Research on the Innovation Path of Venture Capital Empowering Enterprises from the Perspective of Financial Regulation
Based on the innovation-driven perspective,this paper uses the data of China's Shanghai and Shenzhen A-share listed companies from 2009 to 2022 to test the impact of venture capital on the technological innovation mechanism of enterprises,and analyzes the regulatory effect of financial regulation on the impact mechanism.The results show that venture capital intervention has a positive impact on enterprise innovation;The mechanism test shows that venture capital intervention can improve enterprise innovation ability by optimizing human capital,strengthening enterprise innovation input,easing enterprise financing constraints;Heterogeneity test shows that the positive effect of venture capital intervention on enterprise innovation is more significant in high-tech enterprises and state-owned enterprises.In addition,financial regulation can enhance the promotion effect of venture capital on enterprise innovation,and its positive regulatory effect is more obvious in non-high-tech enterprises and private enterprises.This paper focuses on the positive regulatory effect of macro-regulatory environment optimization,which has implications for the classification of regulatory standards.
NETL
NSTL
万方数据
