| As an important driver of economic development and social progress,innovation has always been highly valued by our government.Chairman Xi once said that "enterprises are the main body of innovation".However,for some enterprises,especially small and medium-sized enterprises with innovation potential,the lack of funds for operation and development is one of the practical problems in front of them.Compared with traditional financing channels such as bank loans,venture capital pays more attention to the future development potential of enterprises than the actual capital strength,and can use its unique value-added services to promote the development and innovation ability of enterprises.It is an ideal financing channel for enterprises with innovation potential.On the premise that venture capital generally promotes the innovation ability of invested enterprises,most researchers believe that due to the differences in value-added services and investment ideas,the impact of venture capital institutions with different capital backgrounds on enterprise innovation ability is different.For example,local venture capital institutions have higher supervision enthusiasm and the relationship network tends to be localized;Venture capital institutions with foreign background can play a stronger certification role,and the relationship network is more international.However,its theoretical basis and research conclusions are not unified,which is difficult to provide strong support for the introduction of venture capital in real enterprises,and the relevant research still needs to be in-depth.Based on the above premise,this thesis divides China’s venture capital institutions into two categories: local background and foreign background,and focuses on the differences between China’s local background and foreign background on the impact of venture capital institutions on enterprise innovation ability.Firstly,this theses refers to the general annual ranking list of Zero2 IPO 2020 Chinese venture capital institutions,and selects Fortune Capital and Sequoia China,which are established in similar time and belong to local background and foreign background,as the research object.After that,collect the relevant enterprise data of the two venture capital institutions that participated in the investment and successfully IPO on the gem from 2015 to 2020,and use the control variable method to screen the two case enterprises Hybribio and Jafron Biomedical Co,Ltd.Based on the two aspects of innovation input and innovation output,this theses compares the changes of enterprise innovation ability before and after the entry of venture capital from horizontal and vertical perspectives,explores the impact and differences between Sequoia China,a Foreign-funded Venture Capital Institution,and Fortune Capital,a local venture capital institution,on enterprise innovation ability,and draws a research conclusion:(1)Both Fortune Capital and Sequoia China have promoted the improvement of enterprise innovation ability;(2)Fortune Capital intelligence has a better effect on improving the innovation ability of enterprises.This result may be caused by many factors,such as the differences in the application of value-added services,Liability of foreignness,grandstanding and so on.Finally,it is suggested that venture capital institutions should make full use of resources and give full play to the important role of value-added services.Enterprises with the intention of introducing venture capital should be demand-oriented and reasonably select venture capital institutions on the basis of full understanding,and the government should further strengthen the support and supervision of venture capital institutions. |
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