providing “value-added services”.Different influences on enterprise innovation are different;on the contrary,innovation is likely to bring high returns,which coincides with the characteristics of venture capital.For example,Kortum found that with the increase of venture capital events,the number of patent applications increased significantly and the quality was higher,and R&D activities were concentrated in the advantageous areas.Hasan and Wang conducted research on 394 regions in the United States,and concluded that venture capital can promote patents.Increased conclusions.Venture capital institutions with different backgrounds have differences in market positioning,value-added services,certification functions,and their own advantages,thus affecting enterprise innovation.Based on this,this paper takes the example of the top ten of OFC in the Qingke ranking as an example,and analyzes the impact of the differences in capital background,reputation background and human capital background on the innovation ability of enterprises.This paper compares and analyzes venture capital institutions with different backgrounds,which is conducive to enriching such literature.At the same time,venture capital institutions have different pursuits of profit and reputation.Some focus on short-term gains,and some focus on long-term returns,which is helpful to guide enterprises to choose more suitable.The venture capital institutions that help innovation and help enterprises to grow sustainably are also beneficial to the government to rationally guide risk investment behavior and improve the operational efficiency of the venture capital market.This article uses case study and comparative analysis.Firstly,the background of venture capital research is summarized,the relevant research literature is summarized and summarized,and the research questions of this paper are proposed based on this.Secondly,bycontrolling a single variable,the influence of the background of Oriental Fuhai Company on the innovation ability of enterprises is compared and analyzed.Make recommendations and point out the limitations of this study.Through case analysis,it is found that:(1)The influence of government capital background on innovation ability of different industries is different.The manufacturing industry is a government-invested venture capital institution that invests in enterprises with stronger innovation capabilities;the information technology industry is a non-government-based venture capital institution that invests in enterprises with stronger innovation capabilities.(2)High-reputation venture capital institutions invest in enterprises with stronger innovation capabilities.(3)Enterprises invested by venture capital institutions with high human capital levels have stronger innovation capabilities.Therefore,Oriental Fuhai should focus on supporting the information technology industry while continuing to support the manufacturing industry.It should also focus on institutional reputation and human capital construction.Enterprises should consider the influence of background differences when choosing a venture capital institution,and avoid choosing to pursue only short-term returns and not value-added.The service should not continue to promote innovation of venture capital institutions;the government should actively play a guiding role and support role,guide the healthy development of the venture capital market,further improve the innovation mechanism,and improve the rate of innovation conversion. |
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