| Under the dynamic and complex environment of increasingly fierce competition in domestic and foreign markets,accelerating technological change and rising new business,China's economy has entered a "new normal" stage.And technological innovation has become an important driving force for China's sustained economic growth and social progress,as well as a key force for enterprises to obtain sustainable competitive advantage.Technological innovation is essentially a highly capital--dependent investment process.Finding a capital form that matches it has always been a source of motivation for innovation in enterprises.Venture capital plays a key role in the early growth and development of enterprises,and provides multi-faceted support for technological innovation decision-making.However,how to play a more effective role of venture capital in supporting technological innovation in China has always been the goal of continuous exploration by academia and practitioners.In the past,when analyzing the impact of venture capital on technological innovation of enterprises,most of the literatures are based on the whole industry or a certain industry,ignoring the differences in technological innovation among different industries.In addition,the existing research on the specific mechanism of the impact of venture capital on technological innovation is insufficient,which needs to be further explored and excavated.In particular,venture capital,because of its high risk and difficulty in withdrawing from investment,is more motivated to participate as an active investor in the corporate governance of the invested company and thus reduce investment risks.However,previous studies have neglected the inter-industry differences in the role of corporate governance mechanisms in venture capital and technological innovation.Then,after considering the differences of industry characteristics,can venture capital play an effective role in promoting technological innovation of enterprises in different industries in China? Can venture capital achieve the effect of improving technological innovation by influencing corporate governance? In different industries,do the governance arrangements have different mediation effects between venture capital and technological innovation? These topics are critical to clarifying the relationship between venture capital and corporate innovation,giving full play to the governance effect of venture capital as an active shareholder,and promoting technological innovation.Therefore,this paper takes the companies listed in the Small and Medium Enterprise Board and the Growth Enterprise Board in 2007-2015 as the research object,and distinguishes the differences of factor-intensive industries in which enterprises are located,that is,enterprises are divided into labor-intensive enterprises,capital-intensive enterprises and technology-intensive enterprises.The paper also makes theoretical analysis and empirical test on whether venture capital can effectively improve the level of technological innovation input and two types of innovation output in different industries.Further,this paper explores whether corporate governance is an effective mechanism behind the above-mentioned influence relationship.Specifically,the paper first analyses the corporate governance structure and governance mechanism,and then chooses the evaluation index from five dimensions: equity governance,governance of the board of directors,governance of the board of supervisors,managerial governance and information disclosure.The corporate governance index and various sub-indices are constructed to measure the overall level of corporate governance and the governance arrangements of each dimension.Secondly,using reasonable statistical analysis method,we construct a test model of mediating effect,and make an empirical test on whether venture capital in various industries can influence the enterprise's technological innovation level or the two types of output by affecting the corporate governance.In addition,in order to further analyze and reveal the differences of specific governance arrangements that venture capital chooses to promote technological innovation in different industries,this paper uses the corporate governance sub-index to test whether the governance arrangements in different industries play an intermediary role between venture capital and technological innovation.Through the above theoretical analysis and empirical test,the paper draws the following research conclusions:(1)For enterprises in different factor-intensive industries,there are significant differences in the role of venture capital in promoting technological innovation investment,radical innovation output and incremental innovation output of the invested enterprises.Specifically,for labor-intensive enterprises,venture capital can only play an effective role in promoting incremental innovation,but has no obvious impact on innovation investment and radical innovation.For capital-intensive enterprises,venture capital can effectively enhance technological innovation investment and radical innovation.For technology-intensive enterprises,venture capital can also play a significant role in promoting innovation investment and radical innovation,as well as the incremental innovation output after listing.(2)Venture capital can promote the technological innovation investment and two types of innovation output by improving the comprehensive level of corporate governance in different factor-intensive industries,that is,corporate governance can play a mediating role between venture capital and enterprise technology innovation.However,in terms of innovation investment and radical and incremental innovation output,there are some differences in the intermediary effect of corporate governance between the above relationships.(3)Corporate governance is divided into five parts: equity governance,governance of the board of directors,governance of the board of supervisors,managerial governance and information disclosure.In the different factor-intensive industries,whether the above-mentioned governance parts play an intermediary role between venture capital and enterprise technology innovation is empirically tested.The results show that in different factor-intensive industries,the mediation effects of different governance components are different.(4)For labor-intensive enterprises,in the five governance parts,the supportive effect of venture capital on the incremental innovation output of enterprises can only be achieved by improving the level of corporate equity governance.(5)For capital-intensive enterprises,in the five governance parts,the supportive effect of venture capital on enterprise technology innovation can be achieved by improving the level of corporate equity governance and managerial governance.(6)For technology-intensive enterprises,in the five governance parts,the supportive role of venture capital on enterprise technology innovation can be achieved by improving corporate equity governance,governance of the board of directors,and managerial governance.The possible innovations of this paper are as follows:(1)In this paper,the impact of venture capital on technological innovation of enterprises is analyzed from the perspective of factor-intensive industry differences.Firstly,the industries of the invested enterprises are divided into labor-intensive,capital-intensive and technology-intensive according to factor-intensive degree.And the characteristics of technological innovation of each type of enterprise are analyzed in depth.On this basis,the impact of venture capital on technological innovation of invested enterprises in different industries is discussed.It expands the existing research perspectives on venture capital.(2)The technological innovation is subdivided into innovation investment,radical innovation output and incremental innovation output in this paper.Firstly,we analyze the characteristics of technological innovation investment and two types of innovation output in different factor-intensive industries.On this basis,it is studied whether venture capital plays an effective role in promoting the above-mentioned innovations in different industries.It enriches the research contents on the impact of venture capital on technological innovation of enterprises.(3)When analyzing the intermediary effect of corporate governance in different industries,this paper divides corporate governance into five dimensions: equity governance,governance of the board of directors,governance of the board of supervisors,managerial governance and information disclosure.This paper empirically examines whether the governance arrangements of different dimensions play an intermediary role between venture capital and technological innovation in different factor-intensive industries.It enriches the research contents of corporate governance in different industries.(4)In the construction of corporate governance index,this paper uses the entropy weight method to assign the weights of indicators at each level.The advantage of doing so is that the relevant indicators are not lost.At the same time,it overcomes the interference of human factors and reduces the influence of subjective judgment on the comprehensive level of corporate governance and the level of governance in all dimensions.The construction method of corporate governance index is optimized. |
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