The Mechanism And International Comparison On Venture Capital Promotion For Institutional And Technological Innovation

When the world entered the era of knowledge economy, innovation is increasingly becoming the focal point for the countries. In particular, technological innovation as an important impetus for economic growth has been endorsed unanimously by economists. Venture capital is a new financial forms, as the combination of technology and capital. Not only, VC does innovation for traditional investment and financing system, but also, it provides a good financial support for high-tech innovation by virtue of its own keen sense of smell, and it plays a crucial role in promoting R&D of new technologies and the industrialization of scientific and technological achievements, then VC becomes a booster of economic growth. Governments take effective measures to promote the development of venture capital, consummate the mechanism that venture capital promotes institutional and technological innovation, and ultimately promote economic growth. This dissertation mainly studies what is the venture capital promoting institutional and technological innovation mechanism, as well as how does the mechanism carry out. This research will be of great theoretical and practical significance for the development and improvement of China's venture capital, speeding up the process of technological innovation, as well as changing in the matching environment and establishing relevant institution.This dissertation uses the comparative analysis and chart analysis methods, and does discussion mainly from the theoretical and empirical aspects. In the theoretical analysis, based on the study about venture capital, institutional and technological innovation in the literature, the dissertation elaborates the respective characteristics and relevance. Namely, venture capital can effectively solve some problems, which are encountered in the process of institutional and technological innovation. And focus on analysis of the mechanism that venture capital promotes institutional and technological innovation. The analysis found that venture capital promotes technological innovation through such areas as promoting R&D and applications of new technologies and applications, as well as scientific and technological achievements into. On the other hand, venture capital promotes institutional innovation by changing its own systems, as well as policies and laws, education and scientific research, and infrastructure such as areas that construction and improvement of the matching environment and system, which can protect venture capital normal and effective debouchment.In the empirical analysis, the dissertation compares venture capital and bank loans in the situation about promotion of technological innovation by the model and datas. And then, the dissertation highlights the content that developing and improving venture capital can promote institutional and technological innovation on the national level, by comparing implementation of specific policy measures and the amount of the United Kingdom, Germany, India and Brazil such as four countries. Through the data diagrams and model formulas of the empirical analysis carried out, the dissertation mainly draws the following conclusions: First of all, venture capital can take better support for the patent application and technology research and development than the bank loans such traditional investment and financing methods, so as to more effectively promote to carry out technological innovation. Second, by comparing the four-nation's data, the dissertation shows that governments have unique advantages than other economic agents in developing venture capital, namely, policy decision-makers. At the same time, we can see that governments speed up the revision of laws and regulations and the establishment of other environment and systems, and then can better support continuous improvement and orderly operation for venture capital. Finally, through discussion by combination of the specific situation of our country, the dissertation finds a number of outstanding problems in the process of China's venture capital development. In accordance with the theory and empirical analysis' conclusions that venture capital promotion institutional and technological innovation mechanism, the dissertation proposes some inspirations, which includes that our country should increase investment in science-technology and R&D, transform government functions, reform investment and financing system, and improve capital market, in order to develop China's venture capital. Thus, improving venture capital in China, promoting China's institutional and technological innovation, and ultimately, promoting China's economic growth and enhanceing overall national strength.