Research On The Impact Of Venture Capital And Founder Shareholding On Enterprise Innovation Performance

As the founders of entrepreneurship enterprises,they have special feelings for the company.For the long-term foundation of enterprises,they will pay more attention to innovation.However,some studies have shown that founders may be cautious about innovation because of the greater risk of innovation.In addition,in order to address the funding needs of innovative projects,founders often introduce venture capital.Existing research shows that venture capital may not only have a positive impact on innovation due to the provision of funds and services,but also may inhibit corporate innovation due to the pursuit of short-term benefits.Founders and venture capital may have different impacts on the innovation decisions of a company because of different interests.This article empirically tests the impact of shareholding on corporate innovation performance and the regulatory role of venture capital.This paper uses the listed companies in the GEM's manufacturing and information service industries as the research sample to conduct the above tests.The results are as follow:(1)The larger the founder's shareholding,the greater the total number of patent applications and utility model and design patent applications,but the founder's shareholding has no significant effect on the company's invention patents.(2)When expressing innovation performance in terms of total patent applications and utility model and design patent applications,venture capital participation and the degree of venture capital participation have a negative regulatory effect on the relationship between founder shares and corporate innovation performance.However,when the innovation performance is represented by the number of invention patent applications,this moderating effect is not significant.(3)Compared with young founders,the positive influence of older founders' shareholdings on total patent applications and invention patent applications will be weakened,and this weakening affects utility model and design patent The number of applications is not significant.(4)Whether in the high-tech industry or in the traditional industry,the founder's shareholding has a significant positive impact on the total number of patents and utility models and design patents,and has no significant correlation with the invention patent,and the founding The impact of human ownership on innovation performance is more significant in hightech industries;The negative regulation effect of venture capital on the relationship between founders and innovation performance is not significant in high-tech industries,but this negative regulation effect is significant in traditional industries.According to the above research conclusions,this article believes that safeguarding the founder's "stewardship" status,encouraging young people to start businesses,improving the institutional arrangements for venture capital exits,and strengthening the supervision of venture capital exit behaviors are all positive for improving the innovation performance of enterprises.