Loading...
THE IMPACT OF VENTURE CAPITAL INSTITUTIONS ON THE INNOVATION OF SCIENCE AND TECHNOLOGY INNOVATION BOARD ENTERPRISEs
Li, Zhengshan
Li, Zhengshan
Citations
Altmetric:
Genre
Thesis/Dissertation
Date
2023-11
Advisor
Committee member
Group
Department
Business Administration/Finance
Subject
Permanent link to this record
Collections
Research Projects
Organizational Units
Journal Issue
DOI
http://dx.doi.org/10.34944/dspace/10312
Abstract
As an essential accelerator of supply-side structural reform and technological innovation, venture capital (VC for short) plays an increasingly prominent role in the capital market. When venture capital alleviates the complex and expensive financing problems of small and medium-sized enterprises, it can improve the innovation ability of enterprises by improving the internal governance of small and medium-sized enterprises, increasing stock liquidity, and enhancing financing capabilities. However, the existing studies have different views on the "certification supervision function" and "name-by-name hypothesis function" of venture capital. Therefore, whether venture capital can impact corporate innovation and how to create value for listed companies is of great importance and worth further research. Based on the information asymmetry theory, certification supervision theory, name-by-name hypothesis theory and value-added service theory, this paper studies the relationship between venture capital heterogeneity and innovation of listed companies on the Science and Technology Innovation Board and constructs the relationship between venture capital heterogeneity and corporate value path. Based on the theoretical analysis framework, it analyzes the channels through which venture capital heterogeneity affects corporate innovation to provide valuable references for the behavioral decisions of government departments, venture capital institutions and listed companies.This paper selects the research objects of listed companies on the Science and Technology Innovation Board based on theoretical analysis. It uses its 2019-2021 data for empirical testing to draw the following conclusions: venture capital can play a certain degree of certification supervision and value-added service functions. The involvement of venture capital can promote corporate innovation. In terms of the heterogeneity of venture capital, the number of venture capital, the shareholding ratio of venture capital and the background of venture capital can improve the innovation ability of enterprises, and the performance is different in different industries.
The research conclusions of this paper supplement the research literature on the impact of venture capital on the innovation of listed companies on the Science and Technology Innovation Board to a certain extent: it has specific guiding significance for the scientific selection of professional venture capital institutions for listed companies on the Science and Technology Innovation Board. To better play the value-added effect of venture capital on the innovation ability of listed companies. The research conclusions of this paper have particular and guiding significance for venture capital institutions in the market to choose high-quality listed companies so that they can better provide value-added services for listed companies. It is also conducive to the government's introduction of policies related to the operation of venture capital, strengthening the guidance and supervision of venture capital, and achieving a reasonable allocation of social resources.
Description
Citation
Citation to related work
Has part
ADA compliance
For Americans with Disabilities Act (ADA) accommodation, including help with reading this content, please contact scholarshare@temple.edu