The Impact of Venture Capital on Technological Innovation Performance

Abstract

In the context of increasingly fierce global trade competition, vigorously developing innovation and accelerating the construction of an innovative country is the key to an invincible competitive position. This paper takes the companies listed on GEM from 2010 to 2017 as samples. After eliminating the problem of sample self-selection by combining propensity score matching method, this paper adopts differential model to study the impact of venture capital heterogeneity on technological innovation performance. The results show that: the participation of venture capital promotes the improvement of technological innovation performance, and the performance is better; The equity nature, investment term and investment mode of venture capital have positive effects on technological innovation performance. In addition, the further research proves that the impact of venture capital on innovation performance is persistent, and there is a pre-investment screening mechanism of venture capital. This paper is not only expected to enrich the literature of venture capital on enterprise technological innovation, but also to provide a basis for the government to stabilize the stability of the venture capital market and play the role of venture capital in promoting enterprise technological innovation, which has great practical significance.