Research On The Influence Of Venture Capital On Regional Technology Innovation

With the development of technology, innovation has become a core competitiveness to the country, region, industry, and enterprises. As a type of equity financing, venture capital has become the booster of technology innovation. Regional technology innovation and venture capital are in a virtuous cycle and reciprocal causation. In the new situation that venture capital has a new trend of joint venture capital investment, the way that venture capital influence the regional technological innovation will change. Therefore, study the effect of venture capital on regional technological innovation has theoretical and practical significance.This article is based on the related theory of technical innovation and venture capital and the research on the relationship between venture capital and technology innovation by domestic and foreign scholars, comprehensive analysis and evaluation, find out the breakthrough point of the article. First of all, this paper explores the mechanism that venture capital affecting the regional technology innovation. Then this paper study on the impact of venture capital to the enterprise technology innovation from the perspective of resources complementary, incentive supervision and social network analysis. Next, the article analyzed the present development situation of venture capital and technology innovation activities, and studied the space distribution state of risk investment and technological innovation activities from the Angle of regional. The article also has carried on the spatial correlation test to technology innovation activity. Then, the article established the space Dubin model according to the actual situation of region, quantitatively studied the effect of the venture capital on regional technology innovation. The research results indicate that: First of all, venture capital can significantly promote the regional technology innovation, and has positive space spillover effect. Joint venture capital investment can promote the regional technology innovation more than a single venture capital; Secondly, R&D can effectively promote regional technology innovation, and has positive space spillover effect. Thirdly, human capital can promote technology innovation of local directly, but non-significant. Beside, human capital has obvious negative space spillover effect. The human capital level of our country remains to be improved. Finally, according to the research conclusion, the article mainly from four aspects put forward the relevant policy recommendations: First, create a good environment for the development of venture capital; Second, promote the development of the joint venture investment mode and the cooperation and exchanges of regional venture capital; Third, increase the investment in education, and improve the level of human capital; Fourth, the regional governments need to develop the venture capital to realize the linkage development of regional technological innovation.