Research On The Mechanism Of The Influence To Venture Capital On Enterprise Technological Innovation

The rapid development of world economic proved that science and technology have a significant contribution to economic growth, while technological innovation is one of the crucial annulus between science technology and economic growth. So only constant pursuit of technological innovation, the companies can survive and develop in the fierce competition, and improve the core competitiveness of enterprises. Venture capital, as a financial instrument, focusing on the high-tech field, exactly adapted to the development of innovative enterprises. Therefore, it will be of great significance to further research on the mechanism how venture capital promotes the technological innovation.This thesis includes theoretical analysis and empirical research. In the theoretical analysis, the first, it will describe the concept of venture capital, syndication and technological innovation, reviewing the relevant literatures on venture capital and technological innovation. Secondly, it will review and analyze the theories of resource-based theory, the financing gap theory and principal-agent theory. Finally, from the two aspects that venture capital provides capital and non-capital value-added services analysis the promotion mechanism of venture capital and technological innovation. In the empirical analysis, I got 361 companies from 2009 to 2014 as the research objects from GEM, and considered the impact of venture capital on the technical innovation inputs, outputs and efficiency. Use Stata12.0 software, building multivariable linear regression model and negative binomial distribution regression model, empirical research the impact of venture capital on the technical innovation inputs, outputs and efficiency. The empirical results show that venture capital promote the inputs of technology innovation and have no significant relationship with the outputs of technological innovation; syndication have significant positive correlation with technical innovation and greater impact on innovation than single venture capital; venture capital, syndication is significantly positively correlated on technical innovation efficiency, and syndication have greater impact on innovation than single venture capital. Finally, some corresponding policy suggestions are put forward and limitation.