The Impact Of Venture Capital On R & D Investment Of Family Enterprises

Innovation ability is the key means to bring its own competitive advantage,improve its market position and stabilize its survival and development.The promotion of innovation ability is inseparable from enterprises’ attention to R & D investment.The choice of financing channels will affect the R & D Decision of enterprise managers,especially in family enterprises.Chinese culture forms a special bond with the concept of "family",which influences the decision-making of enterprises.Family enterprises need to find a sustainable development path to adapt to the needs of the times and rely on innovation.At present,China is vigorously supporting venture capital to participate in enterprise financing.This is because venture capital,as the main body of special equity financing,prefers high-risk and high reward businesses.It is a powerful "catalyst" to promote innovation and R & D activities,which can greatly promote the further development of enterprises.Therefore,it is of great significance to study the impact of venture capital on R & D investment as the main choice of financing channels in a special group of private enterprises such as family enterprises.In addition,the nature of the industry is also an important factor affecting R & D investment.In this study,family enterprises are divided into high-tech enterprises and non-high-tech enterprises,and further attention is paid to the effect of venture capital on R & D investment of family enterprises under industry heterogeneity.Based on the principal-agent theory,social emotional wealth theory and resource-based theory,this paper first defines the specific concepts of venture capital,family business and R&D investment,and then summarizes the literature research on the influencing factors of R&D investment,R&D investment of family business,venture capital to family business,venture capital to R&D investment of enterprises in domestic and foreign academic circles.In the analysis of the current situation,this paper expounds the development process of family enterprises in China and the current situation of R&D investment in family enterprises,and analyzes the effect of venture capital on R&D investment in family enterprises,so as to provide a theoretical basis for the following empirical research.Based on the above theory and analysis of the current situation,this paper puts forward two hypotheses that VC ownership and industry heterogeneity may cause differences in R&D of family enterprises.In the aspect of empirical research,this paper chooses 2015-2019 A-share listed family enterprises as the research object,constructs a fixed effect model,takes R&D investment as the explained variable,and venture capital as the explanatory variable.Considering the uniqueness of family enterprises,in addition to the general financial indicators,in the control variables.In addition,two ways of family participation in corporate governance are added,that is,board involvement and management involvement.The conclusions of this paper are as follows: first,compared with non-VC ownership,VC ownership has a significant promoting effect on R&D investment of family enterprises.Second,venture capital with high shareholding ratio has better promotion effect on R&D investment.Third,further grouping according to whether it is a high-tech enterprise,compared with non-high-tech enterprises,the promotion effect of venture capital is better in family enterprises of high-tech enterprises.Starting from the research results,this paper puts forward targeted suggestions from three aspects,which include venture capital institutions,family businesses and government.At the level of venture capital,we should do a good job in risk identification,give private enterprises more opportunities for development,actively exert the authority of shareholders and maximize the value-added services of venture capital.To family business,the enterprise manager should optimize the governance structure of family business and choose the right venture capital as more carefully as possible.From the perspective of government,we should actively search more financing opportunities for the private enterprises,standardize the order of venture capital market participation and strengthen the protection of intellectual property rights.