Listed Companies Involved In Corporate Venture Capital Enterprise Technological Innovation Capability Of Empirical Analysis

Nowadays corporate venture capital (CVC) has developed rapidly in China, listed companies together with other agencies initiated and established venture capital companies, indirectly invest in technologies and innovative enterprises are becoming increasingly common. Which making listed companies became the important role in CVC market. In our county, venture capital theory studies fall behind than practice, especially empirical study in relation between CVC and technological innovation is lack. Because of the importance of technological innovation and the strategic objectives of large companies involving in CVC is to raise their technological innovation capability, it is necessary to explore whether CVC promote technological innovation capability.What is the related factors and how to effect, there are no empirical research to answer these questions, so it is necessary to study the issue in order to provide constructive views.This paper focused mainly on three issues:(1)Evaluate the technological innovation capability of listed companies which involved in CVC activities.(2) Whether listed companies participating in CVC promote technological innovation capability.(3) Which factor plays significant role in this process?After literature review, this paper applied technological innovation theory to built theoretical framework, which was tested empirically with a sample of 63 listed companies in Shanghai and Shenzhen Stock Exchange that participated in venture capital market by sharing or controlling venture capital companies. The technological innovation ability of listed companies was examined by the method of Paired-sample T test, with the composite score as the measurement. Then built a multiple linear regression model test the influences of the flowing factors:Correlation and Investment Intensity for resource management, Invest Objective and Equity Share for organization study.The results show that improvement of technological innovation capability is significant after listed companies involving in CVC;Correlation between both sides and Invest Objective significantly related to the improvement of technology innovation capability;but there is not evident influence found in CVC Investment Intensity and Equity Share.Based on the findings, this paper provides several suggestions to Chinese companies on how to effectively enhance the technology innovation capability.