The Impact Of Venture Capital Institutions On Enterprise R&D

Venture capital,as a kind of institution of equity investment for high-risk and high-growth enterprises,is an important partner in the growth of enterprises.Although the risk of domestic investment institutions started later than the United States and other developed countries,as the equity market system was sound gradually and the emergence of financial talent,VC in our country,investment amount and the number of investment cases are growing rapidly.The relationship between venture capital institutions and invested enterprises has always been an important field of scholars' research.On the one hand,venture capital institutions provide capital and management experience for enterprises with high growth prospects.On the other hand,the ultimate goal of venture capital institutions,as the special shareholders of enterprises,is to obtain capital appreciation through the development of enterprises.The change of interests between the VC and enterprise mainly depends on the development of the enterprise and the change of the market.Based on the literature at home and abroad,this paper conducts an in-depth study on the relationship between venture capital and enterprise r&d activities.The sample of this paper is from the enterprise listed on gem from 2009 to 2016 and the research hypothesis of this paper is tested by a double difference model.The general idea is to study the r&d efficiency of enterprises according to the two periods of venture capital entry and exit,so as to obtain the effect of vc.Secondly,the enterprise r&d efficiency is studied with the attributes of venture capital(shareholding ratio and property rights)to obtain the influence of the property of the venture capital.The higher the shareholding ratio of the venture capital,the higher the r&d efficiency of the enterprise.This means that venture capital firms can indeed bring value-added services to enterprises and make their r&d activities more efficient.In addition,the level of shareholding affects the degree of concern of venture capital to the enterprise.The consistency of venture capital and enterprise's interests will make VCs more willing to offer more help.In the first year of entry into the enterprise,the state-owned venture capital institutions are more effective in developing efficiency.Over time,the role of venture capital in different backgrounds is more closer.This paper argues that the purpose of state-owned venture capital support enterprises is more obvious.State-owned venture capital is more consistent with the purpose of the enterprise.The difference disappears because the growth of the enterprise will weaken the impact of venture capital and the focus of venture capital on the enterprise will decrease over time.In addition,after the venture capital exits the enterprise,the r&d efficiency of the enterprise will decrease significantly.To some extent,this also verifies that venture capital plays an active role in the enterprise.Moreover,whether the venture capital is owned by the state does not affect the degree of r&d efficiency.Finally,on the basis of empirical research,this paper puts forward some Suggestions to promote the development of venture capital institutions and enterprises from different perspectives.