Research On The Influence Mechanism Of Venture Capital On Corporate Innovation

China is currently in a critical period of economic structural adjustment and transformation.It is urgently necessary to shift from "element-driven" and "investment-driven" to "innovation-driven".The country has also issued the "Opinions on Further Encouraging and Guiding Private Capital to Enter the Field of Science and Technology Innovation" A series of policies and measures,such as the Notice of the People's Republic of China and Several Opinions on Promoting the Sustainable and Healthy Development of Venture Capital,encourage venture capital to enter innovative enterprises,which has also led to a spurt of growth in venture capital in China.As an important form of financing for innovative companies,venture capital has incomparable advantages in other forms of financing.While providing innovative companies with financial support,it also provides them with value-added services such as industry information,management experience,and social network resources.Therefore,Venture capital plays an important role in corporate technology innovation activities.However,China 's venture capital started late,its management system is not perfect,and its market system is immature,which has led to “short-sighted” investment behaviors in areas such as the sharing economy,which is contrary to the government 's original intention of encouraging venture capital to enter the innovation field.Therefore,the impact of China's venture capital on corporate technological innovation as a whole needs further exploration.In this context,this article starts from the theoretical and empirical aspects,explores the impact of venture capital on technological innovation in China,identifies the impact mechanism,clarifies the relationship between venture capital and innovative enterprises,and promotes the rapid development of venture capital.It is of great theoretical significance to accelerate the pace of technological innovation in enterprises.This article follows the logical system of theoretical analysis,empirical testing and suggestions,combines normative research with empirical research,explores the impact of venture capital on corporate technology innovation and its impact mechanism,and hopes to enrich the empirical research of financial structure theory from the perspective of venture capital.Specifically,this article first defines the concepts related to venture capital and technological innovation through theoretical analysis,analyzes its characteristics,and analyzes the relationship between venture capital and technological innovation of the company in conjunction with relevant literature.Based on this,it identifies the impact of venture capital on technological innovation of the firm.The four mechanisms include pooling funds,optimizing resource allocation,diversifying risks,and solving information asymmetries.Based on this,this article tests through theoretical analysis of empirical research: on the one hand,it tests the impact of venture capital on technological innovation from the perspective of both the quantity and quality of innovation;on the other hand,it tests the optimization of resource allocation,spreads risks,and solves information through the test of mediation effects The three asymmetric intermediary influence mechanisms measure the magnitude of the intermediary effects and compare them;on the other hand,they further explore the regulatory effect of the proportion of venture capital holdings and the entry period on corporate technological innovation.The study mainly draws the following conclusions:(1)The entry of venture capital has significantly promoted the number of innovations and the quality of innovation in target companies.(2)Venture capital affects target companies' technological innovation through three mechanisms: optimizing resource allocation,diversifying risk,and solving information asymmetry.Among them,the mediating effect of optimizing resource allocation is the strongest,the second is to solve information asymmetry,and the dispersion risk is the weakest.(3)Venture capital does not encourage venture capital to have a positive impact on technological innovation in any proportion of equity investment.It has a U-shaped threshold characteristic of suppression and promotion,and the inflection point appears at the position of approximately 24% of equity investment.(4)The adjustment effect of venture capital on the technological innovation of enterprises is different in different entry periods: Venture capital entered during the expansion period can often effectively promote the invention patents of the invested company,while venture capital entered during the seed period can be better Promote the output of utility model patents and design patents of enterprises;when entering in other periods,they often have no effect or even inhibit the patent output of enterprises.Finally,according to the research conclusions,this article puts forward relevant suggestions from three aspects: government,venture capital institutions,and innovative enterprises.The purpose of this study is to make China's venture capital more suitable for innovative enterprises and provide better support for China's “innovation-driven” development strategy.