A Research On The Impacts Of Venture Capital On ChiNext Enterprise's Innovation

Ever since 21 st century,China's venture capital industry has been developing rapidly.At the same time,with the market demand constantly upgrading,the enterprise's innovation is strengthening,demonstrating coupling relationship between venture capital and enterprise's innovation.In support of the development of venture capital and enterprise's innovation,China has issued a series of laws,taking STAR Market launched 2019 for instance.Yet with the outbreak of the trade war and surfacing of the science and technology war,the calls for innovation are bursting.Innovation has become an important factor to evaluate the comprehensive national strength.Venture capital,as the financing channel that enterprises seek in the growth and development period,naturally has the attribute of supporting innovation.The relationship between venture capital and enterprise's innovation is an appropriate pointcut for the study of enterprise and social innovation,which is helpful to deepen the understanding of innovation development strategy in China and actively respond to the current economic upgrading.Based on the previous researches,this thesis starts new study from the perspective of venture capital pursuing return and market's recognition of coupling relationship between venture capital and enterprise's innovation.And hopefully there will be some reference guidance on venture capital distribution,enterprise strategy decision and policymaking.This thesis uses Chi Next enterprise data from 2009 to 2018.Firstly,based on the data set of listing events,the impact of venture capital on enterprise innovation,which is measured by patent(invention patent)data,is analyzed by means of full sample variance analysis and Poisson regression analysis.And combined with data sets of venture capital withdrawing events and enterprise valuation,the closed-loop capital appreciation of venture capital-enterprise-market is studied.Secondly,based on the city hierarchy,the thesis analyzes the regional differences of venture capital on innovation output.Finally,based on the capital input-output matrix,this thesis analyzes the time-specific and industry-specific effects of venture capital on enterprise' innovation through regression analysis.Combined with the results of variance analysis and regression model,the conclusions are summarized as follows:(1)there is a closed loop of capital appreciation of venture capital,enterprise and market based on innovation signal.Venture capital significantly promoted the output of patent.The higher the shareholding ratio of venture capital,the higher the innovation output of enterprises represented by patent output.(2)There are regional differences in the impact of venture capital on enterprise innovation.The impact of venture capital on enterprise's innovation is positively significant in first tier cities and second tier cities,but not significant in other regions.(3)There are timespecific and industry-specific effects of venture capital on enterprise's innovation.Under different time periods and market conditions,there are differences in innovation driven effects of venture capital on different industries.