The Impact Of Venture Capital On Neeq’s It Enterprise Innovation

With the implementation of national policies such as " mass entrepreneurship,mass innovation ",many minor enterprises have begun the development of innovation and are playing an increasingly important role in the national economy.As a form of capital that takes startups as investment target,venture capital has been increasingly valued by national policies in corporate innovation.And the extension of NEEQ has provided a broader space for it.NEEQ is also a platform for SMEs to gather and they have higher financing needs.It is of practical significance to use it as an object to analyze the effect of venture capital(VC)on corporate innovation.So this paper mainly contains the following points:First,by summarizing relevant literatures,the author chooses to use the treatment effect model to solve the possible endogenous problems between VC and corporate innovation.Then this paper establishes the CDM equation from innovation input,output and performance to study the relationship between innovation’s different stages and the impact of VC.Second,this paper uses the information technology companies listed on the NEEQ between 2014 and 2018 as a sample to empirically analyze the role of VC participation.The analysis of the TEM verifies that innovation input,output and performance are progressively promoted,and there is a positive,two-way and weak reverse causal relationship between VC participation and these stages.Therefore VC participation will have a greater effect on innovation’s initial process,but its role in the later stage is mainly the result of adverse selection..Thirdly,this study analyzes the role of the characteristics such as institutional background,investment round,investment method and institutional reputation of venture capital.In terms of institutional background,state and mixed backgrounds will promote enterprise innovation input and output.In terms of investment round,venture capital institutions can provide different degrees of effective support for enterprise innovation by entering the enterprise in the early stage of enterprise financing,increasing the number of investment rounds and shortening the interval between adjacent rounds.In terms of investment method and institutional reputation,when high-reputation institutions are facing the risky NEEQ’s information technology companies,they will be more inclined to choose joint investment,and both joint investment and high reputation will be beneficial to corporate innovation.However,in the case of joint investment,the role of institutional reputation will be weakened.