| In the context of the implementation of the innovation-driven development strategy,scientific and technological innovation is the core driving force for achieving high-quality economic development.As the key subject of national scientific and technological innovation,scientific and technological enterprises are the key to promote their high-quality development and realize innovation-driven economic development.The characteristics of high investment,high risk and high income of technological innovation of scientific and technological enterprises make it difficult to gain the favor of traditional financing methods,while the risk preference and profit-seeking characteristics of venture capital and the development of high-tech enterprises are mutual demands.The benign interaction between equity investment and the development of high-tech industries can effectively drive technological innovation and industrial upgrading.With the continuous promotion of China’s financial supply-side structural reform,venture capital,as a key component of the financial support system,has been increasingly valued for its role in promoting innovative economic development and stabilizing the financial system.However,in the practice of venture capital operation in China,venture capital institutions tend to invest in mature enterprises due to the consideration of investment risk and expected rate of return,leading to the popularity of mature projects and insufficient early transactions.In addition,although domestic high-tech industries such as semiconductor,medicine and health care have attracted the attention of venture capital in recent years,a large part of venture capital has also flowed into industries with low technological innovation attributes.Therefore,in the field of early scientific and technological innovation,there is no full integration of venture capital and scientific and technological enterprises,and venture capital is not willing to invest in early scientific and technological innovation enterprises.Both in theory and in practice,it is pointed out that an important prerequisite for the effective play of the enabling role of venture capital in scientific and technological innovation is to encourage venture capital to actively enter scientific and technological innovation enterprises in the early-stage of enterprise development.In view of the contradiction between the demand for venture capital financing and the actual supply of scientific and technological start-ups in reality,as well as the failure of the mechanism of enabling scientific and technological innovation by venture capital,the State has issued a series of policy documents such as the Interim Measures for the Administration of Government Investment Funds,Several Opinions on Strengthening Financial Services for Private Enterprises,and the Action Plan for Improving the Technological Innovation Capacity of Enterprises,It is clearly pointed out that venture capital and venture capital enterprises should be guided to invest early,small and scientific and technological,and constantly improve the innovation and entrepreneurship ecology.Based on the above background,this study focuses on the practical problem of insufficient operational power and mismatched supply structure of venture capital in the early-stage of technology innovation in the field of venture capital.It focuses on the cooperative behavior between technology innovation enterprises and venture capital in the early-stage,and focuses on the main research problem of how to enhance the risk investment operation system of technology-based startups,Based on the research logic of "identification of driving factors,analysis of driving mechanisms,analysis of multiple driving paths,and analysis of governance strategies",a hybrid research method combining qualitative and quantitative analysis is used to deeply explore the driving factors and mechanisms,implementation paths,and regulatory orientations for enhancing the venture capital operation system of technology-based startups.The main research conclusions of this article are as follows:Firstly,in terms of identifying driving factors,the driving factors for enhancing the venture capital operation system of technology-based startups include supply and demand,cooperative relationships,and external environment.Specifically,these factors include venture capital characteristics,technology enterprise characteristics,formal governance mechanisms,informal governance mechanisms,environmental protection mechanisms,and data technology empowerment.The characteristic factors of venture capital include investment ability and investment strategy;The characteristic factors of technology enterprises include the characteristics of entrepreneurs(teams),business prospects,and technological innovation level;The formal governance mechanism factors include contractual governance;The factors of informal governance mechanism include trust mechanism,joint action,and value alignment;The factors of environmental protection mechanism include government regulations,intermediary platforms,and innovative culture;The empowering factors of data technology include project screening and decision-making basis.These factors can directly or indirectly drive the enhancement of the venture capital operation system of technology-based startups,and the logical relationship between the three driving factors is more in line with the logical paradigm of the "attitude-context-behavior" theoretical framework.Secondly,in terms of the mechanism of driving factors,this study explores the impact mechanism of different driving factors on the operational level of venture capital in technology-based startups based on a system dynamics model.Research has found that the four driving factors of venture capital investment ability,the quality of entrepreneurs or entrepreneurial teams,innovation atmosphere,and policy regulation intensity