Study On Effect Of Venture Capital On ChiNext Listed Companies’ Technological Innovation Efficiency

In recent years, venture capital and enterprise technological innovation and its relationship from the micro perspective, along with mechanism have became the focus of international research. Technological innovation for business and social significance is self-evident. Technological innovation is the driver of society development and the core competence of the company. Since 1990 s, venture capital has become an important part of the economic chain. By 2015, the private equity market has undergone 8365 investment deals, and the transaction amount of more than 500 billion Yuan, hitting a new record. In China, there is a gap in collecting data comparing to the developed countries. Obtaining the sample data from micro perspective is difficulty, which results that most research are based on macro data. So research on venture investment is waiting to be sufficient.Firstly, I find the theory and the literature relating to the venture capital and technological innovation efficiency. Then, from the perspective of economic theory and model analysis, I used treatment effect model, collecting a large number of non-financial data for excluding "self-selection" of venture capital and technology innovation efficiency. Finally, I demonstrate that venture enterprise technological innovation can promote efficiency. Based on this result, I further study the moderator effects of corporate governance on venture capital and technology innovation efficiency. For this purpose, I employed both the methods of theoretical analysis and statistical analysis. I find that corporate governance has a significant moderating role for venture capital, thereby affecting the effect to venture capital in promoting, basing on the empirical and theoretical research study. My further analysis reveals the ownership concentration has negative moderator effects on venture capital and technology innovation efficiency; control concentration has negative moderator effects on venture capital and technology innovation efficiency; moderator effects of board size has not been proven.