The Impact Of Venture Capital On The Innovation Of Companieslisted On The SSE STAR MARKET

As the primary driving force for development,innovation is at the core of the overall situation in the process of China’s economic transformation,switching development momentum and cultivating new economic growth points.As the largest participant in innovation input and innovation output,enterprises contribute more than 70% of social innovation results,and venture capital can be seen everywhere in the innovation process of enterprises.As an effective supplement to the credit financing of traditional commercial banks,venture capital can not only help enterprises fill the capital gap,but also theoretically alleviate the information asymmetry and entrustment-agency problems arising in the process of enterprise development,and help improve corporate governance capabilities and strengthen enterprise technological innovation.After venture capital entered China,it has received extensive attention from politics,business and academia,and the state has introduced a series of policies to promote the development of venture capital,enterprises are vigorously introducing venture capital to improve the innovation ability of enterprises,and relevant scholars are analyzing the impact of venture capital on enterprise innovation from the theoretical and empirical aspects.So,have these policies for venture capital really worked? Has the technological innovation capability of enterprises been improved after the introduction of venture capital?Are the research conclusions of relevant scholars consistent? The answers to these questions are particularly important at this point in time.In theory,this paper takes the financing gap theory,resource base theory,information asymmetry theory and failure tolerance theory as the theoretical basis of the research.In terms of empirical analysis,this paper uses 215 companies listed on the STAR Board from 2019 to 2020 as research samples,and manually searches and collates the venture capital participation,venture capital shareholding ratio,venture capital holding time,joint venture capital and venture capital capital background of the sample enterprises.The R&D investment of enterprises was used to measure innovation input and the number of invention patent applications to measure innovation output,and the characteristic variables of venture capital and venture capital were regression analyzed.It is found that:(1)The participation of venture capital can significantly improve the innovation ability of enterprises listed on the STAR Board,which is manifested in a significant increase in innovation input and innovation output.(2)The shareholding ratio and holding time of venture capital have a significant positive correlation with the improvement of enterprise innovation ability.(3)Compared with independent venture capital,joint venture capital shows a more significant role in improving enterprise innovation input and innovation output.(4)The correlation coefficient between government-background venture capital and enterprise innovation input and innovation output is positive but not significant,indicating that the role of government-background venture capital in promoting enterprise innovation has room for further improvement.In order to solve the possible endogenous problems,this paper uses a combination of propensity score matching method and double difference model,and the above conclusion still holds after rigorous robustness testing of the empirical results.Based on the research conclusions of this paper,in order to release the potential of venture capital to promote enterprise innovation,this paper puts forward relevant policy suggestions and suggestions.