have a significant promoting effect on the improvement of innovation resource stock,cooperation relationship strength,and external operating environment conditions,thereby promoting the improvement of venture capital operation level in technology-based startups;The smoothness of venture capital exit channels mainly enhances the operational level of venture capital in technology-based startups by promoting the stock of innovative resources and improving the external environmental conditions for operation;The rationality of control allocation and investment culture mainly have a positive promoting effect on the strength of cooperative relationships,thereby improving the operational level of venture capital in technology-based startups;The completeness of intermediary factors and the development level of data technology mainly promote the stock of innovation resources and external environmental conditions for operation,thereby improving the operational level of venture capital in technology-based startups.In addition,for the improvement of the operational level of venture capital in technology-based startups,the supply and demand types of policies have the best driving effect,followed by environmental policies,and finally cooperation policies.Thirdly,in terms of the configuration effect of the driving factors,the realization of high-level venture capital operation of high-tech start-ups is the result of the joint action of multiple conditional factors,and there is no necessary condition to produce the level of venture capital operation of high-tech start-ups;Non-high regional innovation capability is the necessary condition to produce the operation level of venture capital of high-tech start-ups;Among the driving factors of the operation level of venture capital of technology-based start-ups,the core conditions are the regional innovation ability,the deepening of venture capital,the strength of policy support,the scale of science and technology intermediary,and the innovation environment;There are four ways to realize the operation level of venture capital of high-tech start-ups,namely "supply and demand driven under the support of innovation environment","demand driven under the support of policy,intermediary and technology environment","external environment synergy driven","supply and demand driven under the support of policy,intermediary and innovation environment".There is a certain substitution relationship between regional innovation capacity and innovation environment level,big data technology development and regional venture capital supply and demand conditions.Fourth,in terms of regulatory orientation,this study finds that the regulatory effects of early technology venture capital at four levels,namely,demand,supply,partnership,and external environment,are influenced by the interaction of multiple stakeholders.Based on the resolution of multiple institutional logical conflicts,this study proposes a regulatory orientation for enhancing the venture capital operation system of technology-based startups,including strengthening the technological orientation for the development of technology-based startups,amplifying the guiding effect of government guidance funds,attaching importance to maintaining the relationship between technology-based enterprises and venture capital through informal governance mechanisms,and paying attention to the construction of the venture capital operation ecology of technology based startups.The innovation of this study mainly includes the following aspects:Firstly,in terms of research perspective,this article introduces a dynamic and systematic perspective to study the influencing factors and mechanisms of earlystage technology venture capital,breaking through the previous static and single perspective.The study focuses on analyzing the driving factors,driving mechanisms,and enhancement paths of active cooperation between early-stage technology-based startups and venture capital,providing a new perspective and understanding for the development of the theoretical system of venture capital.The early-stage of technology venture capital is a complex process that involves multiple entities and is influenced by various factors.Scholars have studied the characteristics and external environment of technology-based startups and venture capital institutions from both macro and micro perspectives,using methods such as signal theory,social network theory,and reputation theory to explore the influencing factors at the organizational and environmental levels,as well as the impact mechanisms of these factors on venture capital operation activities.However,current research lacks attention to venture capital activities in the early-stage of technological innovation,which to some extent overlooks the specific risk preferences and behavioral logic of stakeholders involved in the operation of early technological venture capital.Therefore,there is a lack of systematic understanding of the driving factors for venture capital operations in early-stage technology startups,and necessary attention is given to some potential influencing factors.In addition,existing research has paid insufficient attention to the process of implementing venture capital operations in technology-based startups.The implementation of venture capital operations in technology-based startups is not only influenced by a single factor.Therefore,we need to analyze the key driving factors at various levels from the perspective of driving system composition,clarify their interrelationships,and explain the linkage and synergistic effects between various driving factors in the venture capital operation of technology-based startups.Based on this,this article conducts a qualitative study on the driving factors of venture capital operation in technology-based startups,systematically identifying the driving factors of venture capital operation in technology-based