Effects Of PE/VC On The Creativity Of Small And Medium-sized Manufacturing Enterprises

The small and medium-sized manufacturing enterprises' innovation ability is the key of industrial upgrading,because they are the most innovative part of Chinese industries.This paper takes the innovation ability of small and medium-sized manufacturing enterprises as the research object to research the effect of PE/VC on innovation ability.This paper chooses 102 companies listed on NEEQ(National Equities Exchange and Quotations)as samples and sets the number of patents as the indicator of enterprise innovation ability.Through using correlation test,mean test and multivariate correlation regression,this paper analyses the relationship between the number of patents and the factors of investment,such as the investment stage,institutional background and the participation in enterprise management.Then,through the mathematical model and the empirical research,this paper comes to some conclusions.These conclusions include the followings:PE/VC has positive effects on the innovation ability of small and medium-sized manufacturing enterprises;co-investment is better than Independent investment;comparing other Investment institutions,state-owned Investment institutions have negative effects on the innovation ability of those enterprises;if Investment institutions participate in the management of those enterprises,the innovation ability of those enterprises will be better.Finally,the innovations of this paper are mainly reflected on the research methods and the theoretical innovation.This paper researches the impact of Investment institutions'participating in the management of those enterprises and the background of Investment institutions,this has more practical significance.