Research On The Impact Of SAIC Group’s Venture Capital On The Innovation Performance Of Kotei Information

The 18 th,19th and 20 th National Congresses of the Communist Party of China continue to consolidate the solid position of innovation leading development,and today,with innovation as the topic of the times,entrepreneurial enterprises,as the most active subject,are often limited by resources.At the same time,as an emerging and important way to provide resources for the innovation activities of entrepreneurial enterprises,enterprise venture capital is actively carrying out pilots and explorations in China to support the innovation of tens of thousands of invested enterprises.Enterprise venture capital is based on the capital and resources of the parent company behind it in exchange for part of the equity of the invested venture enterprise,which satisfies the strategic layout of the parent company and promotes the innovation of the invested enterprise.However,due to the short development time of enterprise venture capital in China,there is still a lack of research on enterprise venture capital based on China’s actual situation,and the specific path and effect of enterprise venture capital incentive and cultivation of innovative enterprises are becoming the focus of common concern of the government,large enterprises with insufficient endogenous power and small and medium-sized technology enterprises.Based on organizational learning theory,real option theory,complementary asset theory and corporate governance theory,this thesis takes Guangting Information of small and medium-sized technology enterprises as examples,and uses case study method and entropy-DEA method to study the specific impact path and effect results of SAIC Group’s venture capital on its innovation performance.It is found that the path of enterprise-type venture capital affecting the innovation performance of KTEI Information can be summarized as follows: two paths and three levels.First of all,SAIC’s venture capital acts on the first layer through two paths of corporate governance and resource empowerment,namely: equity checks and balances,director stationing and mechanism incentives in corporate governance,and social,technical and information resources in resource empowerment.Secondly,the six branches in the first layer act on the second layer,namely: innovation willingness,innovation ability and innovation mechanism;Finally,the 3elements of the second layer ultimately affect the third layer: innovation performance.Specifically,after the introduction of SAIC’s venture capital,the corporate governance has been optimized: first,the equity checks and balances have been strengthened;Secondly,the presence of directors with excellent resumes has brought opportunities for Kotei to improve the governance and internal control design of the board of directors.In addition,the high tolerance of corporate venture capital to short-term failure,coupled with the phased capital injection,can stimulate the innovative activities of Kotei Information.At the same time,SAIC’s venture capital also brings value-added services such as complementary resource sharing: first,the social resources it brings have helped the invested enterprise Kotei Information to increase its capital ownership capacity and total financing;Secondly,it has delivered technical resources to KTEI by providing seminar opportunities and building an innovation platform.In addition,it also provides information resources such as R&D-oriented and industry dynamics to compensate for the intelligence disadvantage of Kotei Information.The above changes directly or indirectly affect the innovation willingness,innovation ability and innovation mechanism of KATING Information,and further improve the innovation performance of KTEI Information.Finally,this thesis concludes that SAIC’s venture capital affects the innovation willingness,innovation ability and innovation mechanism of Kotei through corporate governance and resource empowerment,thereby positively impacting the innovation performance of KTEI.This thesis helps to understand: the utility and specific role path of enterprise-type venture capital on the innovation performance of small and medium-sized technology enterprises in China’s context,and makes enlightening thinking based on the above conclusions,so as to provide reference for the government,large enterprises with insufficient endogenous power and small and medium-sized technology enterprises,so as to bring possible contributions to improving the overall operational efficiency of enterprise-type venture capital in the market;Provide targeted guidance for the state to better support the market-spontaneous innovation incentive mechanism of enterprise-type venture capital.