Demographic Characteristics Of Venture Entrepreneurs And Firm Innovation Performance

Our country’s economy is in a transitional stage,and the country vigorously promotes the "innovation-driven strategy".Innovation is affected by many factors.Entrepreneurs,as the formulation and decision makers of enterprise policies,play a vital role in technological innovation of enterprises.At the same time,since the development of venture capital,it has been favored by more and more investors and financiers in the capital market.The participation of venture capital can effectively solve the financial problems faced by enterprises in the face of innovation,and play an important role in supporting small and medium-sized enterprises.The link between investors and enterprises,venture capital institutions play an important role.Compared with the more mature market system in the West,my country’s enterprises and institutions are more in a "people-oriented" state.Managers from different backgrounds blend together to form decisions.Venture capitalists are the key to the success of venture capital activities.,venture capitalists will also act as managers of enterprises and contribute to the development of venture enterprises.For companies with a venture capital background,both venture entrepreneurs and promote technological innovation.Therefore,this paper takes all listed venture as the research object.The characteristics of the venture capital population include: The relationship between the the performance of corporate technological innovation,and to explore whether R&D investment intensity is a mediating variable in the process.This paper collects the relevant data of all A-share listed venture companies in my country from 2010 to 2019,and selects the corresponding venture capital institutions through the venture companies.Based on the theoretical basis of high-level theory,sort out the relevant aspects of venture capital.The relevant literature on demographic characteristics and corporate technological innovation performance,and also put forward relevant hypotheses combined with the analysis of the transmission mechanism;in the empirical part,the characteristics of the venture capital population are selected,including the gender,age,education,and overseas background of venture entrepreneurs and venture capitalists Each feature is used as an independent variable,the technological innovation performance of venture enterprises is used as a dependent variable,and the number of invention patent applications is used as a measure.Through the empirical results,it is concluded that: First,the demographic characteristics of venture entrepreneurs and venture capitalists will significantly affect the technological innovation performance of enterprises.Age is negatively correlated with technological innovation performance of enterprises,and educational level and overseas experience are positively correlated with technological innovation performance of enterprises.For venture entrepreneurs,the proportion of women is positively correlated with corporate technological innovation,while for venture capitalists the conclusion is the opposite.Second,the demographic characteristics of venture capital also significantly affect the intensity of R&D investment.Finally,the intensity of R&D investment has a effect on the impact of the characteristics of venture companies on technological innovation.In the robustness test,the indicator of the mediation effect is replaced,that is,the ratio of R&D investment to cost is used to replace R&D investment,which also passes the test,indicating that the conclusion is reliable.The possible contributions of this paper are: Firstly,it expands the connection between demographic characteristics and enterprise technological innovation,especially the transmission path.The empirical evidence shows that there is an indirect transmission path between demographic characteristics and enterprise technological innovation,which improves the role of demographic characteristics in innovation activities.The understanding that plays a leading role,followed by filling some research gaps in the field of venture capital,and comparing the conclusions of venture entrepreneurs and venture capitalists,can promote the rational allocation of human resources between venture companies and venture capital institutions.