Empirical Study On Venture Capital, Technology Innovation Of High-tech Industry And Economy

As the growth enterprise board start around October with 134 listed firms up to the end of the October 2010. The wealth effect is more stimulating China's venture capital activities. In this context, a study on relationship between venture capital and technology innovation has application value.This paper investigates the mechanism and degree of venture capital's impact on technological innovation and economy developing on empirical. It has been proven that Firstly, the thesis tries to analyze the rise and characteristics of venture capital, Meanwhile this paper describes and discusses the importance of venture capital in relation to the development of entrepreneurship, innovation and economy. Secondly, It analyses the Present state and operation mechanism of VC in china.Finally the thesis has analyzed the inner relation between Venture Capital and Technology Innovation of High-tech Industries through empirical model conducted, This paper uses the venture capital data and the patent data-substitution of technology innovation, from 1995 to 2008, in order to carry on the unit root test and co-integration test. The result of the unit root test shows that the venture capital time series and the patent time series are both non-reposeful time series, they are integrated of order 1; the result of the cointegration test demonstrates a cointegrated relationship between the venture capital and technology innovation, and get the conclusion that the venture capital contributing to innovation and economy developing, and gives some suggestion for improving venture capital in China.