Research On The Impact Of Venture Capital On Innovation Capability Of High-tech Enterprises

At present,China’s innovation development is showing a good trend,and in 2021,China’s innovation index reached 264.6,an increase of 8.0% year-on-year.High-tech enterprises,as one of the important links to carry out innovation activities,are of great significance in promoting science and technology and economic development,but the research and development of innovative technologies requires a lot of human and material resources,and small and medium-sized high-tech enterprises have problems such as lack of development funds that make innovation development unsustainable.This type of enterprises,as entrepreneurial enterprises with high risk and high return,are often easy to obtain the favor of venture capital institutions.In this paper,we use the entry of Deep Ventures into national science and technology investment as a research case to analyze the impact that venture capital may have on the innovation capability of high-tech enterprises.This paper first summarizes the research results on venture capital industry and enterprise innovation,and gives an overview of related concepts and theories,then introduces the process of SZVCI’s investment in national science and technology,analyzes the mechanism that affects the innovation ability of enterprises,and finally,based on the summary of research findings,puts forward relevant suggestions from three levels:government,venture capital institutions,and invested enterprises.During the case analysis,it was confirmed that venture capital promoted the innovation development of high-tech enterprises.Firstly,before the introduction of venture capital,the amount from external financing of National Technology was small,and most of the funding sources relied on endogenous financing,while the entry of SZVCI brought a large amount of equity capital to the enterprise and released favorable signals to the outside.Secondly,the level of supervisory governance of National Technology was also improved after SZVCI entered into the investment.SZVCI sent two managers to hold the positions of director and chairman of the supervisory board respectively from the beginning of the investment to the end of the postlisting lock-up period,which made National Technology improve significantly in both board governance and voluntary disclosure.Again,the entry of SZVCI into the company as a venture capital institution can help National Technology share the risk of uncertainty in the innovation R&D process and reduce the resistance in the innovation process.Finally,SZVCI introduces intermediaries to National Technology,bringing industry research information covering the whole industry chain to National Technology.A longitudinal comparison of the relevant data from 2014 to 2017 reveals that National Technology’s R&D investment and output show a continuous growth trend and have a good development prospect.A comparison with industry competitors reveals that companies that have received venture capital are significantly more innovative than those without venture capital.By comparing the development history of the company before and after the entry of SZVCI into National Science and Technology,this paper argues that there is a certain necessity for venture capital institutions to enter the company to help it innovate and develop.Therefore,the government can guide venture capital institutions to participate in enterprise innovation projects on the basis of establishing an incentive mechanism,while continuously improving the venture capital mechanism;venture capital institutions need to adequately supervise the enterprises they invest in and actively support their daily R&D activities and operation activities;when choosing venture capital institutions,the invested enterprises should select suitable institutions for their development on the basis of fully understanding the institutions to be chosen When selecting venture capital institutions,invested enterprises should choose the venture capital institutions that are suitable for their development on the basis of full understanding of the institutions to be selected and make full use of the value-added services of venture capital institutions to enhance their core competitiveness.