Venture Capital: A Systematic Literature Review

Abstract

Venture capital is an important financial element and has the natural attribute of supporting the real economy. As the venture capital industry continues to grow, they are now becoming an increasingly important support force in the capital markets. With the continuous development of venture capital, enterprise innovation also develops rapidly, which is similar to the growth trend of venture capital amount. Yet the areas of how do venture capital and enterprise innovation interact and influence each other have been mentioned by many researchers as ones that lack both consensus and devoted attention. The present paper aims to provide a detailed map of common and best practices in terms of venture capital and corporate innovation, and to explore whether they are related and how they influence each other to help extract best practices. in order to contribute to extracting best practice. This paper uses a systematic literature review (SLR) to help review the literature in a transparent and unbiased way. The review was guided by the PRISMA Statement (Preferred Reporting Items for Systematic reviews and Meta-Analysis). Try to find more relevant and useful papers through three stages. The process ended with 118 articles divided into corporate innovation, business models, and social capital. The results show that both enterprise innovation and business model innovation have significant influence on venture capital intention. The two moderates each other's influence on venture capital intention, and the moderating effect of enterprise innovation is non-linear. With the continuous improvement of enterprise innovation, the influence of business model innovation on venture capital intention first increases and then decreases. Social capital plays an intermediary role in the influence of venture capital on enterprise innovation.