Research On The Continuous Impact Of The Entering Time Of Deep Venture Capital On Innovation Ability Of Invested Enterprises

The report to the 19 th national congress of the communist party of China(CPC)takes "accelerating the construction of an innovation-oriented country" as an important aspect of building a modern economic system.It points out that innovation will be a new driving force for economic growth in current stage of economic transformation from high speed to high quality.Small and medium-sized Innovative enterprises has become a real force in the high and new technology industry in China,and increasingly become the main force to promote the development of our country's economy.While innovative activities tend to have the characteristics of high investment,high risk,it is difficult to get money from bank.So enterprise innovation activities may suffer from it.As an emerging investment and financing tool,venture capital solves this problem to a certain extent and plays an increasingly important role in the growth of enterprises.It has become an important part of China's investment and financing system.Based on "life cycle theory","screening and supervision theory","resource-based theory" and "information asymmetry theory",different venture capital entering time may have different impacts on the technological innovation ability of enterprises.But exactly what impact it will have and to what extent remain to be studied.In recent years,deep venture capital has been ranked among the best in the list of top winners in the field of venture capital in China.Choosing deep venture capital as the example,this paper comprehensively use case analysis,literature research and comparative analysis.Based on the reading of vast amount of literature,this paper choose different entering time invested enterprises by deep venture capital,select the appropriate innovation capability index and conduct comparative study on the selected three start-up enterprises namely“Kaizhong,Zhongfei and Guoli”to explore the lasting effects of different entering time of deep venture capital on the invested enterprise technology innovation.Through the research and analysis of specific cases,it is found that there are significant differences in the impact of the entering time of deep venture capital on the innovation abilityof invested enterprises.Kaizhong invested by deep venture capital in the initial stage has better technological innovation ability.The innovation input and innovation output grow the fastest and the growth trend is strong.Guoli invested by deep venture capital in the mature period grew faster than Zhongfei invested by deep venture capital in the Later Stage.But its later growth momentum is not strong.In the long run,enterprise innovation ability can not really enhance effective improvement.Guoli grew slowest in these three invested enterprises by deep venture capital Therefore,deep venture capital should pay more attention to the initial stage of the enterprise and move forward the investment stage;The enterprises should pay attention to guard against the short-term behavior of the venture capital institutions and carefully screen the venture capital institutions when they should raise funds.At the same time,the government should give active guidance and implement the innovation-driven strategy.