startups,and determining the interaction and causal relationship between subsystems and elements in the driving system of venture capital operation in technology-based startups,revealing the driving mechanism of venture capital operation in technology-based startups from a holistic perspective,To provide reference for the development of early-stage technology venture capital.Secondly,in terms of research content,this article is based on the research framework of "driving factors driving mechanisms implementation paths regulatory orientations",systematically identifying and explaining the driving factors and driving mechanisms of venture capital operation in technology-based startups,and exploring multiple paths and regulatory orientations to enhance the venture capital operation system of technology-based startups,further improving the depth and systematicity of venture capital research in local contexts.Existing research focuses more on the front-end of the research logic chain of "driving factors driving mechanisms implementation paths regulatory orientations",that is,more exploration of the influencing factors and mechanisms of single venture capital,and less attention to the development path of the venture capital industry,especially the early technology venture capital market.In addition,existing research mainly focuses on the institutional structure of a specific aspect in analyzing the reasons for the insufficient motivation of venture capital operation in technology-based startups.Insufficient attention has been paid to the behavioral logic of relevant actors and their value conflicts caused by institutional imbalances,which limits our comprehensive understanding of the essence and driving forces behind the insufficient motivation of venture capital operation in technology-based startups,It is also difficult to find the key factors that constrain the behavior of all parties.Based on this,this article systematically identifies and explains the driving factors and mechanisms of venture capital operation in technology-based startups,explores the causal pathways for enhancing the venture capital operation system in technology-based startups,and deconstructs the value orientations and behavioral preferences of various actors in the venture capital operation of technology-based startups,Analyze the multiple institutional logical conflicts involved in early technology venture capital activities.and their impact on the behavior of various actors.Thirdly,in terms of research methods,this article adopts a mixed research method,combining qualitative and quantitative research methods based on grounded theory,system dynamics simulation analysis,fuzzy set qualitative comparison,etc.,to analyze the driving factors,driving mechanisms,and enhancement paths of venture capital operation in technology-based startups,ensuring the scientific and reliable conclusions.Firstly,previous scholars have mostly explored the influencing factors of venture capital through quantitative research on a single antecedent variable or theoretical exploration at the macro level,lacking a systematic understanding of the driving factors of early technology venture capital.This article explores the driving factors of venture capital operation in technology-based startups using grounded theory analysis methods,attempting to systematically identify the driving factors of venture capital operation in technology-based startups.Secondly,most existing studies have statically explored the impact mechanism of venture capital antecedents through empirical research and analysis methods,while few studies have explored the driving mechanism of multiple factors on venture capital activities based on the interaction between different antecedents.Based on this,this article uses the system dynamics simulation analysis method to construct a system dynamics model for the driving system of venture capital operation in technology-based startups under the framework of "supply demand cooperation environment",and explores the mechanism of different driving factors and their dynamic impact on the level of venture capital operation in technology-based startups.Finally,existing research exploring the development path of the venture capital market often analyzes the existing problems and corresponding countermeasures from different perspectives,and rarely discusses the comprehensive impact of different influencing factors forming multiple combinations through linkage matching from a configuration perspective on the results.It may overlook the explanation of the nonlinear relationship between the antecedent and outcome variables of venture capital investment.This article uses the fsQCA method to identify causal pathways that can enhance the operation of venture capital in technology-based startups.It is the first to introduce the QCA method into the field of venture capital research,providing a holistic perspective to explain the interaction between venture capital and technology-based startups.In summary,this article comprehensively utilizes grounded theory analysis,system dynamics simulation analysis,and fuzzy set qualitative comparative analysis methods to identify the driving factors for the systematic enhancement of venture capital operation in technology-based startups.Then,based on this,a deep analysis is conducted on the driving mechanism,implementation path,and regulatory orientation of each driving factor for the systematic enhancement of venture capital operation in technology-based startups.This study enriches the research on the influencing factors of early-stage technology venture capital,deepens the theoretical explanation of the mechanism of venture capital behavior,and provides a useful supplement to the research on the implementation path and policy regulation in the field of early-stage technology venture capital. |
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