The Influence Of Venture Capital On Technological Innovation Of Enterprises

All along, venture capital is an important source of funding for innovative of small and medium enterprises, high-tech enterprises. As a high and new technology enterprise incubator, venture capital can effectively provide enterprises with innovation needed such as "capital injection", "value added services", "all aspects of social networking resources" and "incentive and restraint mechanisms" and other support. In other countries, research on technology innovation and venture capital has been quite thorough. This paper summarizes the relationship between venture capital and enterprise technology innovation theory and literature, and analyzes the current situation and problems of China's venture capital and high-tech enterprise innovation.To further understand the impact of venture capital on technology innovation of enterprises, given the data timeliness and availability of research, this paper use propensity score matching methods to launch the empirical research. We got 437 companies as samples from chi-next market between September 2009 to December2015 to analyze how VC impact enterprise technology innovation on input and output of innovation. At the same time, taking into account the heterogeneity of different industries, this paper study the manufacturing industry and information technology industry from all industries. The study found that, the enterprise which has VC join in have stronger capacity than the enterprise which had not VC join in both on the innovation input and innovation output; VC impact the innovative information technology industry than manufacturing industry both on input and output of innovation. The conclusions of the study are basically consistent with the conclusions of most domestic earlier findings. The study of the relationship between VC and enterprise technology innovation can provide relevant policy suggestions for the development of China's venture capital and the promotion of innovation.