Research On The Impact Of Joint Venture Investment Networks On Corporate Risk-taking

The ravages of the COVID-19 epidemic have ushered in a "cold winter era" in the capital market.The rupture of the global value chain and the sluggishness of the consumer market have almost cut off the cash flow sources of most small and medium-sized enterprises and even multinational companies.The economic activities of enterprises have been hit hard,prompting them to have to Review your own value proposition and investment and financing strategies.Practice has proved that in the face of a high-pressure crisis,companies that can seize opportunities to build up their own defense lines and strengthen their risk-taking levels are more able to cope with huge shocks and restart their corporate economies.Venture capital,as a key engine to promote global mass innovation and high-quality development,plays an important role in helping emerging companies clarify investment directions,get out of financing difficulties,improve governance mechanisms,and reduce business risks.Under the background that informal institutional elements are widely embedded in my country’s modern economic activities,the venture capital industry has gradually formed a unique differential sequence pattern.It is of great significance to explore the impact of the joint venture capital network formed by the joint investment behavior of venture capital institutions on corporate risk-taking.positive practical significance.The article takes my country’s A-share listed companies from 2007 to 2020 as the research sample,and takes the informal system perspective as the starting point.Joint venture capital network of investment institutions,in-depth exploration of the objective performance,mechanism,influencing factors and value effects of joint venture capital network affecting corporate risk-taking.The findings show that joint venture capital networks are beneficial in promoting corporate risk-taking.The mechanism test shows that from the perspective of resource effects,the joint venture capital network can increase the level of corporate risk-taking by alleviating financing constraints;from the perspective of governance effects,the joint venture capital network can increase the level of corporate risk-taking by inhibiting the management’s self-interested behavior.Further research finds that the professionalization of the venture capital industry can promote the positive impact of the joint venture capital network on corporate risk-taking,while the geographical specialization of venture capital will inhibit the promotion of the joint venture capital network on corporate risk-taking,and the joint venture capital network can be through Promoting corporate risk-taking improves corporate performance.The research results of the thesis expand the research on the governance effect of the joint venture capital network and the influencing factors of corporate risk-taking,and provide new empirical evidence for an in-depth understanding of the role of venture capital institutions in the capital market.