The Impact Of Venture Capital Intervention On Technological Innovation Of Startup Enterprises

With the increasing influence and scale of venture capital in China’s economic development,venture capital is playing an increasingly important role in promoting the development of small and medium-sized enterprises in China.The topic of venture capital’s influence on technological innovation is also discussed.More and more attention by enterprises and scholars.However,due to the late start of domestic venture capital and the lack of easy access to data,domestic research on this field is mostly focused on theoretical research and empirical research based on national and industry level data,but the research of foreign scholars in this field has become more and more mature.In order to enrich and improve the domestic microfinance perspective in this field,this paper chooses the listed companies of China as a sample source.On the basis of understanding the present situation of venture capital and technological innovation in our country,This paper analyzes the influence factors of venture capital and technological innovation on the basis of analyzing the mechanism of the impact of the two models,constructs the theoretical framework for empirical research,and finally constructs the input and output of technological innovation The paper analyzes the influence of venture capital on the technological innovation of enterprises.In the part of theoretical research,this paper first analyzes the influencing factors of venture capital on technological innovation,and divides them into the basic elements of influence and the elements of technological innovation investment,including: venture capital,enterprise R & D cost input,R & D personnel input The incentive mechanism,the supervision and control mechanism,the value-added service,and then the influencing factors as the starting point to build the mechanism of the impact of venture capital on the technological innovation model,and finally to simplify the mathematical model to explain,for the subsequent empirical study to build the theoretical platform.In the empirical research part,this paper selects 49 listed companies as the sample data,and uses the panel data model to carry out regression analysis,and draw the conclusion of the empirical study.The results show that,firstly,the venture capital has a positive effect on the technological innovation of the enterprise.The specific performance is that the proportion of the venture capital institutions is positively related to the input and output of the enterprise technological innovation.Secondly,the enterprise technical personnel input and the enterprise R & D expenditure will have a positive impact on the enterprise’s patent output,and the empirical data show that the R & D cost of enterprise R & D investment to the enterprise’s patent output is greater than the role of R & D technical staff investment in patent output;Finally,through empirical research,This paper also finds that the role of R & D investment in enterprise’s patent output is also greater than the effect of venture capital on the enterprise’s patent output.Finally,according to the conclusion of the study,this paper puts forward that the enterprises should strengthen their own technological innovation and the training and introduction of R & D technical personnel.The government should give policy support to the technological innovation activities and improve the training and attracting mechanism of technological innovation talents,Venture capital institutions should continue to absorb and integrate their own resources to continue to contribute to business innovation policy recommendations and revelation.