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| Venture Capital, Patent Administrative Protection and Key Technological Innovation |
| Mao Yichong1,Wu Fuxiang1,2,Ge Heping3 |
| (1.School of Economics, Nanjing University;2.Research Center for Economic and Social Development of the Yangtze River Delta, Nanjing University, Nanjing 210093, China; 3.School of Management Engineering, Nanjing University of Information Science and Technology, Nanjing 210044, China) |
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Abstract Since the reform and opening up, China's foreign investment strategy of ‘exchanging market for technology’ has effectively improved the production capacity and technical level of domestic enterprises. But to a considerable extent, some core links of the industrial chain are controlled by foreign-funded enterprises, resulting in a certain gap between domestic enterprises and foreign enterprises in key technologies. Only by promoting the independent innovation of local enterprises can China fundamentally deal with the dilemma of core technologies being controlled by other countries. The original intention of the development of venture capital is to serve the R&D innovation and value reengineering of enterprises. At the same time, some domestic research have pointed out that it is necessary to deepen the reform of the system and mechanism, and strengthen the support of the capital market for scientific and technological innovation. Therefore, venture capital should play an important role in China's key technological breakthroughs.#br#The research of this paper stems from the following practical problems: on the one hand, although the number of patent applications in China has doubled, the number of invention patents is still far lower than the number of utility model patent applications and design patent applications. On the other hand, the amount of venture capital in China has increased from 5.401 billion yuan in 2000 to 374.946 billion yuan in 2020, and the number of venture capital cases has also increased from 226 in 2000 to 1,393 in 2020. The importance of venture capital has become increasingly prominent. However, whether venture capital can substantially enhance the innovation capability of Chinese enterprises remains to be further verified.#br#Theoretically, the reasons for the lack of key technologies in China include insufficient investment during the technology's lifetime. Venture capital can alleviate the externality of innovation financing from capital appreciation and innovation tendency, thus providing an opportunity to solve the problem of a lack of key technologies. However, venture capital institutions may ‘grab’ innovative achievements of enterprises through ownership substitution, financial tunnels or operating tunnels, thereby inhibiting key technological innovations. Therefore, there is uncertainty about the effect of venture capital on key technological innovation of enterprises. In order to solve the above problems to a certain extent, this paper further considers the patent protection.#br#This paper constructs an enterprise innovation behavior decision-making model that considers venture capital and distinguishes key technological innovations from non-key technological innovations based on the theoretical framework of Dessi & Yin (2011). In addition, the administrative protection of patent rights is added to the model to make it more practical. The model is deduced as follows: firstly, based on the principal-agent theory, it constructs the basic framework of the decision-making model of enterprise innovation behavior involving investment institutions; secondly, the project profit function is optimized and compared; finally, this paper introduces the administrative protection of patent rights to analyze whether it can effectively enhance the role of venture capital in promoting key technological innovation, and try to explore the impact of regional heterogeneity of venture capital on key technological innovation of enterprises. In addition, this paper also selects all A-share listed companies in China from 2010 to 2020 as research samples for empirical testing. It is found that venture capital has a positive effect on corporate innovation as a whole, but its impact on corporate innovation behavior of different technology types is different. Specifically, on the one hand, venture capital can significantly promote non-key technological innovation of enterprises; on the other hand there is regional heterogeneity in the promotion of key technological innovation. The promotion of venture capital on key technological innovation is more significant in the eastern and northeastern regions than in the western and central regions. In addition, it can improve the positive impact of venture capital on key technological innovations by strengthening the administrative protection of patent rights.#br#This paper suggests improving the innovation promotion efficiency of venture capital and strengthening industry standard management, the relevant laws and regulations on patent protection, and optimizing the innovation environment of enterprises. It is also important to actively guide and encourage enterprises to innovate behaviors, and cultivate enterprise innovation awareness.#br#
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Received: 14 December 2021
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