| Innovation has always been the driving force for the development of enterprises and even a country and nation.General Secretary Xi Jinping mentioned in several important speeches the importance of innovation for China's development,and he put innovation at the core of national development with practical actions.In recent years,some entrepreneurial enterprises in China have developed rapidly and become important driving forces for innovation in China.However,the lack of social network resources and experience of start-up enterprises,often with problems such as insufficient funds,inadequate management systems,and slow technological research and development processes,have become a major obstacle to enterprise innovation and development and China's scientific and technological progress.Start-up enterprises are innovative and pioneering enterprises that co-exist with high risks and high growth.Most of them are funded and supported by venture capital institutions.In recent years,the development and growth of venture capital institutions in China has also provided favorable conditions for the progress of startup enterprises.Venture capital institutions can not only provide funding for corporate R & D,but also send teams with rich experience in related industries to provide a series of value-added services for enterprises,resident institutional members to participate in corporate management,and assist companies to make relevant financial and operating decisions,thereby promoting enterprises.The improvement of scientific research capabilities assists the further development of enterprises.However,existing literature studies have found that venture capital institutions with different capital backgrounds have different investment performances in different industries,and their innovation promotion effects are also different.Based on this,this article divides venture capital institutions into government backgrounds and non-governmental backgrounds according to the different capital backgrounds,and further explores the impact of venture capital of different capital backgrounds on corporate innovation capabilities.In this article,through screening,we finally selected deep venture capital and non-government background venture capital industrywith a representative government background in the venture capital industry to research,and summarized the two venture capital institutions' IPOs on the GEM in 2015-2018.Listed companies.In order to make the selected companies more contrastive and better compare the impact of government and non-governmental background venture capital on corporate innovation capabilities,this article breaks down these enterprise industries based on the company's prospectus,and finally selects Sinopec and Jingrui.Two chemical manufacturing companies,these two companies meet the conditions of similar asset size,venture capital entry time and IPO exit time are similar,the proportion of venture capital holdings is similar,and venture capital participation in the same degree of governance and other conditions.This article analyzes the changes in the innovation capabilities of the two chemical manufacturing companies before and after the government-backed of Shenzhen Venture Capital and non-governmental background of Cowin Capital.A comparative analysis of the impact of corporate innovation capabilities reveals through research that:(1)Shenzhen Venture Capital and Cowin Capital can both enhance corporate innovation capabilities.(2)The effect of Cowin Capital on Shenzhen's innovation ability is significantly better than that of Shenzhen Venture Capital.Therefore,the government should strengthen the guidance of venture capital and improve the venture capital mechanism;venture capital institutions should attach importance to and strengthen the supervision and management of the invested enterprises;the invested enterprises should reasonably select venture capital institutions and make full use of the resources of venture capital institutions. |
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