| As an activator of development in hi-tech industry and engine of economy growth, venture capital (VC) plays an important role in national economy development. Definition of operation mechanism in VC is a relationship and system arrangement in process in VC institutions,and it influences the efficiency and development in these institutions. Although much research in either VC or technology innovation have been taken, systematic research linking both is rare. For this,basing on study results in previous papers both at home and aboard,we try to make some progress in this aspect.Starting with analyzing basic VC operational mechanism, which consists of financing,decision-making,management,exiting forms, it makes some comparisons of VC industry difference between China and U.S.. Meanwhile,this article analysis the VC development phrase and reasons to the changes between the two countries.VC in U.S. has made great contribution to financing of hi-tech industry and technology transfer as well as technology innovation. In the viewpoint of resource integration , technology innovation is recombination of production elements and production condition and its nature is integration of resource,i.e. technology resource, financial and entrepreneur resource. Entrepreneur is the core, and it links the former two, then impulses innovation positively.Basing on serial data from1980 to 2001 about VC disbursement,R&D expenditure and patents in U.S. and corresponding data from1995 to 2005 in China, this article makes empirical study using cointegration theory,and get a conclusion which indicates that a long-term steady equilibrium relationship exists between VC and technology innovation,although it has some difference. Some reasons are also listed to support the conclusion.What we learn from its lessons will be useful for us to develop VC well in China. |
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