A Study On Venture Capital's Moderating Effect On The Relationship Between R&D Capacity And Enterprise Performance

With the rise of knowledge economy,R&D capability has become a key factor to achieve long-term sustainable development of technology start-ups.The technology start-ups have the characteristics of high growth and high risk.Although they have advantages in the fields of R&D and innovation,technology start-ups are deficient in management experience and social relations network,and venture capital can make up the shortages of technology start-ups in these aspects.Therefore,it is of great theoretical and practical significance to study how venture capital and the value-added services provided to promote the R&D capability of the enterprise,and then to improve the performance of the enterprise.On the basis of relevant domestic and foreign literature on venture capital,R&D capability and enterprise performance,this paper studies venture capital's moderating effect on the relationship between R&D capacity and enterprise performance.Firstly,we analyze the mechanism of R&D capability to improve enterprise performance and the mechanism of venture capital to promote the R&D capability of enterprises.Secondly,we analyze the effect of venture capital on the path of R&D capability to promote enterprise performance by using the theory of moderating effect,that is,venture capital's moderating effect on the relationship between R&D capacity and enterprise performance.Finally,on the basis of the model construction,we use STATA and SPSS software to analyze the 2010-2016 related data of the information technology companies listed on the Growth Enterprise Market of China,verify the relevant hypotheses.The conclusions are as follow: first,except for R&D management,venture capital's moderating effect on the relationships between R&D capacity,its components and enterprise performance are significantly positive;second,there are obvious double threshold effects based on the share ratio of venture capital institutions in the moderating effect of venture capital on the relationship between R&D capability,its components and enterprise performance;third,from the overall perspective of R&D capability,the moderating effect of venture capital on the relationship between R&D capability and enterprise performance takes on the shape of U;fourth,from the perspective of components of R&D capability,the moderating effect of venture capital on the relationships between R&D investment,R&D management and enterprise performance both take on the shape of U,and the moderating effect of venture capital on the relationships between R&D output,R&D achievements transformation and enterprise performance are gradually increasing.In a word,the moderating effect of venture capital on the relationship between R&D capacity,its components and enterprise performance,with the increase of the share ratio of venture capital institutions,generally shows a trend of change from negative to positive,from low to high,from insignificant to significant.These conclusions will help to improve the investment returns of venture capital institutions,enhance the R&D capacity of the enterprises,improve the level of government related services,and promote the promotion of firm performance.