Influence Of Venture Capital Network On Innovation Efficiency Of Start-ups

On the background of knowledge-based economy, technology and science are becoming the decisive factor of one country’s comprehensive national power. The Shenzhen SME Board and GEM Board are the enterprises that make innovation as the core competitiveness. For start-up enterprises, continuous innovation is the key to survival, the increasing technical information is the core competitiveness of growth, information sharing with high efficacy and low cost is the crux of survival and developing in the new competitive environment. The healthy development of the industry has an influence on China’s enterprise business, high-tech innovation and industrial upgrading. With the rapid progress of globalization and the trend of network development, venture capital presents the characteristic of microscopic. As a result, whether be in the part of joint investment is no longer important, the thing is from the Web-based point of view to research the reason of some venture-backed start-ups have higher innovation capability and can achieve better development.Firstly, this paper discusses the formation mechanism of venture capital network. Then analyzes the relationship between start-ups and venture capital networks, the causes of venture capital network’s formation, and after that this paper describes the how venture capital network effects innovation efficiency and explain the characteristics of small-world networks. These are the theoretical foundation of this paper. Then this paper visualizes the evolution of venture capital network, and it is divided into three parts, that are infancy, slow development and rapid development.Secondly, for venture capital network, this paper tries from two different perspectives to analyze it. From the overall network and individual network, analyzes the main variables of venture capital network, and analyzes how the centrality, structural holes restrictive and density effect the innovation efficiency. Use the method of data envelopment analysis, on the base of CCR model, calculate the innovation efficiency. And find that different industry has different efficiency. And try to find the reason.Thirdly, through multiple regression analysis, test the impact that network made on venture capital start-ups innovation efficiency. The results show there is a positive correlation between network and start-ups innovation efficiency, and verify the venture capital network has the characteristics of small-world network, which can effectively promote start-ups to enhance innovation efficiency.