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Venture Capital Entry Timing, External Environment and Enterprise Innovation Investment:An Empirical Analysis of Listed Enterprises |
Qi Yong1,2,Song Jiayang 2,Zhang Yuan2 |
(1.School of Intellectual Property, Nanjing University of technology;2. School of Economics and Management, Nanjing University of technology, Nanjing 210094,China) |
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Abstract Innovation is not only the fundamental driving force of economic development, but also an important force to promote social progress. The influence of venture capital on enterprise technological innovation is a hot topic in academic research. Most scholars believe that venture capital is an effective means to promote enterprise technological innovation. As an important guarantee for the improvement of enterprise innovation performance, enterprise innovation input is the guarantee for the formation of enterprise innovation capability and considered as a high-risk innovation activity with high investment and high failure rate. Therefore, in order to obtain high-quality performance, enterprises will increase innovation investment through various forms of financing, so as to ensure the smooth development of innovation activities. On the one hand, venture capital can reduce the information asymmetry of the investee enterprises through active participation and effective supervision, and increase the enterprise innovation input, so as to alleviate the financing constraints caused by the increase of innovation input of the investee enterprises. Risk investment, on the other hand, aims to get profits. Due to the information asymmetry and principal-agent problems, the imbalance of regional economic development and the superposition of the degree of marketization in China, the uncertainty of entrepreneurship and innovation and the weak exclusivity of returns have led to the lack of innovation enthusiasm of investment managers and developers with limited rationality and opportunistic risks. This will affect not only the timing of venture capital institutions to enter the enterprise, but also its impact on enterprise innovation after entering the enterprise. Therefore, in the context of China's capital market environment, how will venture capital entering at different times affect enterprise innovation input? Can the external environment of an enterprise affect the timing of venture capital entry, and then the innovation input of the enterprise? The answers to the above questions have important academic value and application prospect for improving China's financial service system and further promoting high-quality innovation and development of capital market.#br#This paper selects A-shares listed on the Shanghai and Shenzhen stock exchanges from January 1, 2010 to December 31, 2019 as samples. With consideration of the availability and timeliness of the data, the life stage of the enterprise when the venture capital first enters is selected as the venture capital entry time measurement index, and the enterprise seed stage and start-up stage are divided into the early stage, and the enterprise growth stage and maturity stage are divided into the late stage. Using heteroscedasticity robust OLS model and Logit model, this paper studies the impact of venture capital entry timing on enterprise innovation investment, and further discusses the moderating effect of different external environments in China.#br#The results show that the early entry of venture capital can significantly improve the innovation capability of the stolen enterprises, and the R&D investment intensity of the enterprises is significantly improved. Further analysis of the external environment of the enterprise shows that the higher the marketization degree of the enterprise is, the earlier the venture capital entry opportunity is, the more the enterprise innovation investment and innovation ability can be improved. The higher the level of competition in the industry, the later the entry of venture capital, the more enterprises can improve their innovation investment and innovation ability.#br#The conclusion of this paper has academic value and practical significance to a certain extent. On the one hand, most of the existing researches focus on the impact of venture capital on enterprise innovation.This paper takes the entry time of venture capital as the breakthrough point, for the value-added effect of venture capital provides new theoretical evidence; on the other hand, considering the current situation of China's economic development, the analysis of the impact of different external environments provides new evidence for the country to vigorously develop direct financing. The conclusion of this paper shows that the early entry of venture capital can significantly improve enterprises' innovation investment and innovation capacity, and realize the original intention of encouraging the development of venture capital. The higher the degree of marketization, the earlier entry of venture capital, which can provide more financial support for enterprises, thus improving enterprises' innovation capacity. Therefore, the government should further strengthen the opening to the outside world and improve the marketization degree.#br#
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Received: 19 February 2021
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