Venture Investment For The Development Of Strategic Emerging Industry Effect Analysis Of The Research

In September 2010 the state council deliberation and through the principles "the decision of state council made on accelerating the development of cultivation the strategic emerging industries". Conference pointed out that the development of strategic emerging industries is based on the major technological breakthrough and market demand. Speed up the cultivation can promote the upgrading of industrial structure and change the pattern of economic development, enhance China’s independent development ability and international competitiveness, promote sustainable economic and social development. In recent years, the growth rate of industry was significantly higher than the traditional industries, show strong growth momentum, the whole strategic emerging industry’s profit growth and income profit margins are higher than the same period of traditional industrial, some industry growth rate is more than twice of the overall economic growth, Industry in various fields has realized some major technological breakthrough, even reached the international leading level. Strategic emerging industries, however, some problems still exist, many industry still continue to use the past development of traditional industry path and thinking to develop, relying too much on financial support or traditional financing capital, not to seek new financing way, lead to a lot of "pseudo emerging industries", make part of the strategic emerging industry has some problems, like the overcapacity, the advantage of technology innovation has not been truly established. In this case, as a financing way in line with development of the strategic emerging industry, Therefore, venture investment not only inject the necessary capital blood for strategic emerging industries, but also can disperse the risk of the invested enterprise, the most important is that social experience of the venture investment institutions and the professional knowledge can provide value-added services for the enterprise, promote the development of strategic emerging industries.In the theoretical part, this paper combined with the characteristics of the different between strategic emerging industries and traditional industries and the financing needs of industrial development, it is concluded that venture investment is the best choice for strategic emerging industries, and then according to the factors of resource supply, risk diversification, integration and so on, this article discusses the support mechanism of venture investment strategic for emerging industries.In the empirical part, based on the Shanghai and shenzhen main board and GEM, the enterprises appeard on the market during the period from 2008 to 2013, listed on the strategic emerging enterprises as the research sample, using the strategic emerging industries company which have the support of venture investment,make the DEA model, measuring the total factor productivity change rate of strategic emerging industry development index and its decomposition, analysis the mechanism of venture investment or the traditional financing of strategic emerging industry.Finally, the conclusion on the empirical results put forward the corresponding countermeasures and Suggestions, such as:actively develop the capital market, establish a multi-level capital market system, accelerate the development of strategic emerging industries, give play to the role of government support, coordination between venture capital industry development, etc.