The Impact Of Venture Capital On The Quantity And Quality Of Enterprise Innovation

In recent years,China has repeatedly proposed to vigorously build an innovative country,and upgrading the innovation capability of enterprises from the micro level is an important part of building an innovative country.Therefore,from the microscopic point of view,this paper takes the A-share company listed in Shanghai and Shenzhen in 2006-2011 as a sample,and uses the DID to study the impact of venture capital participation on the number of innovations and innovation quality of enterprises,and further discusses joint venture investment.For the impact of the number of innovations and innovation quality,the parallel trend hypothesis test,propensity score matching method and negative binomial regression model were used to test the robustness.The empirical results of this paper show that the entry of venture capital has significantly improved the innovation ability of the invested enterprises.On the one hand,the increase in the number of innovations is manifested in the significant increase in the number of patent applications and the number of invention patents.On the other hand,the improvement of the quality of innovation is manifested in the significant increase in the number of times a single invention patent is cited.A company supported by joint venture capital will significantly promote the growth of the number of innovations and the quality of innovation of the invested companies compared to those supported by a single venture capital.The research of this paper not only discusses the impact of venture capital on the number of innovations and the quality of innovation,but also analyzes the impact of joint venture investment behavior on the number of innovations and innovation quality,and further enriches the economic consequences of venture capital from the perspective of enterprise innovation.