The Research On The Impact Of Venture Investment On SMEs Technological Innovation

With the rapid development of science,technology and knowledge economy,innovation has become the core and foundation of enterprises,even the country's sustainable economic development and steady growth.Innovation is the first power to lead the development.Grasp innovation is to grasp the development,and seeking innovation is to seek the future.The key of adapting and leading the new normal economic development is to rely on science and technology innovation and transformation of development power.SMEs technology innovation,an important part of the national innovation system,is the key to realize the innovation strategy of our country,because of its strong vitality,flexible management mechanism and innovative consciousness.The fund demand of small and medium-sized enterprises has the characteristics of "short,small,frequency,urgency and dispersion",which makes the capital resources become the key to control enterprise's technological innovation.Venture capital,as an innovative means of financing,focus on a field of technology and development of high risk and high income at the same time.Possessing a series of characteristics and investment way,and fitting the innovation oriented enterprises,venture capital has become the key to the technology innovation of small and medium-sized enterprises.In the article,we studied the influence of venture capital on thetechnological innovation of the SMEs in GEM Board of China listed manufacturing enterprises,which is the research object.First of all,the investment risk of enterprise technology innovation mechanism was expounded from the theoretical system.Venture investment had both the capital and management function,through SMEs sharing technology risk,providing funds and promote the industrialization of the technology innovation,to promote its development,so promoted technological progress.Secondly,based on the theoretical analysis,the article putted forward the relevant research hypothesis from two aspects of the input and output of technological innovation,and considered the influence of the different shareholding ratio of venture capital.Research and analysis showed background of venture capital investment enterprises has role in promoting small and medium enterprises technology innovation input and output;participation degree of the venture capital has positive influence on technology innovation output,but beyond a certain limit,there will be a negative effect.However,to technological innovation inputs,the participation degree of Venture capital has no significant influence.Finally,the paper analyzes the conclusions of the study,and puts forward the relevant countermeasures and suggestions.