Purpose/SignificanceAccording to the behavioral finance hypothesis, the ownership structure affects the behavior of joint venture capital investment institutions. A large number of empirical results also show that the shareholding structure has a certain impact on the technological innovation of enterprises. This impact mechanism is very complicated and even some non-linear relations exist. That's why it is of great significance to study the impact of joint venture capital investment on enterprise technological innovation based on ownership structure.

Method/ProcessTaking the panel data of GEM listed companies from 2013 to 2017 as samples, this paper tests empirically the impact of joint venture capital investment on enterprise technology innovation and the moderating role of ownership structure on joint venture capital investment.

Result/ConclusionThe results show that joint venture capital investment plays a positive role in promoting technological innovation of enterprises. Theownership structure plays a moderating role in the process of joint venture capital investment in technological innovation: the shareholding oflarge shareholders has a significant negative moderating effect, while the ownership control shows a significant "inverted U-shaped" moderating effect. Therefore, enterprises should adopt more joint venture capital investment and control the shareholding ratio of the largest shareholder within a reasonable range.