The Influence Of Corporate Venture Capital On The Technical Innovation Ability

Corporate venture capital as a special form of venture capital,is a means for large enterprises keeping focus on innovation and external resources to achieve open innovation.China's corporate venture capital practice has developed rapidly,but the research on venture capital investment has not kept up with it.The current research focuses on how to promote the innovation of small and medium-sized high-tech enterprises.There is a lack of attention to venture capital activities of large enterprises.Based on the important position of enterprise innovation ability in today's economic times,it is necessary to explore the relationship between corporate venture capital and enterprise technology innovation in the perspective of large enterprises.In order to answer whether the corporate venture capital can enhance the technological innovation capability of the enterprise,and what factors has significant influence.Firstly,based on the precious relevant theoretical literature reviews,this paper analyzes the motives of enterprises engaged in corporate venture capital investment,the mechanism of corporate venture capital's influence on technological innovation and related influencing factors.After that,through collecting relevant data of listed companies,constructing a comprehensive evaluation index system of technological innovation capability,conducting statistical tests and multiple regression analysis,an empirical test is carried out on the relationship between the corporate venture capital investment activities of listed companies and the improvement of technological innovation capabilities and the related influencing factors.The results of empirical research show that corporate venture capital can enhance the technological innovation capability of the enterprises.In terms of influencing factors,there is a significant relationship between the industry relevance,geographical relevance and investment motive of the corporate venture capital investment and investment enterprises' technological innovation capability improvement.However,there is no significant relationship between the management relevance of the investment parties,the intensity of the corporate venture capital investment,and the shareholding ratio of the investment company and its technological innovation capability improvement.Finally,based on the results of empirical research,this paper puts forward feasible suggestions on how to use corporate venture capital activities to enhance the enterprises' technological innovation ability.At the end of this paper,it pointing out the limitations of the research and possible future research directions.