Study On The Influence Of Heterogeneity Of Venture Capital Institutions On Innovation Ability Of Entrepreneurial Enterprises

With the rapid development of science and technology and the rapid development of the world economy,technological innovation has become an important driving force of the national economy.The innovative R&D investment of the enterprise requires a lot of money,but especially for startups,because of its establishment time is shorter,operation and management experience is not rich,the marketing strategy is not enough mature,and its scale is smaller,the risk is higher,it is difficult to obtain sufficient financing.Therefore,the problem of insufficient funds are widespread.The emergence of risk investment just to solve the plight of the business enterprise financing difficulties.In the process of the continuous development of international financial market,institutional investors have been rising,which has increasingly replaced individual investors as the main investors in the capital market.But different risk investment institutions has obvious heterogeneity in such aspects as scale,capital source and reputation.Under the above background,it is of great significance to study the influence of heterogeneity of venture capital institutions on innovation ability of entrepreneurial enterprises in China,and to improve China's economic innovation system and promote our economic development.Released from the qingke group official website in 2017 annual VC institutions of the top 50 Chinese equity investment risk investment institutions,this article selected six risk investment institutions with risk investment institutions heterogeneity,adopting the method of single variable control through the multi-case study and contrasting and analyzing the relationship between heterogeneity of venture capital institutions and venture enterprise innovation ability.Heterogeneity of venture capital institutions focused on analysis in this paper contains the scale,financing source and reputation of venture capital institutions,by controlling the heterogeneity of other two identical or different rate within 10%,compared with individual heterogeneity and the invested enterprise innovation capacity data.And then this paper comes out the following conclusions: Firstly,the size of venture capital institutions is positively correlated with the innovation ability of the invested enterprise;Secondly,although the Chinese and foreign background of VC institution can promote the technology innovation of the invested enterprise,foreign background of VC institutions for entrepreneurial enterprise technology innovation has more positive effects obviously;Thirdly,the institutional reputation is positively correlated with the innovation ability of the invested enterprise.Finally,suggestions are made from three aspects of VC institutions,start-up financing and related government departments,including the risk investment institutions should be rational investment,reasonable planning and investment behavior,business enterprise financing should introduce high quality risk investment agencies and relevant government departments should strengthen the supervision of the risk investment industry,etc.,so as to help the good development of the venture capital market play a subtle role.