Research On The Impact Of Venture Capital Heterogeneity On The Innovation Behavior Of NEEQ Companies Under The Hierarchical System

In recent years,the continuous development and growth of the New Third Board（National Equities Exchange and Quotations）has not only brought good opportunities for China’s start-ups,but also improved China’s overall scientific and technological innovation level.It is of great significance to further implement the innovative national development strategy and tap the innovation ability of the New Third Board enterprises.In addition,China’s financial market has undergone profound changes in recent years,and venture capital is also facing new challenges and opportunities.More and more enterprises tend to choose venture capital to meet financing requirements.The uniqueness of introducing venture capital financing is that it can not only bring funds to enterprises,but also participate in corporate governance and bring other value-added services to enterprises,and different types of venture capital institutions have different effects on the innovation and development of enterprises.Based on this,this paper wants to study the following contents: under the background of hierarchical management of the New Third Board the impact of venture capital intervention on enterprises’ entry into the innovation layer,enterprise R ＆D expenditure and personnel investment,subdivide the characteristics of venture capital institutions,and study the different effects of venture capital heterogeneity on enterprises’ entry into the innovation layer and innovation investment.By combing the literature,this paper understands the relevant situation of the New Third Board stratification system,venture capital and enterprise innovation,puts forward research hypotheses,and carries out correlation analysis and regression analysis according to the model.Finally,in order to improve the analysis results,PSM（propensity score matching）is used to verify the results;In addition,due to the different calculation indicators of the characteristics of venture capital institutions,this paper replaces the important variables and makes an empirical test again.Finally,it is concluded that venture capital intervention has a significant positive impact on the selection of innovation layer and enterprise innovation behavior,while the heterogeneity of venture capital has different conclusions on the impact of relevant factors.Among them,the experience and shareholding ratio of venture capital institutions have a positive impact on enterprise innovation investment.The main contributions of this paper are reflected in the following aspects: first,the previous research rarely discusses the stratification system from the perspective of enterprise development,and this paper studies the entry of enterprises into the innovation layer;Second,most of the previous literature takes China’s regional equity market or foreign mature market as the research platform,and there is less research on the non listed companies of the New Third Board.Through the reform of the stratification system of the New Third Board,this paper analyzes the impact of venture capital intervention from the perspective of whether enterprises are selected into the innovation layer,which is a useful supplement to the existing research;Thirdly,it makes a detailed analysis of the different characteristics of venture capital institutions,which enriches the research results of the impact of venture capital on enterprise innovation on the New Third Board platform.