The Interpretation Of The Technical Characteristics Of The Venture Project Breaking Through The "bottleneck" And Venture Investment Intention

Since the trade friction between China and the United States in 2018,the government has paid increasing attention to bottleneck technologies.Influenced by factors such as policy environment and national sentiment,more and more high-end talents in China choose bottleneck technology and other key technological fields for entrepreneurial activities.In this environment,Chinese venture capital institutions will also shift more investment focus to break through bottleneck technology.However,due to the long research and development cycle and greater technical uncertainty,the entrepreneurial projects with breakthrough technology characteristics cannot support the development needs before formal commercialization only by relying on internal resources.Therefore,external risk financing is an important source of funds.This paper firstly makes theoretical and literature review on signal theory,social capital theory,and institutional theory,and clarifies the definition and relationship of such elements as the explanation of the technical characteristics of breaking the "bottleneck",project innovation,project legitimacy,academic identity of the founding team,social identity of the founding team,social honor of the founding team and investment intention.A conceptual model about the relationship between the technical characteristics and investment intention is constructed.Based on the situation of entrepreneurial roadshows,this paper uses content analysis method to take roadshows of national science and technology plan achievements "Shanghai special Show,Beijing,Tianjin and Hebei special show,Hebei special show,energy automobile special show,social development field special show and Harbin High-tech Zone special show" as research samples,and takes videos recorded during road shows of individual projects as analysis units to obtain relevant variables through data coding.Then,empirical analysis was used to verify the hypothesis proposed,and statistical analysis software SPSS26.0 and AMOS26.0 were used to analyze the 337 data collected,and the research hypothesis of this paper was tested according to the data analysis results.Finally,based on the conclusions obtained,some countermeasures and suggestions are put forward for the financing acquisition of entrepreneurial projects with the technical characteristics of breaking through the "bottleneck".This paper mainly draws the following conclusions: First,the more the founding team emphasizes the technical characteristics of the project breakthrough,the stronger the investment intention will be obtained;Secondly,the interpretation of the technical characteristics of breaking through the "bottleneck" is positively promoting investors’ perception of project innovation and project legitimacy.Thirdly,project innovation and project legitimacy play a partial mediating role between the interpretation of the technical characteristics of breaking the "bottleneck" and investment intention.Fourthly,the academic identity of the founding team plays a moderating role between the interpretation of the technical characteristics of breaking the "bottleneck" and the project innovation.The academic identity of the founding team also moderates the mediating effect of breaking through the "bottleneck" of technical interpretation on venture capital intention through project innovation.Fifth,the political identity of the founding team plays a moderating role between the interpretation of the technical characteristics of breaking through the "bottleneck" and the project legitimacy.The political identity of the founding team also moderates the mediating effect of the interpretation of the technical characteristics that break the "bottleneck" through project legitimacy on venture capital intentions.