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| The Influence of Strategic Emerging Enterprises' Innovation Capability on Venture Capital from the Perspective of Patent Signaling |
| Yang Yanping1,2,Fan Xiuxiu1 |
| (1.School of Management,Henan University of Technology;2.Henan Province Humanities and Social Sciences Key Research Base Logistics Research Center,Zhengzhou 450001,China) |
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Abstract Innovation capability is critical to the high-quality development of strategic emerging industries.However, the improvement of innovation capability of strategic emerging enterprises requires a large investment in R&D funds.As an equity capital, venture capital can effectively alleviate the external financing constraints of enterprises and provide value-added services for enterprises.In order to successfully bring in venture capital, the strategic emerging companies need to send positive signals to investors.As the result of enterprise innovation output, once authorized by the State Intellectual Property Office, patents are easy to form patent signals externally.Major cutting-edge scientific and technological breakthroughs are critical for the strategic emerging enterprises in the early stage of growth, and high R&D intensity, strong innovation capability, and authorized patents have extremely high values.In addition, venture capital institutions are composed of a group of highly educated talents with scientific and technological and financial knowledge and experience, especially high-reputation venture capital institutions, and they manage a huge capital pool and have rich investment experience and strong information screening capabilities.Therefore, in order to improve the financing scale of strategic emerging enterprises under the condition of information asymmetry, it is important to examine the influence of patent signals of strategic emerging enterprises on the scale of venture capital and verify the moderating effect of the reputation of venture capital institutions on the relationship between the two.#br#However, there are few studies on the impact of patent signals on venture capital scale in the existing literature, and there is a lack of systematic research on pre-venture capital intervention, nor has the research on patent signals of unlisted enterprises been extended to the field of venture capital, and there is a lack of heterogeneity analysis to further explore the effect of patent signals on venture capital scale in different scenarios.Therefore, drawing on the signal theory, this paper takes patents as key signals to study the relationship between pre-IPO patent signals and venture capital in terms of quantity and quality, and analyzes the impact of high reputation of venture capital on the relationship between the two.Then the impact of patent signals on venture capital is further examined when the amount of venture capital of the invested enterprise is different and the location of the venture capital institution and the enterprise are inconsistent.#br#In this study, the sample stocks under the China Strategic Emerging Industries Composite Index released by the Shanghai Stock Exchange are selected as the preliminary sample.Then, the Series A venture capital financing events of listed companies in CVSource database from 2010 to 2020 are selected and matched with sample stocks to construct the sample data of strategic emerging companies with Series A financing.Then, from the Wisdom Bud Patent Database and CSMAR Company Database, the enterprise patent data, enterprise characteristic data and the data of 502 A-round financing sample enterprises are finally obtained through data collation.Finally, the multiple regression method, propensity matching score and substitution variable method are used to conduct empirical research and robustness test.#br#The results show that the number and quality of patents (patent width and patent depth) can effectively increase the scale of venture capital.The high reputation of venture capital institutions weakens the financing role of patent number and patent depth signal on venture capital institutions, and the regulating effect on patent width and venture capital relationship is not significant.The financing role of patent signals on venture capital will be affected by the amount of venture capital invested by enterprises and whether the locations of enterprises and venture capital are consistent , but there is no obvious difference in the magnitude of the impact.#br#This study enriches the research on external financing of non-listed enterprises before venture capital intervention and provides a new research perspective for venture capital.Furthermore,by considering the moderating effect of venture capital reputation on patent signals and venture capital of strategic emerging enterprises, it expands the boundary conditions for the impact of patent signals on venture capital.Finally it discusses the differences in the influence effect of patent signals on venture capital scale under different scenarios, and provides a theoretical reference for improving the financing scale of enterprises.#br#
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Received: 30 September 2022
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