Research On The Impact Of Venture Capital On Innovation Performance Of High-tech Enterprises

Innovation has become the core competitiveness of economic transformation and upgrading.As a special enterprise with innovation as the core of development,high-tech enterprises are increasingly valued and supported by national policies.In the process of the development of high-tech enterprises,the level of innovation performance is the key to its long-term development.Therefore,it is very necessary to conduct a precise measurement of the innovation performance of high-tech enterprises,so that we can grasp the specific situation of high-tech enterprise innovation activities.As an important source of financing for high-tech enterprises,venture capital can not only provide financial support for high-tech enterprises,but also provide additional value-added services such as enterprise management experience and related social network resources.Therefore,venture capital plays a huge role in high-tech enterprises in independent innovation and transformation of innovation achievements.However,whether venture capital can promote the overall innovation performance of high-tech enterprises needs further research to verify.In this context,this paper studies the impact of venture capital on the innovation performance of high-tech enterprises from the perspective of theory and evidence,and clarifies the relationship between venture capital and innovation performance of high-tech enterprises,promotes the development of venture capital industry,and accelerates the process of innovation activities of high-tech enterprises has very important significance.Therefore,this paper follows the logical system proposed by theoretical analysis,empirical test and policy,and adopts the research method combining normative research and empirical research.Based on the specific measurement results of high-tech enterprise innovation performance,this paper studies the impact of venture capital on the innovation performance of high-tech enterprises,hoping to further enrich the research in this field.Specifically,the theoretical analysis part first defines the core concepts of venture capital,high-tech enterprises,and innovation performance.Secondly,it draws on the relevant theories of enterprises,the relevant theories of venture capital and the theory of innovation.On this basis,the paper analyzes the main mechanism of risk investment on the innovation performance of high-tech enterprises,namely,providing resources and creating mechanisms,and then puts forward four research hypotheses of this paper;Then it analyzes the input status and output status of high-tech enterprise innovation activities,and then constructs the high-tech enterprise innovation performance evaluation index system,and uses the data envelopment analysis(DEA)to measure the innovation performance of high-tech enterprises.On this basis,the problems existing in the innovation activities of high-tech enterprises are analyzed,which lays a foundation for the subsequent empirical analysis.In the empirical test part,in order to avoid the "self-selection" effect of the research sample,this paper chooses to deal with the effect model to eliminate the endogeneity problem,and more accurately test the impact of venture capital on the innovation performance of high-tech enterprises.Then the Tobit model is established to verify the impact of three different characteristics of venture capital on the innovation performance of high-tech enterprises.The research found that:(1)This paper chooses the processing effect model to eliminate the problem of ?self-selection? of the sample.The results show that the sample enterprise does have the ?self-selection? effect.Venture capital is not a random selection of invested companies.It has certain investment preferences when choosing a company.Therefore,after the "self-selection" effect is separated by the addition of the inverse Mills ratio,the empirical results show that the participation of venture capital after the "self-selection" effect still has a significant positive impact on the innovation performance of high-tech enterprises.(2)The proportion of venture capital shareholding has a positive impact on the innovation performance of high-tech enterprises.It shows that the higher the proportion of venture capital shares,the more funds are invested in enterprises,and the stronger the control over enterprises,not only can urge high-tech enterprises to better carry out innovation activities,but also provide value-added services to enterprises to a greater extent.To further enhance the innovation performance of high-tech enterprises;(3)The risk investment holding period has no significant impact on the innovation performance of high-tech enterprises.The reason is that some venture capital institutions enter the enterprise only to seek short-term investment income,while high-tech enterprise innovation activities are a long-term process that requires long-term capital and External resources support,so this short-term speculation of venture capital does not affect the innovation performance of the enterprise;(4)Joint investment has a positive impact on the innovation performance of high-tech enterprises.The reason is that when a number of venture capital institutions invest in a high-tech enterprise,they can provide different value-added services and external resources for high-tech enterprises.Therefore,it will provide more perfect and diversified support for high-tech enterprises,and will further promote the innovation activities of high-tech enterprises and enhance the performance of innovation.Finally,according to the research conclusions,this paper puts forward relevant policy recommendations from the aspects of policy support,venture capital institutions and high-tech enterprises,in order to enable venture capital to provide better support for high-tech enterprise innovation activities.Finally,the shortcomings of this paper and the future research prospects are pointed out.