Positive Study On Venture Capital, High-tech Industries And Technology Innovation

Based on the data concerning applied patents in high technology industry and venture capital this thesis takes a try to conduct an theoretical and empirical analysis on venture capital ,high- tech industry and technology innovation to draw a correlative conclusion.Firstly, the thesis tries to analyze the background from which venture capital come through three angles: one is economic structure and technology innovation, another is economic development process and R&D investing model and the third is the rapid development of financial market: through the analysis on demand and supply to find the inevitability of the advent of venture capitalSecondly, the thesis has analyzed the financing demand and technology innovation of high- tech industry. Through reviewing traditional capital structure theory, this part has analyzed the financing characteristics of high technology industry as well as its life circle and capital demand characteristics, which find that it is very important to invest venture capital in the infant stage. After an economic explaining how the venture capital influences technology innovation, this part told us it is just the support of venture capital that help the high-tech industry to make its result to come to the product market and thenmarketilizated and accelerated the technology innovation.Finally the thesis has analyzed the inner relationship between venture capital andtechnology innovation through the theoretical model and empirical model conducted, which indicates that there is a positive correlativity between venture capital and applied patents. Compared with banking credit, venture capital owing to its different operation mechanism, is more effective to boost technology innovation .In this sense, we should encourage and accelerate the development of venture capital industry.