创业投资机构对初创企业创新能力的影响研究——基于创业板上市公司数据的分析

Research on the Impact of Venture Capital Institutions on the Innovation Capability of Start-up Enterprises——Based on the analysis data of listed companies on the ChiNext

从初创企业的角度出发,初创企业应该选择合适的创业投资机构。本文以创业板上市企业2017-2019年间的创新研发能力作为研究对象,探讨了创业投资机构的参与程度和资源投入能力对于初创企业创新能力的影响,研究发现:创业投资机构的持股比例和创投董事比例越高,初创企业的创新能力就越强,获得的专利许可就越多;同时研究还发现:在样本企业中高声誉的创业投资机构并未很好地发挥资源投入的作用,接受了高声誉创业投资机构投资的企业也没有表现出很强的创新能力。对于初创企业来说,选择创业投资机构应该更多考虑修正自身对于创业投资机构的要求,同时尽量让创投机构做到长期陪伴。

From the perspective of start-ups, this paper analyzes that start-ups should choose venture capital institutions to improve their innovation ability. This paper takes the innovation and R & D capability of listed companies on the growth enterprise market from 2017 to 2019 as the research object, and discusses the influence of the participation degree and resource investment capability of venture capital institutions on the innovation capability of venture enterprises. The research finds that the higher the shareholding ratio of venture capital institutions and the proportion of venture capital directors, the stronger the innovation capability of venture enterprises, and the more patent licenses they obtain;The study also found that: in the sample enterprises, the venture capital institutions with high reputation did not play a good role in resource investment, and the enterprises with high reputation did not show strong innovation ability. For start-ups, when choosing venture capital institutions,they should consider revising their own requirements for venture capital institutions, and try to make them accompany for a long time.