Research On The Impact Of Venture Capital Characteristics On The Innovation Output Of Agricultural Start-ups

Innovation is the primary driving force for development.The innovation ability of agricultural enterprises has become the key to obtaining competitiveness in the increasingly fierce market competition.However,China's agricultural enterprises have low levels of innovation,and the main factor restricting the innovation level of agricultural enterprises is insufficient investment in R & D funds.By analyzing the sources of funding for China's agricultural research investment,it is found that the share of social capital is relatively low.And studies by many scholars have shown that the investment of social capital helps improve the level of corporate innovation.At this time,venture capital,as an emerging force of social capital,has become an efficient financing method.China has issued corresponding policies to guide venture capital into the agricultural sector and has achieved certain results.In recent years,the number and scale of projects invested by venture capital institutions in agricultural startups have increased significantly.An urgent question currently affecting the innovation development of agricultural start-ups in China is whether venture capital has promoted the innovation of agricultural start-ups? This affects the future innovation and venture capital development of agricultural startups.In addition,venture capital has different effects on enterprises in terms of investment scale,investment method,investment period,investment institution shareholding,investment institution reputation and whether foreign capital is involved.So,are there any differences in the impact of different characteristics of venture capital on the innovation of agricultural start-ups? The research is of great significance for improving the innovation level of agricultural enterprises and promoting the vigorous development of venture capital in the agricultural field.Therefore,this article selects all 275 agricultural start-ups that received venture capital support from 2010 to 2018 as a research sample to explore the impact of venture capital on the innovation output of agricultural start-ups.This paper uses descriptive statistical analysis to understand the innovation output and venture capital of agricultural start-ups in China,and constructs a multiple regression model to conduct an empirical analysis of the impact of venture investment characteristics on the innovation output of agricultural start-ups.The purpose of this study is to answer the following questions:(1)Under the impetus of national policies,has it helped improve the innovation level of agricultural start-ups after venture capital enters the agricultural sector?(2)What are the differences between the different characteristics of venture capital and the innovation output of agricultural start-ups? Answering the above questions is of great significance and practical value for promoting the innovation of agricultural start-ups and the development of agricultural venture capital.The research found that:(1)Venture capital in agricultural start-ups is less active and there is uneven regional development;(2)The overall level of innovation in agricultural startups is relatively low;(3)The amount of venture capital,angel investment,the investment period,venture investment institutions hold shares,reputation of investment institutions and foreign capital have a positive impact on the innovation output of agricultural start-ups.And there is no time lag in the impact of venture capital on innovation output.There is no significant correlation between syndicate investment and agricultural start-ups output.Based on the conclusions of the above study,this paper makes the following suggestions:(1)Guide venture capital institutions to focus on the agricultural field and promote balanced regional development;(2)Encourage agricultural start-ups to improve their independent innovation capabilities and strengthen awareness of intellectual property protection;(3)Increase investment in agricultural start-ups and encourage the development of the angel investment industries;(4)Encourage investment institutions to make long-term investments in agricultural start-ups and hold corporate shares;(5)Actively guide high-reputation venture capital institutions into agricultural start-ups and relax restrictions on foreign-funded investment institutions.