Research On The Mechanism Of Venture Capital Behavior Affecting Innovation Ability Of Listed Companies On GEM

Under the background of vigorously promoting the construction of an innovative country,constantly improving the market structure of venture capital and fostering the innovation ability of small and medium-sized enterprises,it is of great practical significance to study the influence mechanism of venture capital behavior on the innovation ability of GEM listed companies.Firstly,this paper defines the concept of venture capital.Then,this paper studies the mechanism between venture capital behavior and innovation ability of GEM listed companies.The company's innovation capability is divided into three indicators:innovation efficiency,input and output.Then,this article construct a regression model to examine the impact of venture capital participation on the innovation ability of a company.Further,on the basis of the regression results,we test how the characteristics of venture capital could influence companies' innovation ability.Empirical research draws the following conclusions:(1)Venture capital can improve enterprise innovation efficiency through directly promote enterprise innovation input and then indirectly effect innovation output.The effect of venture capital on the innovation ability of the invested enterprises is time-lagged.(2)The longer the duration of venture capital holding the shares of the invested enterprises,the higher the investment in innovation of the invested companies.(3)The synergistic effect of joint venture capital and the certification effect of reputation mechanism have not been revealed in this paper.In order to make better use of venture capital's supporting effect on enterprise's innovation ability,this paper puts forward the following policy suggestions on the basis of empirical results:the government should strengthen its policy support for venture capital.Through building equity trading platform,the government could improve the communication efficiency between venture capital and enterprise.Also,broaden the channels of capital withdrawal could enhance the confidence of venture capital in holding shares for a long time.We should formulate preferential tax policies for investment in start-ups,set up guidance funds,guide venture capital to intervene in the development of enterprises at an earlier stage in order to help improve the innovation ability of the companies.Finally,establish a reputation measurement system for venture capital could help strengthen the role of signal release,so as to promote the innovation ability of the invested enterprises.