Research On The Endogenous Dynamic Mechanism Of Venture Capital Institution Investment In Science And Technology Start-ups

Support and nurture science and technology start-ups at the "staggered" early stage are important to the upgrading of industrial infrastructure and economic stable growth. However, due to high investment risk for the technology-based start-up, financing difficulties has become one of the biggest hurdles that restrict its development of start-ups. Venture investment is an effective way to alleviate financing difficulties for science and technology-based small and medium-sized enterprise, it can play irreplaceable important role by a traditional commercial banks and other financial institutions. But in recent years, our country venture capital institutions investment mainly focused on the growth and maturation of the enterprise, the proportion of investment to start-ups in amount and number are still not high, which not only restrain the start-ups innovative entrepreneurial enthusiasm, but also weaken the function of venture investment in the cultivation of high technology industry. Therefore, the endogenous dynamic mechanism research of venture capital investment in high-tech start-ups at China, has very important practical significance to the development of innovative enterprises, incubation and cultivation for the future of emerging industries and promotion of economy to high-end level. At the same time, it has important theoretical significance to deepen and enrich venture investment theory.This article focus on researching endogenous dynamic mechanism of venture capital institutions investment to high-tech start-up based on the characteristics of venture capital institutions "heterogeneity" to "fit" and "feasibility" perspective. Through literature research and field investigation of venture capital institutions at home and abroad, we systematically analyzed and identified the endogenous dynamic influence factors of venture capital institution investment to start-ups, constructed the model for endogenous dynamic mechanism of investment to start-ups, proposed hypotheses and verified these hypotheses through SEM based on the Questionnaire of 158 VCs from Beijing, Zhejiang, Hubei, Fujian, Jiangsu, Shanghai and other places.Compared with the existing relevant research results at home and abroad, the main innovation of this paper lies in we proposed the endogenous dynamic mechanism theoretical model from the perspective of "fit" and "feasibility" base on the theory of TTF and FVM, and then revealed the endogenous dynamic influence factors and mechanism of action of venture capital institutions to start-ups based on the empirical analysis of SEM, enriched theoretical system of venture capital. The conclusions of this article provide a direct empirical evidence for VC investment in start-ups decisions.