To Study The Impacts Of Venture Capital To The Enterprise Technology Innovation

Venture capital plays a very important role in promoting the development of enterprises. The enterprise is the basic carrier of technological innovation. Is venture capital also plays an important role in technological innovation of enterprises? Foreign scholars have done many researches but did not get consistent conclusions for it. Domestic scholars have done fewer researches in this field, especially there were fewer empirical studies due to the difficulty of data obtaining. The only resulting empirical studies mostly were verified the effect of risk investment on technological innovation based on the national or area level data. In order to rich the research in this field, from the enterprise level in this paper. The research samples are manufacture enterprises come from Growth Enterprise Market. At first, the inherent mechanism of venture capital affecting technological innovation is analyzed, and the theoretical framework is also constructed. After that, empirical study is designed based on the theoretical framework. Finally, the effect of venture capital on technological innovation is analyzed by collecting relevant data, from three dimensions of innovation input, output and efficiency.In the part of theoretical research, this paper based on the micro-perspective of enterprise, and makes the initiative of the enterprise innovation as the entry point. Then, this paper demonstrates how venture capital has an effect on the technological innovation from the aspects of funds, value-added services, social network resources, incentives, investment methods, investment instruments and so on. At last, the inherent mechanism of venture capital on technological innovation is concluded explained by a concise mathematical model.In the part of empirical study, the empirical study is designed based on the theoretical framework, and main conclusions can be summarized as follows:the technological innovation of enterprise would follow certain technological trajectory, and venture capital could inspire the technological innovation potential and divorced from the original technological trajectory due to the outbreak of technological innovation potential. Generally, the effect of venture capital on technological innovation is not significant, so the venture capital is only raises the possibility of original innovation, and don’t promote the enterprise innovation as most people expect. Besides, the stimulation of venture capital on enterprise innovation is hysteresis and isn’t sustainable. So venture capital would choose an enterprise which has better technological innovation accumulation, and it will take the profit away when the technological innovation potential is inspired, in order to maximize the investment income.