The Impact Of Venture Capital On Technological Innovation Of New Energy Companies On NEEQ

With the continuous promotion of China’s "carbon peak and carbon neutralization" policy,vigorously developing the new energy industry is not only the general trend,but also in line with China’s strategic development plan.At present,China’s new energy has the characteristics of small scale,high R ＆ D cost and high risk,which brings great financing constraints to enterprises,and then restricts the technological innovation and development of enterprises.As a new equity investment model,venture capital can bring financial support to the technological innovation of new energy enterprises and alleviate the financing constraints of enterprises.Based on the above thinking,this paper studies the impact of venture capital on the innovation ability of new energy enterprises.The specific analysis ideas are as follows:First,theoretical analysis.Firstly,this paper expounds the basic concepts of venture capital,technological innovation and new energy;Secondly,it sorts out the literature on the impact of venture capital on enterprise technological innovation at home and abroad;Finally,it reviews the resource-based theory and principal-agent theory,and expounds the mechanism of venture capital affecting enterprise technological innovation from the theoretical level.Second,empirical analysis.Through the construction of multiple linear regression model and negative binomial regression model for empirical regression analysis,this paper selects venture capital participation,joint venture capital and investment shareholding ratio as explanatory variables to study the characteristics of venture capital in more detail.Considering that most new energy enterprises are in the start-up stage and are far from reaching the profit stage,this paper does not study the technical benefit stage of new energy enterprises.At the same time,considering that venture capital will take the technological innovation ability of enterprises as the measurement index of enterprise quality before investment,which will affect the decision-making of venture capital,this shows that there may be endogenous problems caused by self selection deviation between venture capital and enterprise technological innovation.After comprehensive consideration,this paper chooses to deal with the effect model to correct the estimation deviation caused by endogenous problems;Finally,the empirical results show that after eliminating the endogenous problems,venture capital participation has a significant positive impact on the innovation ability of enterprises in both the input and output stages of technological innovation;The impact of joint investment on the technological innovation ability of enterprises is not very stable.When the proportion of R ＆ D expenses is selected as the measurement index of innovation investment,it has a significant positive impact.However,when the proportion of R ＆ D personnel is selected as the innovation investment index,the impact is not significant;The proportion of investment and shareholding has a positive impact on the input and output of technological innovation.Finally,according to the research results,this paper puts forward targeted suggestions from three levels: government,venture capital institutions and new energy enterprises.