Study On The Influence Of Joint Venture Capital Of Shenzhen Venture Capital Group On The Innovation Ability Of Invested Enterprises

Innovation is not only the first driving force leading the development of enterprises and countries,but also the strategic support for building a modern economic system.Because the innovation of enterprises has the characteristics of long-term,high investment,high risk and so on,it needs to invest a lot of money in the process of innovation.But for start-ups,the shortage of funds has become a key problem to hinder their innovation.And venture capital is to provide R&D funds and value-added services for start-ups,so as to enhance their innovative capabilities,and then promote the rapid development of enterprises,and ultimately successfully listing this way to obtain excessive returns.Therefore,venture capital has become one of the important ways to solve the financing problem for start-ups.Because of the high failure rate of venture capital,most venture capitalists prefer to invest in a joint way.Whether joint venture capital can promote enterprise innovation is controversial.Most scholars believe that joint venture capital can help enterprises improve their innovation ability by providing financial support and value-added services.However,there are still some people who believe that the joint strategy of venture capital institutions is only for the purpose of reducing investment risk,and will not have an impact on the innovation of enterprises.The research also finds that whether the venture capital institutions are united or not and the different characteristics of the alliance also have different effects on the innovation of enterprises.Based on this,this paper takes shenzhen venture capital group as the case study object to explore the impact of joint venture investment on enterprise innovation ability.Through the deep venture capital and other vc institutions joint investment,IPO in 2015-2017 by filtered successfully listed company,selected 12 companies,compare these companies related indicators,to explore the deep venture joint ownership,government involvement and participation in joint characteristics of corporate governance level of the three different effects on enterprise innovation ability.The study found that:(1)When the characteristics of joint venture are different,the proportion of deep venture capital holdings has different impact on innovation ability.When the degree of government participation and participation in corporate governance are both low,the higher proportion of shareholding can better promote theinnovation of enterprises;when the degree of government participation is high and the degree of participation in corporate governance is low,the innovation ability of enterprises with low shareholding is stronger.(2)When the characteristics of alliance are different,the influence of government participation on innovation ability is different.The higher the degree of government participation,the stronger the innovation ability of enterprises with lower joint ownership and participation in corporate governance;and the lower the degree of government participation,the stronger the innovation ability of manufacturing enterprises with higher joint ownership and lower participation in corporate governance.(3)The higher the degree of participation of venture capital institutions in governance,the more innovative the enterprises will be.When the proportion of joint venture capital holdings and the degree of government participation are both high or low,as the degree of venture capital institutions' participation in corporate governance increases,the innovation ability of enterprises will also be improved.Based on the above research,in order to improve the innovation ability of enterprises,the government should increase the support for innovation;venture capital institutions should adopt the strategy of joint investment and actively participate in corporate governance;enterprises should rationally screen investors.