| In nowadays world the science and technology are developing rapidly, the capacity of technology innovation should not be ignored, which plays a key role in promoting the national strength and competitiveness in the world. A country must have strong technical innovation ability, in order to achieve dominate position in international competition. Facing the opportunities and challenge brought by knowledge explosion, our government pays more and more attention to enterprise technology innovation, vigorously support the development of innovative companies. However, how to expedite the development of enterprise technology innovation? Risk investment, as a kind of innovative financial tools, focus on the promotion of technological innovation. Meanwhile the successful experience of foreign venture investment plays an important role in promoting the development of enterprise technology innovation, but this does not mean the same as China’s situation. Therefore, it is necessary to further study how the risk investment effect on the enterprise technology innovation, this study has a significant meaning on promoting the enterprise independent innovation and building an innovative nationThis article is about the investigation of the influence of venture capital to the enterprise technology innovation in both theoretical and practical aspects. In the theoretical analysis, there is a lack of systematically research in mechanism of how risk investment effect on enterprise technology innovation. This article expounds the influence of the risk investment to enterprise technology innovation and the mechanism of this influence. In the article, technology innovation is divided into enterprise technology innovation input, output and benefit of three dimensions, analysis of venture capital from the three dimensions of enterprise technology innovation. In terms of empirical analysis, most of the research achievements from a macro or meso point of empirical research, the micro level involve less in research. This paper from the aspect of the micro enterprises, with the gem of the 362 listed companies as research samples, empirical test using cross-section regression model for venture capital to the enterprise technology innovation input, output and benefit. Analysis results show that the presence of risk investment background of enterprise technology innovation from three aspects, has a positive role in promoting, risk investment holdings has positive influence to the enterprise technology innovation efficiency, and has no effect on technology innovation input and output. Risk investment has a certain effect in promoting enterprise technology innovation; however this promotion effect hasn’t been fully take advantage of. At the end of the article a refined conclusion and correspond policy are provided, as well as the disadvantages of this paper and further research prospects. |
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