Abstract
The research expects to give full play to the role of venture capital in corporate innovation and enhance the development capability of enterprises. Based on Propensity Score Matching (PSM) model, the characteristics of venture capital and startup enterprises are analyzed, and the innovation of venture capital is discussed. Next, the PSM model is used to analyze the innovation of venture capital intervention in enterprises from risk probability intervention, probability evaluation, matching equilibrium validity test, matching results analysis, different venture capital, and different background risks. The results show that the difference of standardized mean is close to 0, which accords with the equilibrium test. The significant impact of venture capital intervention on the Number of Invention Patent Applications (NIPA) and Number of Utility Model Patent Applications (NUMPA) is 0.1 and 0.01, respectively. Venture capital intervention has a significantly positive impact on NIPA and NUMPA but has no significant positive impact on Number of Design Patent Applications (NDPA). The impact of joint venture capital intervention on the NIPA, NUMPA, and NDPA is 0.0874, 0.0635, and 0.1213, respectively. Hence, the intervention of joint venture capital can greatly promote the increase of Number of Patent Applications (NPA), especially, NIPA, and NUMPA. Compared with private venture capital, joint venture capital plays a greater role in promoting the growth of NPA and NIPA. Compared with private venture capital and foreign venture capital, national venture capital has a stronger innovation orientation and a longer investment cycle, which can greatly improve innovation performance, such as NIPA, while private venture capital and foreign venture capital have a less significant impact on enterprise innovation performance. The results demonstrate that the foreign capital sharing assessment based on the PSM model can be a good predictor of the performance of startups. It is hoped that the research results can provide a reference for the development of startups.
Highlights
Innovation is the main driving force of economic development
When the Propensity Score Matching (PSM) method is used to evaluate the impact of venture capital intervention on enterprise innovation performance, logit regression is first used to calculate the probability of introducing venture capital
In order to improve the competitive ability of startups and enhance the resistance of firms to foreign investment risks, the research analyzes the impact of venture capital under different strategies and venture capital in different contexts on the performance of startups through propensity score estimation, matching validity test and matching result analysis
Summary
Innovation is the main driving force of economic development. With the intensification of economic and industrial chain globalization, the competition in the global market has shifted to the competition of global forces, which is technology-oriented (Elsafty et al, 2020; Mahfud et al, 2020). Capitals are invested to significantly reduce investment risk and improve their project selection ability and value-added ability; technological innovation is promoted; on the other hand, members of venture capital joint enterprises can supervise and restrict each other (Filip, 2020; Lima et al, 2020). In this case, the probability that the innovation achievements of the invested enterprises are stolen by venture capital institutions is greatly reduced (Roh, 2020). Compared with individual venture capital enterprises, venture capital joint enterprises have a higher investment level in R&D, innovation, and development, a higher probability of innovation success, and more innovation achievements
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