Research On Control Rights Allocation And Innovation Performance Of Enterprises Supported By CVC Based On Technology Fit

China’s corporate venture capital(CVC)development started relatively late,the first largescale CVC investment began in June 1988.After more than 30 years development,China’s CVC has begun to take shape and become one of the important participants in the capital market.As the "searchlight" of the parent company,CVC mainly invests in start-ups,which are related or similar to the technology field of the parent company.The two sides have certain degree of technology fit.The parent company of CVC,which is in line with the strategy of start-ups,may not only bring abundant resources such as capital,professional technology and knowledge,but also can seize the innovation achievements of start-ups to realize its own strategic interests.Does the level of technology fit between the parent company of CVC and the start-ups contribute to the improvement of the innovation performance of start-ups? At the same time,CVC entering into the start-ups has affected the allocation of control rights.How do the control rights of start-ups acquired by CVC affect the relationship between the technology fit and the innovation performance of start-ups?Therefore,this paper focuses on two issues:(1)whether the technology fit affects the innovation performance of the start-ups;(2)if the technology fit affects the innovation performance of the start-ups,whether the control rights owned by CVC investors have a mediating effect on the impact of technology fit on innovation performance.Existing literatures have found that relevant knowledge,industry matching degree and management participation between parent company of CVC and start-ups will affect the innovation performance.This paper starts research based on resource-based theory,organizational learning theory,collaborative theory and information asymmetry and principal-agent theory.117 enterprises listed on the SME board and the GEM board during the period of 2006-2015 that supported by CVC for three years were selected for empirical analysis.The innovation performance was measured by R&D investment intensity and patent application amount.Then,the process of mediating effect test,mixed regression and negative binomial regression random effects models were adopted to test the effect of technology fit on the innovation performance of start-ups and the mediating effect of the control right obtained by CVC on the relationship between technology fit and innovation performance.In order to ensure the robustness of the results,the substitution variables,Heckman two-stage model and PSM were used for robustness testing.This paper found that: technology fit significantly promotes R&D investment intensity,there is an inverted u-shaped relationship between technology fit and patent application amount;there is a significant positive correlation between technology fit and control rights;the positive effect of control rights on the R&D investment intensity is not obvious,but it has a significant positive impact on the patent application amount of start-ups.The influence of technology fit on R&D input intensity comes from two parts,one part is the direct influence of technology fit and the other part is the mediating effect of control rights.The influence of technology fit on patent application amount also comes from two parts,one part is the direct influence of technology fit,and the other part is the mediating effect of control rights.Finally,combined with the research results and the specific practice situation in China,this paper puts forward relevant suggestions on how to improve the innovation performance of start-ups and promote the better cooperation between the parent company of CVC and start-ups from three aspects: start-ups,parent company of CVC and the government.