Research On The Impact Of Venture Capital On The Innovation Performance Of GEM Enterprises

Innovation is the soul of a nation's progress and an inexhaustible motive force for a country's prosperity.The enterprises,as the most powerful part,is the mainstay of innovation.At present,China is still in a relatively weak stage in terms of original innovation.The "ZTE" incident has alerted the Chinese people to focus on scientific and technological innovation and masters the initiative of core technology to play a leading role in international competition.Historical data shows that the development of China's venture capital market scale is closely related to the establishment of small and medium-sized boards and the improvement of the GEM market,especially the GEM market.The support of venture capital in terms of capital and experience resources has effectively promoted more entrepreneurial enterprises to enter the GEM market,and the convenient exit channel of the GEM market provides a more complete development system for venture capital.The systematic study of the role of venture capital in the technological innovation and the transformation of high-tech achievements of GEM enterprises has important theoretical and practical significance,for promoting the independent innovation of Chinese enterprises and promoting the transformation of economic growth and development.This paper combines theoretical analysis with empirical analysis to systematically analyze the mechanism and outcome of the impact of venture capital on the innovation performance of GEM.According to the development chain from experimental development,application of research development to innovation output,this paper comprehensively analyzes the features of enterprise innovation performance.The article analyzes five theoretical paths that venture capital affects enterprises innovation performance,namely,"pre-screening" effect,"friction surge"effect,"capital aggregation" effect,"ecological optimization" effect and“market communication" effect.The paper takes the enterprises listed on the China Growth Enterprise Market in 2009-2017 as a sample,and examines the enterprises innovation performance by obtaining the number of patents and measuring the total factor productivity.Finally,it empirically tests the impact of venture capital on the innovation performance of GEM enterprises.The results show that the impact of venture capital on the company's innovation performance is positively suppressed and promoted as a positive "U" type.At present,the average shareholding ratio of venture capital in China is only 7.55%,which does not reach the parabolic point of inflection point.It still cannot improve the innovation performance of GEM enterprises.The main reason is that there is a certain friction between venture capital and enterprise management,and China's venture capital pursues fast profitability but lacks the motivation to provide management and technology services to enterprises.For the GEM companies of different ownership types,the inflection point value of the non-state-owned GEM enterprises is slightly smaller than the state-owned GEM enterprises,and the government subsidies have a greater positive impact on the innovation performance of non-state-owned GEM companies.To this end,the government should establish a better innovative ecological environment,strengthen the innovation-oriented evaluation system of the venture capital market,and improve subsidies for non-state-owned enterprises.Venture capital institutions need to abandon the traditional thinking of pursuing the fast profit target and focus on the best investment margin.Enterprises should strengthen basic research and cooperate with universities to achieve "secondary integration and innovation."...