With the deepening of economic globalization,the competition in the world market has become increasingly intensified and has turned to the competition of comprehensive national strength with innovation capability as the core.In order to gain a foothold in the world market,China must seize the key point of independent innovation ability and continuously improve the overall innovation level.Enterprises are the main body of micro-economy.In order to improve the overall innovation ability of our country,we must start from the micro-main body of enterprises,focusing on improving the innovation ability of enterprises.Innovation activities of enterprises need a lot of capital investment,but because of the high risk and uncertainty of innovation activities,it is difficult for enterprises with innovation potential to obtain financing from traditional institutions such as banks.Financing constraints have become one of the important factors hindering innovation activities of enterprises in the initial stage.The emergence of venture capital has effectively solved the financing dilemma of start-up enterprises.As a mode of venture capital,"syndicate" venture capital can not only provide financial support for enterprises,but also bring enterprises diversified valueadded services such as development strategy formulation,management talent selection,professional talent support and social resource network construction.Compared with the traditional investment mode which only provides funds,the non-capital value-added services brought by syndicated venture capital can provide greater support for enterprises innovation activities.From the perspective of syndicated venture capital,this paper explores the impact of syndicated venture capital on enterprise innovation ability by combining theory with empirical analysis based on micro-enterprises.Theoretically,this paper explores the mechanism of syndicated venture capital’s impact on enterprise’s innovation capability.Empirically,this paper chooses the GEM listed enterprises from 2009 to 2017 as the research object,and measures the innovation ability of enterprises from two aspects: enterprise innovation input and enterprise innovation output,and deeply analyses the relationship between syndicated venture capital and enterprise innovation ability.Furthermore,the influence of the proportion of syndicated venture capital and the heterogeneity of syndicated venture capital on the innovation ability of enterprises is further studied.Based on the theoretical analysis,this paper puts forward four hypotheses,makes empirical analysis through multiple regression model,and uses negative binomial regression model to test the robustness.The results show that:(1)venture capital has a positive effect on the innovation capability of enterprises;(2)Compared with individual venture capital,syndicated venture capital can raise more venture capital,provide more abundant non-capital value-added services,and construct a better social resource network.Syndicated venture capital can promote the improvement of innovation ability of enterprises more than individual venture capital;(3)The proportion of "syndicated" venture capital institutions and the heterogeneity of "syndicated" venture capital institutions have positive effects on the innovation ability of enterprises.Finally,through the collation and analysis of the conclusions of this study,the corresponding policy recommendations are put forward. |