Venture Capital And Innovation Of Firms Listed On The Science And Technology Innovation Board

Based on the review of relevant literature at home and abroad,this paper firstly expounds the basic concepts and development status of venture capital and enterprise innovation.Secondly,based on the theoretical analysis framework of certification supervision theory,value-added service theory and innovation theory,this paper discusses the impact effect and mechanism of venture capital on enterprise innovation.Further,based on the research samples of IPO companies on the Science and Technology Innovation Board from 2019 to 2021,this paper empirically tested the impact of venture capital on enterprise innovation,and tested the potential impact mechanism of venture capital on enterprise innovation from the perspective of enterprise risk taking level and financing constraints.In addition,the heterogeneity test is carried out from the perspectives of IPO underpricing,venture capital withdrawal,institutional environment and enterprise’s own characteristics.The research results of this paper are still robust after a series of robustness such as replacement of explanatory variables,replacement of explanatory variables,replacement of estimation model,replacement of research samples,and instrumental variable method.The research conclusions of this paper are as follows:First,compared with the Science and Technology Innovation Board enterprises without the participation of corporate venture capital,the innovation performance of enterprises with the participation of venture capital is better,that is,the support of venture capital can effectively promote enterprise innovation.Second,financing constraint and risk taking level are the two main mechanisms that venture capital affects enterprise innovation.Third,the promotion effect of venture capital on enterprise innovation is more obvious in enterprises with high IPO underpricing,continuous follow-up of venture capital,poor institutional environment,large company size and mature stage.The conclusion of this paper has certain theoretical significance and practical value.Firstly,the conclusion of this paper shows that venture capital effectively improves the innovation ability of listed enterprises on the Science and Technology Innovation Board,which provides evidence that venture capital promotes the innovation performance of enterprises on the Science and Technology Innovation Board.Secondly,this study helps to understand the role of venture capital in the capital market.Enterprises need to actively introduce venture capital.On the one hand,make full use of the financial support provided by venture capital to improve financing efficiency and innovation efficiency.On the other hand,the certification supervision role of venture capital and value-added service effect can be used to effectively improve the level of enterprise risk taking and enhance its own innovation level.Finally,the research conclusions of this paper provide micro-support for the government departments to promote and standardize the development policies of the venture capital industry,and provide certain reference value for the securities regulatory departments to further formulate the development of the venture capital industry and improve the corresponding policies.