Research on the Effects of Venture Investment on Stimulating Innovation: Based on the Viewpoint of the Relation between Venture Investment and Innovative Behaviors of Venture Investing Firms

摘要

With global venture investment activities carrying on frequently, firms don't have just pay attention to long-term economic returns when investing, but take other effects rising from venture investment into account, such as stimulating innovative behaviors of venture investing firms (VIFS). Kortum and Lerner's study on the world-renowned venture capital corporations (such as P&G, Cisco, GlaxoSmithKline PLC) shows that venture investment plays a significant role in simulating firms' innovative activities and venture investment efficiency is about three or four times higher than the efficiency of R&D expenditures. Therefore, venture investment has become one of the most critical factors for firms' successful innovations. Then, what's the relationship between venture investment and innovative behaviors of VIFS? How utilize venture investment stimulating innovation of VIFS? There are few mainland scholars involve the research on these issues (The domestic researches primarily focus on technical achievements transformation, venture investment system innovation, fostering innovation capabilities of venture capital backed firms, but the relation between venture investment and investing firms' innovative behaviors haven't been given enough attention). This paper will conduct a preliminary analysis and discussion.This paper starts with theoretical basis and believes venture investment as an important means of spurring the innovative behaviors of VIFS based on two theoretical pillars. First, relevant knowledge causing the innovation is likely to exist in the external of firms. Second, those high-tech firms on seed-stage might be the source of the knowledge. Then, this paper analyzes the relation between two points and put forward simulating effects on innovative behaviors of VIFS coming from venture investment are manifested in the following aspects: promoting innovation efficiency; breaking restrictions of self-sense and optimizing the existing knowledge network system; improving the capability of absorbing knowledge; assuring secure a steady flow of genuinely innovation, etc.