| At present,the level of technological innovation of Chinese enterprises is far behind that of developed countries.Venture capital has attracted scholars’ attention because of its characteristics and technological innovation.Many scholars have studied the impact of venture capital on enterprise technological innovation.However,the results of the research on the direction of the role of venture capital are not unified in the academic circle.Most scholars have not deeply analyzed the mechanism of its action,and the selection of the measure index and sample data in the demonstration is not reasonable.Based on the theory of technological innovation,this paper proposes that the technological innovation of entrepreneurial enterprises can be divided into three stages:creativity creation and investment,pilot and commercialization,marketing and diffusion.Based on that,the mechanism of venture capital’s impact on technological innovation of entrepreneurial enterprises is discussed.This paper puts forward that venture capital can promote technological innovation of entrepreneurial enterprises by alleviating financing constraints of entrepreneurial enterprises and providing value-added services for entrepreneurial enterprises.Moreover,this paper takes the enterprises listed on GEM and venture capital involvement as research samples from 2014 to 2016,and uses the data from 2011 to 2016 to construct OLS regression with unbalanced panel data,so as to verify the mechanism.Finally,this paper puts forward the policy suggestions.The findings of this paper are as follows:(1)Venture capital has a positive effect on technological innovation of entrepreneurial enterprises.The amount of venture capital increased by 1 percentage points,and the technological innovation level of entrepreneurial enterprises rose by 0.03 percentage points.The effect of R&D expenditure,net profit,total assets and asset liability ratio on technological innovation of entrepreneurial enterprises is greater than that of venture capital.The role of R&D personnel on technological innovation of entrepreneurial enterprises is not obvious.(2)Venture capital can alleviate the financing constraints faced by the technological innovation of the entrepreneurial enterprise,and then promote the technological innovation of the enterprise.The higher the amount of venture capital,the stronger the relieving effect.Venture capital has two ways to attract other investors by direct capital injection and signal transfer to attract other investors to provide capital support for technological innovation of entrepreneurial enterprises.(3)Venture capital can provide a series of value-added services for the entrepreneurial enterprises,and then promote the technological innovation of the enterprises.Venture capital institutions provide value-added services for technological innovation of entrepreneurial enterprises by directly participating in the two paths of direct participation in enterprise management and resource docking.Compared with individual investment,joint investment can provide more professional and comprehensive value-added services,thus promoting a stronger role. |
