The breakthrough innovation of enterprises is of great significance in enhancing their competitiveness and promoting high-quality economic development.Based on China's venture capital investment data and listed company data from 2010 to 2020,this study empirically investi-gates the impact of venture capital investment on breakthrough innovation of Chinese enterprises.The research finds that venture capital investment has a significant role in enhancing the breakthrough inno-vation of enterprises.Venture capital investment mainly promotes breakthrough innovation by allevi-ating financing constraints,enhancing management experience and improving risk-taking ability.Het-erogeneity tests reveal that the stimulating effect of venture capital investment on breakthrough innova-tion is more pronounced for non-state-owned enterprises,enterprises in the eastern region,and enterprises in high-tech industries.The findings of this paper provide a reference for further improving the regulation policies of venture capital investment,enhancing the development level of venture capital investment and increasing the policy support for breakthrough innovation of enterprises.
NETL
NSTL
万方数据
