The Influence Of Venture Capital On Research And Development Investment Of Start-ups

Rapid economic development proves that enterprises must constantly pursue technological innovation if they want to grow in the fierce competition.As a new type of equity investment,many enterprises have achieved rapid growth and development under the support of venture capital.Venture capital not only provides long-term financial support for enterprises,but also brings rich governance experience and social resources into enterprises,contributing to the development of enterprises.However,at present,scholars mainly discuss the correlation between venture capital and enterprise r&d investment.However,venture capital provides capital for enterprises and non-capital services for enterprises.Can venture capital improve corporate governance to increase investment in research and development? This paper discusses the impact of corporate governance with venture capital on r&d investment.On the premise of reviewing and summarizing relevant literatures at home and abroad,this paper takes corporate governance,principal-agent theory and production function theory as the theoretical basis,and links venture capital,corporate governance and corporate r&d investment.In terms of empirical analysis,this paper takes the data of gem from 2012 to 2016 as the research object,and USES descriptive statistics,correlation analysis,T test,multiple regression and adjustment regression methods.This paper analyzes the influence of venture capital on enterprise r & d investment from the perspectives of whether to involve in venture capital,risk shareholding ratio,joint investment and foreign capital background.The influence of venture capital participation on the board of directors,equity and executive incentive.Finally,the moderating effect of corporate governance on venture capital and r&d investment is discussed.The research conclusions of this paper are as follows: first,the participation of venture capital institutions has a positive impact on the r&d investment of enterprises after listing,in which the return on equity and industry are positively correlated with the r&d investment of enterprises,while the asset-liability ratio is negatively correlated with the r&d investment of enterprises.Secondly,the larger the shareholding ratio of venture capital institutions is,the more positive impact it will have on the r&d investment of enterprises after listing.Third,joint investment among venture capital institutions has a positive impact on the r&d investment of enterprises after listing.Fourthly,venture capital institutions with foreign capital background have a positive but not significant impact on the r&d investment of enterprises after listing.Fifth,venture capital institutions have a significant positive impact on corporate governance structure.Sixth,the moderating effect of corporate governance is not significant in the relationship between the involvement of venture capital and the r&d investment after the listing.In view of the above research conclusions,this paper puts forward specific Suggestions from the perspective of government,venture capital institutions and entrepreneurial enterprises.