China’s Venture Capital And New High-tech Industry Innovation--based On Theoretical And Empirical Analysis Of China’s New Hi-tech Industry

In recent years, China’s venture capital industry developed vigorously, does venture capital in the Chinese economic environment can be like the developed countries in Europe and America, which plays their due function and make contribution to the construction of national innovation system and the development of high-tech industries? This article analysis the question from the point of view of theoretical and empirical research venture capital and high technology industrial relations:in theoretical way, this paper analysis risk investment to promote the innovation of the high and new technology industries through mechanism adaptation, financial contracts, resources complementary angles; in the empirical analysis, after the research of Chinese venture capital industry including the development history and problems,i come up with a multiple regression model, based on the regression analysis, we find that venture capital in China cannot promote the of China’s high-tech industry total factor productivity and technology efficiency increase, R&D input can promote our country’s hi-tech industry total factor productivity and technology efficiency increase, but when we increase R&D input, by increasing of the VC/R&D input we can significantly improve the increase of the proportion of China’s high-tech industry total factor productivity and technology efficiency; Another empirical analysis in high and new technology industry indicates that there does not exist correlation relationship between Chinese patent filings and venture capital investment, but there is significant correlation with R&D input. After the theoretical and empirical studies, this paper puts forward macroscopic and microscopic advises such as policy suggestions to guides the venture capital to support the high and new technology of industrial innovation.