关键词: 风险投资声誉, 智力资本, 企业价值, 协同效应

Abstract:  In the background of globalization, the accumulation of knowledge, operation of capital and innovation of technology are important driving force to improve a country’s economic strength. The organic combination of knowledge, capital and technology is the core gripper of national economic development as well as the key support to improve the independent innovation ability of enterprises. The operation mode of venture capital is just a new investment approach formed based on a series of factors such as fund supply, management service and technological innovation, which is conducive to improving the IPO performance of enterprises, and also helps to improve the capital allocation, use and supervision mechanism of enterprises.
The effective synergy of venture capital and intellectual capital can realize a perfect combination of knowledge, capital, management and innovation of start-ups. Venture capital with high reputation is more likely to use their experience and extensive social relations to help enterprises grow rapidly. As an important intangible asset, the reputation of venture capital can effectively alleviate the problem of information asymmetry with the target enterprise, reduce transaction costs and attract the attention of high-value enterprises by enhancing their competitive advantages. Venture capital institutions with high reputation can provide target enterprises with higher value and higher value-added management services quality. Therefore, this paper will deeply discuss the mechanism and effect of venture capital reputation on the synergies between venture capital and intellectual capital, so as to provide relevant references for venture capital institutions to establish a reputation mechanism, and strengthen the accumulation of enterprise intellectual capital.
The paper selects 397 companies of GEM from 2009 to 2015 as samples, excludes 144 companies without venture capital background, and the remaining 253 companies are taken as our research objects. At the same time, some missing data and ST and PT listed companies are also excluded, and 1174 observed values are finally collected. The financial data of sample enterprises mainly come from CSMAR database and RESSET database, and the venture capital data come from the annual report of listed companies.
The paper divides intellectual capital into human capital, structural capital, innovation capital and social capital four parts, and based on different venture capital reputation to explore the synergistic relationship between venture capital and intellectual capital. For the enterprise value of star-ups, we select return on assets (ROA) and operating income growth rate (GR) two indicators to reflect asset utilization efficiency and sustainable growth ability of enterprises. The virtual variable of venture capital reputation is determined by whether the venture capital has successful experience and has helped other enterprises to go public.
Firstly, the paper analyzes the whole process of the synergy between intellectual capital and venture capital. The Synergistic effect of venture capital and intellectual capital on enterprise value creation can be divided into three stages: the first stage is investment screening stage of venture capital institutions, the second stage is integration and symbiosis stage of venture capital and intellectual capital, and the last stage is the withdrawal of venture capital and realization of enterprise value. Firstly, Venture capital institutions find and choose venture enterprises with high intellectual capital stock as investment objects, then increase their intellectual capital stock through a series of value-added services to help enterprises improve their value creation ability, and finally complete the successful withdrawal of venture capital and the value improvement of venture enterprises.
Secondly, we divide the sample enterprises into two groups of high reputation and low reputation for descriptive statistical analysis, and the results are follows: the mean of enterprises GR with high venture capital reputation is higher than that of enterprises with low reputation; the mean of ROA is lower than that of enterprises with low reputation; the intellectual capital value-added coefficient supported by high reputation venture capital is lower than that supported by low reputation venture capital; different intellectual capital elements results show that the innovation capital value-added coefficient is higher, and the other three capital value-added coefficients are lower.
Thirdly, the paper uses the regulatory effect model to verify the synergies effect between venture capital and intellectual capital. Former literature suggest that there exists a synergistic effect between venture capital and intellectual capital, but do not further analyze the differences of the synergistic effect under different venture capital characteristics. High reputation is a key influence factor to analyze venture capital investment. The empirical results show that under the background of high reputation venture capital, the accumulation of enterprise innovation capital and social capital are more significant, and the value creation of enterprises is more positive. This result is similar to that of Lindsey. However, the synergy effect with human capital and structural capital are not prominent, which indicates that venture capital with a high reputation background needs to constantly strengthen the human capital management and investment in corporate structural capital, so as to improve the reputation effect of venture capital institutions and comprehensively build the enterprise’s intellectual capital management system.
Based on the research conclusion of this article, for high reputation venture capital institutions, they should provide comprehensive services, especially the enterprise human capital management and structure capital two aspects. For low reputation venture capital institutions, they should pay attention to enterprise innovation input, and use their network to upgrade enterprise value creation potential, thus further enhance their reputation. Intellectual capital is the core of start-ups. Promoting the level of enterprise intellectual capital management means that enterprises must strengthen the development of knowledge management. Enterprises should create a good investment environment of intellectual capital, provide continued support to the management of venture capital value-added services, and further strengthen the enterprise staff’s ability of learning and innovation. The intellectual capital of enterprise is more dependent on its ability to acquire intellectual capital. This kind of dynamic intangible assets is considered to be the core driving force of an enterprise to obtain competitive advantage and technological innovation. At the same time, enterprises should make full use of social capital of venture capital institutions, and obtain a steady stream of knowledge from the outside based on the relationship network of venture capital, so as to realize the accumulation of enterprise knowledge and resource sharing.

Key words: venture capital reputation, intellectual capital, enterprise value, synergistic effect