The Influence of Core Technical Team's Control Right on Innovation Output of Sci-Tech Innovation Board Enterprises:A Mechanism Study Based on Venture Capital and Co-investment System
Innovation ability is the core driving force of Sci-Tech innovation board enterprises.As the main body of innovation,core technical team's control right is the key factor affecting innovation output.This paper explores the influence and mechanism of core technical team's control right on innovation output of Sci-Tech innovation board enterprises.The results show that control right of shareholders'meeting has an inverted U-shaped influence on innovation output,while control right of board of directors and managers have a positive influence on innovation output.The mechanism test shows that venture capital plays an intermediary role between core technical team's control right and innovation output.Co-investment system positively moderates the inverted U-shaped influence of control right of shareholders'meeting on innovation output,while co-investment system positively moderates the positive influence of control right of board of directors and managers on innovation output.The research improves the path of innovation promotion from the perspective of technological capital.It provides targeted guidance for the optimal design of control right and the incremental reform of co-investment system.
core technical teamcontrol rightinnovation outputventure capitalco-investment system
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