A Study On The Role Of Venture Capital In Manufacturing Innovation

In the past ten years,the electronic informatioon manufacturing industry occupies an important position in the development of national economy.Electronic information industry can be said to constitute the basis of China's industrialization and information technology,to promote the upgrading of China's manufacturing industry.So it has a cornerstone role in general.As a technology intensive industry,electronic equipment manufacturing industry has obvious characteristics of innovation driven,attracting a large number of venture capital.The fact that risk investment in the U.S.high-tech industry results in innovation promotion has been widely recognized in academic research.But in China,the effect of risk investment in innovation is still controversial in academic circle.So what is the role of venture capital in the innovation activities of China's electronic information manufacturing industry,how to better play the role of venture capital in the innovation of electronic information manufacturing industry?This paper tries to discuss these problems.The thesis studied the connotation and characteristics of venture capital and electronic information manufacturing industry and the theoretical mechanism of risk investment are analyzed.Then came the identification of the two stages of innovation activities and the two modes.After analyzing the mechanism of risk investment in manufacturing innovation activities of electronic information,including the early stage capital support,agglomeration and risk sharing,value-added services and other positive effects and negative effects of market orientation,loss of control may appear in the late operation.Then this paper used industry data and company data for empirical research.Firstly this paper studied the relationship between venture capital and the electronic information industry innovation in the industry level.The first part of the empirical research found that the risk of investment and the electronic information industry innovation activities of the two stage results have positive correlation between risk investment and development stage in positive correlation the more obvious,but the long-term relationship does not exist.The second part of empirical research showed that the efficiency of original innovation of electronic information manufacturing industry was significantly higher than the efficiency of second time innovation.And risk investment in the electronic information manufacturing industry has more impact on the original innovation,but less significant than government investment.Enterprise funds most for the second time innovation process.The second part of the empirical used data from companies in the mature stage,conducted the research of the impact of risk investment in electronic information manufacturing innovation activities from micro level.This paper used propensity score matching method,matched the companies in electronic information manufacturing industry listed in 2011-2012 for the elimination of self selection.And then this paper used the dynamic analysis in consideration of the IPO effect to see the comparison of patent number on whether risk investment invested in the enterprise.It is concluded that the incentive effect of venture capital on the innovation activities of the mature enterprises is not obvious,and there is a certain gap to the ideal situation.The last part summarizes the results of the previous research,and then gave some suggest on how risk investment can play a positive role in the innovation of electronic information manufacturing industry on the results of the study.The innovation of this paper is to narrow the scope of the study to the specific electronic information manufacturing industry.On the basis of this,the two stages and the process of the innovation activities are identified,and the empirical research is carried out in many aspects from both industry and enterprise aspects.