The Influence Mechanism of CVC on Enterprise Innovation Performance and Specialization Empirical Research Based on GEM Enterprises

Specialization is the key to cultivate innovative enterprises. As one of the external equity investment sources, investment cases of corporate venture capital (CVC) have been growing in China. Whether CVC can promote enterprise specialization than traditional venture capital (IVC) remains to be verified. This paper analyzes the influence of CVC on firm specialization, as well as the moderating effect of market competition and mediating role of innovation inputs in this relationship with samples of listed companies on Growth Enterprises Market board in China from 2015 to 2020. By employing a multivariate regression analysis method, the results show that compared with the enterprises without CVC inputs, the enterprises with CVC participation have higher specialization level. The degree of market competition has a significant moderating effect on the relationship between CVC participation and firm specialization. The greater the degree of market competition, the more significant the promoting effect of CVC participation on firm specialization. Furthermore, innovation performance plays a mediating role in the relationship between CVC participation and firm specialization. Therefore, as a new idea to realize the specialization and innovation of enterprises, the government should strongly support the development of CVC, and encourage start-ups to take the initiative to introduce CVC, so as to improve enterprises' capability to leverage external resources and innovation efficiency, and achieve development through specialization.