Study On The Influence Of Venture Capital Intervention On Innovation Ability Of Post-IPO Enterprises

As a new form of investment that is different from conventional investment,venture capital has the characteristics of supporting high-tech fields,taking risks,and strengthening participation.Compared with the previous investment forms,it has performed more in promoting the innovation investment and promoting the development of science and technology.But after the company goes public,the venture capital has clear IPO exit expectation(generally the lock-up period is one year),and will venture capital still promote the innovation capability of the company?Is there a significant difference in the promotion of these companies in different sectors? This will be the focus of this article.This paper takes the 906 IPO companies of the 2008-2015 SME board and the2009-2015 GEM as a sample,and takes the IPO exit expectations of venture capital institutions as the research entry point,and empirically tests the impact of venture capital intervention on the innovation ability of the enterprise IPO.The study finds that despite the clear IPO exit expectation,venture capital intervention still has a significant positive effect on the patent output and innovation efficiency of the invested enterprise IPO,and the venture capital institution holding shares and joint venture capital investment to the invested enterprise The patent output and innovation efficiency after IPO also have a significant positive effect,but this effect is significantly different between SME board and GEM listed companies.That is to say,the IPO exit of venture capital institutions does not have a negative impact on the patent output capacity and innovation efficiency of the successful listed companies in Shenzhen SME Board.Instead,it has a positive effect on the patent output capacity and innovation efficiency of these IPO companies after listing.Such phenomena did not appear in GEM listed companies.By further examining the path of risk investment intervention on the innovation capability of listed companies in different sectors,the study found that venture capital has enhanced the executive equity incentives of small and medium-sized board enterprises,and then the executive equity incentives play a positive role in the innovation ability of small and medium-sized board enterprises.