Abstract：Using the panel data of 153 companies listed on GEM in China from 2010 to 2016, this study explores the threshold effect of social capital between venture capital and enterprise innovation, and further analyzes the impact of the level of corporate social capital accumulation on the relationship between firm innovation and firm performance. This study indicates that the impact of venture capital on enterprise innovation is based on the threshold effect of corporate social capital. When the level of corporate social capital is high, the venture capital intervention will have a significant promoting effect on the innovation investment of enterprises. The corporate social capital can positively adjust the relationship between venture capital and enterprise innovation, and this positive adjustment effect will be different due to the size of the enterprise, the degree of market uncertainty and the type of ownership. The future financial performance of the enterprise does not benefit equally from its technological innovation activities. As the level of corporate social capital continues to increase, corporate innovation investment can improve the financial performance of the enterprise to a greater extent.
李梦雅，严太华. 企业社会资本门限效应下风险投资和创新投入对财务绩效的影响研究[J]. 管理学报, 2019, 16(10): 1498-.
LI Mengya，YAN Taihua. Research on the Impact of Venture Capital and Innovation Investment on Financial Performance under the Effect of Corporate Social Capital Threshold. Chinese Journal of Management, 2019, 16(10): 1498-.
