Research On The Effect Of Regional Venture Capital To Technology Innovation In China

As a different mode to traditional financing, venture capital shows a strong vitality in high-tech development process. Researchers of main developed countries and regions have studied and approved the promoting effect of venture capital to technology innovation. Chinese venture capital has developed more than20years, what is its role to technology innovation? Basing on the effective theory of venture capital to technology innovation, conquering the difficult of insufficient data, from production viewpoint, this dissertation investigates the state and the impact of Chinese regional venture capital with actual data. It affirms the significant effect of regional venture capital to technology innovation in China. Main contributions are as follows:1. Constructs innovation production function and researches the effect of venture capital to innovation, basing on the theory of input-output.This dissertation explaines the role of venture capital action with two effects:capital accumulation effect and incentive-supervision effect. Capital accumulation effect is proved by endogenous growth theory. Combining incentive-restraint mechanism and profit maximiza-tion restriction, this paper demonstrates the effectiveness of venture capital to technology innovation by incentive-supervision. Suggesting the venture capital as capital input, R&D person as labor input, then constructs innovation production function from general production.2. Finds out the influence factors of Chinese venture capital propensity.This dissertation, using probit model, researches Chinese venture capital propensity for the first time. It finds out main influence factors by the data of644Chinese venture capital cases. The main significant factors are:enterprise's age, enterprise's developmental stage, location and industries (IT, telecom&VAS, manufacturing). This conclusion provides the basis of later research from regions and industries.3. Builds up the measurement, gets the spatial and industrial agglomerations of Chinese venture capital distribution.Basing on the method of Lorenz curve and Gini coefficient, this dissertation builds up the measurement of Chinese venture capital distribution:venture capital distribution coefficient. It is calculated first time, which could give out the venture capital changes in regions and industries dynamically. It reflects both spatial and industrial agglomerations and the dynamical changes of venture capital. This result can help the research on venture capital distribution from a new aspect in the future.4. Comparing the effects of Chinese regional venture capital and traditional R&D input to innovation.Basing on the innovation production function, this dissertation analyzes the effect of venture capital to technology innovation in China by high-tech industrial panel data. Conclusion affirms the promotion. Then, it realizes the comparision of venture capital and R&D input by calculating Malmquist index. This method gives a new research idea and is proved to be effective.