关键词: 风险投资, 研发国际化, 创业板, 风险投资机构特质

Abstract:     With the acceleration of global economic development competition and the continuous advancement of corporate internationalization, more and more enterprises are trying and gradually carrying out overseas R&D investment activities. This is not only a favorable choice in accordance with the law of economic development, but also an important way for enterprises to gain lasting competitive advantage. In the context of the intensification of internationalization, enterprises in emerging economies have taken R&D internationalization activities as an important strategy for their development in order to follow the global industrial development trend, broaden the channels of knowledge acquisition and enhance their independent innovation ability. Compared with mature enterprises, entrepreneurial enterprises lack the ownership advantage, internal advantage and location advantage needed to enter the international market due to their own lack of resources and ability as well as fewer social network connections. Therefore, they are faced with the dual dilemma of disadvantage of newcomers and disadvantage of outsiders. As an important external strategic investor of the enterprise, venture capital plays a key role in supporting and guiding the growth and development of the entrepreneurial enterprise. Venture capital not only provides to the enterprise development funds through equity investment, ease the financing bottlenecks and constraints, more importantly, with its professional knowledge accumulation and long-term investment experience provides value-added services such as listing support, management participation, strategic consulting, subsequent financing, also supervision and control such as incentive constraints, risk prevention, internal governance and decision-making. However, as an important external investor, few scholars have paid attention to how the venture capital affects enterprise R&D internationalization. However, as highly involved in a startup, can venture capital support promote entrepreneurial enterprises to implement R&D internationalization strategies? What are the differences in different dimensions of R&D internationalization? What characteristics of venture capital institutions will influence the R&D internationalization of entrepreneurial enterprises? Based on this, this paper firstly analyzes the internal mechanism of venture capital affecting the enterprise R&D internationalization and the impact of venture capital institution characteristics on this relationship. Then we use the panel data of 153 companies listed on the China′s GEM in 2009-2016, through the subdivision of R&D internationalization depth and R&D internationalization breadth, using Tobit regression, Logit regression and other empirical methods to examine the impact of venture capital on the enterprise R&D internationalization strategy, and further analyze the differences in the impact of venture capital institutions with different characteristics on the R&D internationalization strategy.The research finds that:(1) Venture capital support can not only strengthen the depth of R&D internationalization, but also expand the breadth of R&D internationalization. Venture capital support has a positive impact on the implementation of R&D internationalization strategy;(2) The impact of venture capital on the R&D internationalization has significant state dependence on venture capital equity background, reputation background, investment horizon, whether to implement a joint investment strategy, and whether to participate in corporate governance. When intervened by the venture capital with private background and high reputation, the venture capital investment period is long, multiple venture capital institutions joint investment and be able to participate in corporate governance, the depth and breadth of enterprise R&D internationalization are greater, in other words, it plays a more significant role in promoting the enterprise R&D internationalization. There may be two endogenous problems in this study. One is the problem of sample selection bias and the other is the endogenous problem of missing variables related to venture capital intervention and enterprise R&D internationalization. In order to avoid the influence of the above problems on the research results, this paper further uses the processing effect model to deal with the above problems. At the same time, in order to get more stable results, this paper further uses binary variables to measure the R&D internationalization behavior of enterprises. In addition, we also use the proportion of venture capital shareholding and various background venture capital shareholdings as alternative measure of the support of venture capital and the background characteristics of venture capital, and use the investment experience of the venture capital institution with the largest shareholding ratio, namely the number of enterprises that venture capital accumulatively invested in the period of before entering the enterprise as an alternative measure of the reputation of the venture capital, and use the number of years in which the venture capital institution with the largest shareholding ratio enters the enterprise as an alternative measure of the investment term of venture capital. After considering the endogenous problem caused by sample selection bias and missing variables and using the substitution index of related variables for robustness test, the conclusion of this paper is still robust.Compared with the existing research, this paper hopes to make some marginal contribution in the following aspects: First, different from previous research, this paper introduces a new influencing factor of R&D internationalization--venture capital, which provides a new perspective for the research on the R&D internationalization of enterprise, and enriches the existing literature on the factors influencing the R&D internationalization of enterprise. Secondly, to overcome the shortcomings of the previous research on the use of dual variables in the enterprises R&D internationalization, this paper further subdivides the R&D internationalization into the depth of R&D internationalization and the breadth of R&D internationalization, and deeply analyzes the impact of venture capital and different background characteristics and investment contracts characteristics of venture capital on different dimensions of enterprise R&D internationalization behavior. Thirdly, there are few empirical studies on the relationship between venture capital and enterprise R&D internationalization strategy choices. In order to obtain more robust estimation results, this paper also uses a variety of methods such as processing effect model and variable substitution, then the relationship between venture capital and enterprise R&D internationalization is tested more systematically and scientifically, enhancing the reliability of research results. The research results of this paper can not only provide practical guidance for Chinese enterprises to make full use of venture capital as an important external investor to implement R&D internationalization strategy, but also provide useful policy implications for the country with further development of venture capital industry and implementation of enterprise R&D internationalization strategy.

Key words: venture capital, R&D internationalization, GEM, venture capital institution characteristics