Research On The Relationship Of China Venture Capital And Independent Innovation

In this paper, venture capital role of independent innovation of enterprises and the relationship between the theory based on the review and overview of China venture capital role of independent innovation of enterprises and the relationship between systematic theory analysis, and empirical analysis, the selected article 238 of the venture capital investment by venture capital companies with which 238 were venture capital investments in technological innovation and the relationship between the level of an empirical test.Through this empirical research, basic research reached the following conclusions:(1) Venture capital in China being invested venture capital enterprise size and the amount invested by venture capital companies represented by the total number of patents is venture capital investment the level of technological innovation there was a significant positive correlation, that is, China venture capital for technological innovation in China has a significant positive role in promoting. (2) Venture capital in China relationship of technological innovation mechanism showing the positive impact of delay characteristics, and its impact as an extension of time mechanism is gradually weakened. Among them, the current venture capital being invested enterprises technological innovation (with the number of patents to identify) had no significant effect; the lag phase of the venture capital being invested enterprises technological innovation (with the number of patents to identify) has significant positive role in promoting; lag two venture capital being invested enterprises technological innovation (identified with the number of patents) although it has a significant positive role in promoting, but its role in the gradual decline; behind three of the venture capital of the invested enterprise technology innovation (identified with the number of patents) although it has a significant positive role in promoting, but its role in the further and gradually weakened. (3) venture capital in China technological innovation on the relationship between positive affect mechanism, companies have the technological innovation ability of enterprises to obtain the number of venture capital investments, and no significant impact, that is whether the business technological innovations are not ready to attract venture capitalists favor the necessary conditions.This study, on the one hand is the risk of investment theory, the theory of independent innovation in China venture capital and business expansion of the theory of independent innovation, on the other hand, for our businesses how to effectively use venture capital to promote the scientific enterprise innovation, so as to enhance the use of venture capital to promote business efficiency and effectiveness of innovation, provides an effective practice for reference. Therefore, this study, both in theoretical development level, or in the specific implementation at the operational level, are of great significance and value.