The Impact Of Venture Capital On The Process Of Internationalization Of China’s High-tech Enterprises

Against the backdrop of a marked slowdown in the pace of world economic recovery,increasing uncertainties in the international environment and rising protectionism,our country has always insisted on opening up at a high level and actively participated in international cooperation,constantly deepening the opening up of the external market.Now in the "Belt and Road and other open cooperation initiatives,many of our high-tech Enterprises actively expand overseas markets,accelerate their own“Going out”pace.However,many high-tech enterprises are limited by the scale of their own enterprises,capital,social resources and other factors,and there are some difficulties in the process of "Going out".Among them,venture capital plays an important role in the development of high-tech enterprises.Venture Capital promotes the internationalization of enterprises by means of signal transmission and industry expertise.Therefore,the study of the role of venture capital in the process of internationalization of high-tech enterprises is of practical significance for enterprises to explore overseas markets,enhance their overseas competitiveness and strengthen their own level of internationalization.Based on CVSource database,the annual reports of Guotai’an and high-tech enterprises in our country,this paper collates the panel data of high-tech Enterprises listed on China a-share growth enterprise market from 2011 to 2020.And it divides the process of internationalization into two indicators:internationalization depth and internationalization breadth.The impact of Quantitative analysis venture capital on the internationalization process of Chinese high-tech Enterprises,and the Tobit model is constructed to find out the impact of venture capital on the internationalization process of Chinese high-tech enterprises.In addition,this paper uses the Index of changing the internationalization degree of enterprises to carry out the robustness test.Finally,in order to solve the endogenous problems that may appear in this paper,we choose a two-stage treatment effect model.Through the robustness test and endogeneity test,this paper shows that venture capital can still promote the internationalization of China’s high-tech enterprises.The empirical results show that the internationalization depth and internationalization breadth of Chinese high-tech enterprises with venture capital have been significantly enhanced.The research of this paper is of great significance to enrich the internationalization theory of Chinese enterprises going out,and to promote Chinese high-tech enterprises to explore international market actively.This article chooses Beijing Junzheng as the object of the case analysis,elaborates its internationalization development process in detail,and according to CVsource collection about Beijing Junzheng’s venture capital events,observe the changes in the depth and breadth of internationalization after venture capital firms entered Beijing.The results show that venture capital plays a significant role in the internationalization of Beijing Junzheng.Based on the above research conclusions,this paper puts forward the following suggestions:first,the government should establish the supply of venture capital to create a good operating environment for venture capital institutions;second,enterprises should carefully choose venture capital institutions,we give priority to venture capital firms with long-term investment in their own fields and rich experience.Third,venture capital institutions should enhance their professional competence,strictly control risks,and make timely responses to market changes,to provide reasonable and reliable suggestions for enterprises to open up international market and enhance their international competitiveness.