Abstract Taking 569 GEM listed companies in China from 2009 to 2016 as samples and using their unbalanced panel data from 2009 to 2017,this paper studies the impact of venture capital and R&D investment on innovation quality of enterprises. Enterprise value can be regarded as the economic value of innovation quality. The results show that venture capital participation has a significant and positive effect on innovation quality of enterprises. Current R&D investment shows no positive effect on innovation quality of enterprises, and even negative effects at some point. In other words, increasing R&D investment does not significantly increase the economic value of enterprise innovation quality, but rather, excessive R&D investment reduces the quality of enterprise innovation. There is a lag in the promoting effect of R&D investment. Further research shows that the characteristics of venture capital have significant moderating effects on the relationship between R&D investment and enterprise innovation quality, among which venture capital with state-owned background can strengthen the impact of R&D investment on enterprise innovation quality.
2019, Vol. 36 
