The Evolutionary Analysis About Collaborative Innovation Behaviors Between Innovative Enterprise And Venture Capital Institution

Nowadays,innovative enterprise is the key role of building an innovative nation and conducting R&D innovation which is always facing with lack of capital.Therefore,the key to help innovative enterprise growing and developing is dealing with the financing problem.As an important means of financing,venture capital has been significantly concerned by academic and business field.However,bringing venture capital into innovative enterprises is not simply putting them together.On the contrary,only when innovative enterprise and venture capital institution have some necessary characteristics and operational capabilities can they attract each other and then reach a consensus.And complementary advantages and information sharing between each other will certainly promote to maximize the cooperation effect.In view of this,the main content of this paper is to explore the influencing factors of cooperation strategy between innovative enterprise and venture capital institution,so as to establish and explore the interaction between these influencing factors and cooperative strategy choices,and the acting mechanisms of long-term evolutionarily stable state.Therefore,in order to solve the problem of cooperative innovation of innovative enterprise and enhance the effective cooperation and interaction between innovative enterprise and venture capital institution,this paper constructs the two-stage evolutionary game model by means of evolutionary game between the relationship of innovation enterprise and venture capital institution when seeking financing and analyzes the dynamic stability of the cooperative strategy.Through adjusting and analysis of the model parameters,the paper puts forward the appropriate conditions that should be paid attention to in establishing the benign evolutionary state,and use the numerical simulation tool to verify the research result.The study shows that improving the innovation capacity of innovative enterprise and continuously enhancing the level of enterprise assets and management are the key to attract venture capital.While venture capital institution also should expand their social network resources,optimize the value-added services they providing,select the most appropriate amount of capital investment,and negotiate the shareholding ratio the two sides accept,which is most likely to promote to reach cooperation and common innovation.On the other hand,for improving benign development of win-win cooperative relationship,we can reduce business costs,enhance mutual cultural identity and fit,determine the appropriate incentives and punishments level through formal or informal control,minimize speculation,and strive to get mutual trust and mutual supervision between innovative enterprise and venture capital.This paper takes the technology innovative enterprise and venture capital institution as the research object,uses evolutionary game method,and divides cooperation process into two stages,namely cooperative relationship establishment stage and cooperative relationship maintain stage.This paper breaks through the emphasis on principal-agent relationship and contract governance in existing research,and provides a theoretical framework for further seeking the equilibrium state of effective cooperation,meanwhile has certain reference value and guiding significance to perfect various governance mechanisms.