The Impact Of Corporate Venture Capital On Enterprise Innovation

Corporate venture capital originated in the 1960s,after more than 50 years of development,corporate venture capital has become an important participant in the capital market,has received more and more attention.According to statistics,as of December 2018,the venture capital of American companies totaled 71.1 billion us dollars,accounting for 52%of the total venture capital of 135 billion us dollars,surpassing the traditional venture capital of 63.9 billion us dollars for the first time.1998 is the first year of China's corporate venture capital.Since 2013,China's corporate venture capital industry has entered the fast track of development.For more than two decades,corporate venture capital in China has been growing in size,accounting for as much of the total value of venture capital deals as traditional independent venture capital.Compared with the traditional venture capital which only pursues financial return,the company's venture capital takes industrial coordination and reserves related technologies for the parent company as the primary goal when making decisions.For was for enterprise,in addition to access to basic financial support,the company can provide traditional risk investment risk investment that the strategic resource,is for enterprise to obtain knowledge of the parent company,manpower,market,management experience and resources advantage,to promote innovation capability and production level,further research and development of innovative technology commercialization.This paper selects the perspective of invested enterprises to conduct research,mainly focusing on the following two aspects:(1)the impact of venture capital on the number of patents authorized by invested enterprises and the investment of R&D expenses;(2)on the basis of confirming that the venture capital of the company will promote the innovation of the enterprise,further study whether the venture capital of the company will promote the innovation and technology transformation of the invested enterprise,and put it into the market as a product to realize comunercialization.The empirical test results show that the venture capital supported by the company has a significant increase in R&D investment and the number of related patent licensing.On the one hand,the financial support provided by the venture capital of the company can enable the start-up enterprises to introduce R&D talents and increase R&D investment.On the other hand,it is derived from the guiding effect of parent company on the management level of start-up enterprises.Further research shows that corporate venture capital can also promote the commercialization of enterprise innovation technology,which is attributed to the value-added effect of corporate venture capital.Corporate venture capital is an important part of investment and financing mechanism in innovation-oriented countries.First,the government should encourage the establishment of venture capital companies and provide policy assistance to guide the flow of social capital to high-tech innovative enterprises with high growth and potential.Second,the venture capital of the company can operate the post-investment management more professionally,make full use of the resources of the parent company,and help the enterprise to become bigger and stronger.Finally,entrepreneurial enterprises can choose venture capital at an appropriate stage in the process of operation.In addition to obtaining financial support,they can also make use of industrial resources and technology accumulation of venture capital to realize their rapid development.