Analyst Focus,Corporate Innovation And Corporate Venture Capital

In today’s society,innovation has gradually become an important driving force for enhancing the company’s comprehensive competitiveness,promoting the upgrading of the industrial structure,and promoting the transformation of the macro economy.Corporate Venture Capital(CVC)has experienced rapid development in recent years as an important means of external innovation.In the context of the current rapid development of scientific and technological innovation,researching the CVC activities of enterprises is of great significance to enhance the sustainability of the company’s value creation and promote the improvement of the overall national strength.As an important bridge of information intermediary in the market,securities analysts play an important role in the innovation activities of enterprises,which is worthy of our in-depth study.Based on my country’s economic development status quo,this paper combines the innovative behavior of enterprises with the basic functions of analysts,and probes into the relationship between analysts’ concerns and companies’ venture capital activities.Based on the theory of information asymmetry,principal-agent theory,related theories of financing constraints,and theoretical explanations about corporate venture capital,and combined with the characteristics of my country’s capital market,this paper puts forward relevant hypotheses for the research content of this paper.This paper takes the Shanghai and Shenzhen A-share listed companies that participated in the company’s venture capital activities from 2011 to 2019 as the research sample,and further introduces relevant variables such as the company’s venture capital intensity and the degree of attention of securities analysts.in conclusion.First of all,the empirical regression results of this paper show that as more and more analysts track and analyze listed companies.Compared with the pressure effect on enterprises,the overall performance is that analysts pay attention to the promotion of CVC activities.Secondly,this paper further develops the research on the mechanism of analysts’ tracking and attention to promote companies’ venture capital activities.The results show that analyst attention can promote the development of innovation activities by increasing the information disclosure of enterprises;at the same time,the increase of analyst attention can reduce the sensitivity of the company’s venture capital to the level of cash holdings,and promote the company’s venture capital activities.Finally,this paper further categorizes the samples of enterprise property rights and governance level,and finds that analysts’ follow-up attention has a more obvious role in promoting non-state-owned enterprises to carry out venture capital,and at the same time,for enterprises with better internal governance level to carry out venture capital.The promotion effect is more obvious.