An Empirical Study On The Relationship Between Venture Capital And Technological Innovation Of Domestic High-tech Industry

Technological innovation has become a key factor in economic growth.Due to a high degree of uncertainty of technological innovation in the investment process,there will be information asymmetry between investors and innovation enterprises.Asymmetric information may lead financing market of technological innovation to a lemons market and they will emerge the principal-agent problem between them,so venture capital is an effective way to solve these problems.The purpose of this article is to study the internal relationships among Venture capital, high-tech industries and technological innovation,Through theoretical research,empirical analysis and the application of data of high-tech industry investment and patent applications,this article will reach related conclusions.In the theoretical research part,this article analyzes the uncertainty characteristics of technological innovation and investment characteristics of venture capital firstly.As a risk-sharing mechanism for technological innovation,the characteristics of multi-round investment play a role on promoting technological innovation.At last we explain reasons why high-tech industries need venture capital.In the empirical research part,this article proves that there is a long-term and stable relationship between venture capital and technological innovation through cointegration analysis, we prove that there exists a causal relationship between them through the Granger causality test. Then we build the theoretical model and measurement model about venture capital and technological innovation,empirical results show that there is a significant positive correlation between them,the venture capital market stimulates technological innovation,thereby supporting the assumptions in theoretical research part.