Research On The Impact Mechanism Of Venture Capital On NEEQ Enterprises’ Entry Into The Innovation Layer

At present,under the tide of "supply-side" reform,small-sized enterprises’innovation behavior needs urgent help from capital and to release the innovation value.On the one hand,the gradual maturity of the venture capital market makes VCs become an important boost for the innovation value transformation of small-sized enter:prises.On the other hand,NEEQ had rapid expansion and development with hierarchical system,gradually establish a multi-level capital market for enterprises.Therefore,it causes the following thinkings:Firstly,does venture capital’s intervention play a catalytic role in the innovation behavior of NEEQ enterprises and the selection of innovation layer?What are the different effects of venture capital institutions with different characteristics?Secondly,can NEEQ enterprises increase their own innovative behavior,and whether it can push them into the innovation layer?Based on the above research,we hope to solve three core problems:whether venture capital is necessary for NEEQ enterprises?What type of venture capital need to be introduced?How can the funds and resources acquired by venture capital be used rationally?Should it be put in enterprises’ innovative behavior?How should we put it effectively?Based on theoretical analysis,we will further understand the theories and researches context of venture capital,enterprises’ innovation behavior and the innovation layer of NEEQ.The research hypothesis is formed by analyzing the influence and effect mechanism of risk investment institutions with different characteristics on enterprise innovation behavior and enterprises’ performance.The innovation of this paper is to explore the problem "impact mechanism of venture capital on enterprises’ innovation behavior" which in other capital sectors had not reached an agreement,with a view to providing new thinkings for the development of the NEEQ and the transformation of small-sized enterprises through the analysis of the theoretical research and the actual investigation of the NEEQ.According to the research hypothesis,the logistic regression model is constructed to analyze the impact of venture capital on the enterprises’ entry into the innovation layer and the innovation behavior of the enterprise,and to explore the different impacts of venture capital institutions with different characteristics.In view of the problems that may exist in this paper,such as the deviation of sample difference,the selection bias and the difference of index measurement,this paper used PSM(Propensity Score Matching),Heckman two step model and the replacement of variable measurement standards to correct the model,and the conclusions obtained in this paper are verified.The research shows that the intervention of venture capital plays a positive role in promoting the innovation behavior of the enterprises and the enterprises’ entry into the innovation layer,especially the increase of technicians has a more prominent value for the enterprise to enter the innovation layer.On the characteristics of venture capital,the venture capital with high reputation,plentiful experience and high shareholding ratio have a more positive impact on enterprises,innovative behavior,accelerating enterprises to enter the innovation layer.Accordingly,from the three perspectives of the NEEQ,venture capital institutions and small-sized enterprises,this paper puts forward corresponding countermeasures and suggestions.