关键词: 风险投资, 企业创新链, 战略性新兴产业, 北京证券交易所

Abstract: This paper divides the enterprise innovation chain into the input end, the output end and the income end. Taking NEEQ enterprises from 2010 to 2022 as samples, the PSM-DID model is used to sort out the mechanism of the enterprise innovation chain driven by venture capital (VC) and its economic consequences. The results show that VC intervention drives the development of each end of enterprise innovation chain. The mechanism analysis shows that VC promotes the improvement of its output end and the growth of its income end through introducing wisdom at the input end of enterprise innovation chain. VC’s investment attracting function shows significant industry heterogeneity. In strategic emerging industries, VC’s investment attracting can promote the growth of its output end and income end, while in non-strategic emerging industries, there is channel blocking. In addition, economic policy uncertainty has the moderating effect on VC involvement and firm innovation chain development. The analysis of economic consequences shows that VC drives the development of enterprise innovation chain, and then promotes enterprises to achieve the development path of “listing on the NEEQ, listing on the Beijing Stock Exchange, and switching to the Shanghai and Shenzhen Stock Exchanges”. The research results are of great significance for promoting the combination of enterprise technology and capital, facilitating the development of multi-level capital market, and optimizing innovation and industrial chains.

Key words: Venture Capital, Enterprise Innovation Chain, Strategic Emerging Industries, Beijing Stock Exchange