A Theorical Model: How Venture Capital and Top Management Team Heterogeneity Influence the Firm Innovation

摘要

Innovation is a hot topic of the times, and innovation drive leads to the development of the first power. Enterprises are facing increasingly fierce competition, the importance of enterprise innovation is once again prominent and imminent; at the same time, with the development and perfection of China's capital market, venture capital plays an increasingly important role in many aspects of enterprise development. An important strategy of implementing innovation-driven development strategy is to use capital market to promote and support innovation. Executives of undercapitalized entrepreneurial enterprises will seek venture capital to maximize the use of capital. We can not help but wonder whether venture capital will have an unusual impact on the innovation of the invested enterprises. Therefore, this paper proposes an exploratory model of the role of venture capital (VC) in enterprise to the innovation based on the heterogeneity of top management team.