Technological Innovation,Venture Capital And Enterprise Performance

In recent years,people have paid more attention to technological innovation,and many government policies have strongly supported the technological innovation of enterprises.The cost and risk of technological innovation is high,and the operation cycle is long.The return on investment is slow.Enterprise pays attention to performance.Therefore,can increasing the intensity of technological innovation directly improve the performance of the enterprise? In addition,is there a moderating variable that can effectively influence the relationship between technological innovation and firm performance?This paper chooses 717 companies listed data of 3485 from 2009 to 2017 as research samples.I consulted and combed the related concepts,core theories and domestic and foreign literature,mainly using descriptive statistics,correlation analysis,multiple regression analysis and other methods.Firstly,the relationship between technological innovation and enterprise performance is discussed,and then the moderating effect of venture capital on the correlation between technological innovation and enterprise performance is deeply studied.In the further study,companies are grouped according to the nature of equity to discuss the relationship between technological innovation,venture capital and corporate performance.Through normative research and empirical analysis,the main conclusions of this study are as follows:(1)There is no correlation between the number of patent applications and corporate performance,and there is a significant positive correlation between R&D and corporate performance.(2)The involvement of venture capital has no effect on the relationship between the number of patent applications and enterprise performance,but has a positive moderating effect on the relationship between R&D and enterprise performance;the higher the proportion of venture capital holdings,the stronger the moderating effect on the relationship between the number of patents and enterprise performance,and the stronger the moderating effect on the relationship between R&D and enterprise performance;Investment and venture capital enterprises with state-owned backgrounds play a stronger role in regulating the relationship between the number of patents and enterprise performance,and the relationship between R&D and enterprise performance.(3)Compared with state-owned enterprises,venture capital of non-state-owned enterprises has a stronger positive moderating effect on R&D and enterprise performance.Compared with non-stateowned enterprises,venture capital of state-owned enterprises has a stronger positive moderating effect on the number of patent applications and enterprise performance.