Innovation Input, Innovation Output And Corporate Value

With the implementation of innovation driven development strategy,a large number of small and medium-sized innovative enterprises have emerged in China.Due to the characteristics of small-scale,high-innovative and high-risk,those enterprises are facing more serious financing constraints,although their innovation has achieved initial results,which restrict the development of small and medium-sized enterprises,and the innovation process of small and medium-sized enterprises is slow.Venture capital grasp the opportunity of the epoch turning point and invest in those small and medium-sized innovative enterprises.In order to explore the impact mechanism of venture capital on SME innovation,it is obviously important to study the regulatory role of venture capital in the process of corporate innovation.On the basis of reviewing previous literature,in order to study the adjustment effect of the three dimensions of venture capital on innovation input to output,innovation output to enterprise value,an moderated mediation model based on the intermediary of innovation output and the regulation of venture capital is constructed.The empirical results show that:(1)innovation output plays a part of intermediary role in the relationship between innovation input and enterprise value;(2)the number of venture capital holdings positively regulates the proportion of R&D personnel,the proportion of R&D expenses and enterprise value;the proportion of venture capital holdings positively regulates the proportion of R&D expenses and innovation output;the number of venture capital holdings positively regulates the proportion of R&D expenses and innovation output.but positively regulates the positive relationship between innovation output and enterprise value;the number of venture capital institutions has no regulation effect on the relationship between innovation input,output and enterprise value;(3)the number of venture capital holdings regulates the second half of the path of innovation input to enterprise value through innovation output,and the more the number of venture capital holdings,the stronger the intermediary effect;the shareholding ratio of venture capital regulates the first half path of the intermediary effect between R&D cost and enterprise value,and the lower the shareholding ratio of venture capital,the more significant the intermediary effect is;the number of venture capital institutions has no regulating effect on the intermediary effect of innovation output.Research indicates that small and medium-sized innovative enterprises should treat the number of venture capital institutions rationally,absorb venture capital reasonably,and not blindly pursue the high number and proportion of venture capital holdings.