An Empirical Study On The Impact Of Venture Capital On Enterprise Innovation

With the rapid development of science and technology and the rapid progress of the world economy,science and technology innovation has become an important driving force of the national economy and the important factors,but also in any other country in the world to seek an important factor not to be ignored in the economic development.As an emerging developing country China is entering the reform and opening up of the deepwater area,the external face of the era of knowledge economy the market opportunity and the challenge of fierce competition,also seeks economic transformation,only rely on the technological innovation of enterprises,in order to continue to promote the rapid growth of China's economy continued.Therefore,the technological innovation of enterprises has an important role in the development of China's economic and social,the government attaches great importance to the development of enterprise technology innovation.Venture capital,as a kind of investment and financing channel,has just entered our country,but it has great influence on enterprise technological innovation and it is the consistent conclusion of the successful experience of economic development in the developed countries.Venture capital is a kind of innovative financial tools and financial support system,focus on contains high risk and high tech development area of high yield,a series of characteristics and the investment itself has just,and enterprise technology innovation can be a very good combination,innovation and entrepreneurship has become the key technology of enterprises.The development of venture capital and technology innovation plays an important role in promoting enterprise independent innovation and building an innovation oriented country.In this context,research on the impact of venture capital on enterprise technological innovation has a certain practical significance.In this paper,all of the SME board companies from 2007 to 2014 all the GEM board companies from 2009 to 2014 as the research sample,studies from the influence of holding time background,venture investment holdings,risk investment and venture capital reputation and other aspects of enterprise innovation input,innovation output and innovation efficiency.First of all,the paper studies the theoretical and empirical research on technology innovation of venture capital at home and abroad.Secondly,based on the research of domestic and foreign scholars,the theoretical analysis,and put forward its own research hypothesis.Then the fixed utility model is used to make an empirical study on the annual data of China's SME and GEM board.This paper discuss the influence of venrure capital on firm's innovation.By further dividing Venture Capital holdings into VC holdings background,whether to continue holding shares and whether there is a length the reputation of the venture capital holdings,and compare their effects on enterprise innovation,results showed that:(1)VC holdings background did not affect the enterprise innovation input and output;(2)sustained VC holdings will make enterprises to increase R & D investment and R & D efficiency;(3)the VC holding time is longer,the enterprise innovation output is higher;(4)compared with ordinary VC,the VC of a reputation in innovation promotion effect is more obvious.