Research On The Impact Of Corporate Venture Capital On The Innovation Performance Of Entrepreneurial Firms

Scientific and technological innovation has become an important support for safeguarding national security,promoting economic development and improving social livelihood in the rapidly changing domestic and international environment.As an important subject of innovation and entrepreneurial activities,entrepreneurial firms often fall into the dilemma of external financing constraints.Corporate venture capital(CVC)has gradually become an important financing channel for entrepreneurial firms because of its long investment cycle and high failure tolerance.This paper studies from the perspective of invested enterprises,explores the impact of corporate venture capital strength on the innovation performance of entrepreneurial firms,and explores its impact mechanism,so as to provide guidance for the practice of CVC parent companies and entrepreneurial firms,and then promote the sustainable development of domestic CVC market.This paper takes the entrepreneurial firms with CVC activities in the companies listed on the GEM from 2009 to 2019 as the research samples,and explores the relationship between CVC strength,external financing constraints and innovation performance of entrepreneurial firms by constructing a multiple regression model.The empirical results show that: CVC strength has a significant positive impact on the innovation performance of entrepreneurial firms;CVC strength can significantly alleviate the external financing constraints faced by entrepreneurial firms,and the mitigation of external financing constraints has a significant positive effect on the innovation performance of entrepreneurial firms.External financing constraints plays a partial intermediary role in the positive impact of CVC strength on the innovation performance of entrepreneurial firms.In further research,this paper takes CVC parent company and entrepreneurial firms as two types of game groups.Starting from the investment orientation of CVC parent company and the response of entrepreneurial firms to CVC activities with different investment orientations,this paper uses the method of evolutionary game to explore the evolution law of CVC parent company’s investment orientation and different financing behaviors of entrepreneurial firms in CVC activities,and then puts forward targeted countermeasures to promote the sustainable development of domestic CVC activities.The evolutionary game results show that the game systems of CVC parent companies with different investment orientations and entrepreneurial enterprises with different financing behaviors tend to converge to the ideal state or "bad" locking state.In the ideal state,CVC parent company and entrepreneurial firms take their own needs from CVC activities,achieve mutual achievements and achieve a win-win situation.The "bad" locking state will cause negative effects such as waste of resources and opportunities,which is not conducive to the long-term development of CVC parent companies and entrepreneurial firms.Based on the above research conclusions,this paper puts forward targeted policy suggestions to promote the sustainable development of domestic CVC activities from the perspectives of entrepreneurial firms,CVC parent companies and the government.This paper studies from the perspective of the invested enterprises of CVC activities,measures the innovation performance of entrepreneurial firms with the help of Tobin Q value from the perspective that the innovation performance will eventually promote the value-added of enterprises and carries out further research by using the methods of evolutionary game and simulation analysis after empirical analysis to try to carry out innovation from the perspective of research objects,measurement methods and research methods.This paper enriches the research ideas and methods on CVC activities,broadens the understanding of the impact mechanism of CVC activities on the innovation performance of entrepreneurial firms,finds the evolution law of different investment orientations of CVC parent companies and different financing behaviors of entrepreneurial firms through further research,and puts forward practical suggestions for promoting the sustainable development of domestic CVC activities.