Research On The Influence Of Venture Capital On The Technological Innovation Capability Of Science And Technology Listed Companies

In the contemporary world,science and technology is the decisive force for the social development,which is a key factor to win the international competition.Innovation is the source of the sci-tech progress and enterprise growth,which can be an important support to realize economical transformation and social harmonious development.Only with strong capacity of innovations can the country size opportunities and gain the initiatives in the fierce international competition.In recent years,a series of national polices about innovation theme were introduced smoothly by the government,which make technological innovation as a strong source motive force promote optimal allocation of the scientific and technological enterprise resources and accelerate turning scientific and technological achievement.Scientific and technological enterprises as the main force of technological innovation,the competitive standard of the survival and development of which should be based on the level of technological innovation capability.Venture capital as a new financing system,with advantages such as high input,high risk,high yield,the flexibility of investment and financing,and the tightness of management,which showed a highly integrated state of integration with technological innovation activities.Venture capital effectively solve the financing problems of the scientific and technological enterprises,which makes it possible for the development of high-tech enterprises.In the part of theoretical research,after reviewing the relevant literature at home and abroad,combined with the overall development of the domestic venture capital industry,the research on the impact of venture capital on technological innovation capability on the basis of the corporate finance theory,the enterprise life cycle theory and the modern enterprise theory.This paper introduced the adaptability of venture capital and technological innovation mechanisms,the characteristic of symbiotic into the theory of corporate lifecycles,and which constructed a corresponding basic theoretical analysis framework for the empirical research of this paper,in order to make an overall explanation of the role and influence of technological enterprises participating in venture capital in promoting technological innovation capability.In the part of empirical research,this paper takes the sample of listed companies in China's growth enterprise market as the research object.At first,this paper selected the sample data of 229 companies in 2009-2016,the empirical test of the effect of venture capital characteristic factors on technological innovation capability by using multiple linear regression model.The results show that the three characteristic elements of venture capital background,venture capital cycle and venture capital scale were significantly different,which make scientific and technological enterprises have different effects on the performance of output of technological innovation and benefit of technological innovation.Secondly,this paper chose the empirical data of the 175 enterprises which have the background of venture capital from 2010 to 2016,the empirical test of the influence of ownership structure on technological innovation capability by using panel regression model.The results show that ownership concentration has a negative correlation with technological innovation,equity balance degree has a positive correlation with technological innovation,and non-state-owned ci-tech listed companies are more inclined to invest in technology innovation than the state-controlled sci-tech listed companies.In the end,the conclusion of this research focus on the three factors of venture capital,ownership structure and external macro-environment to discuss.The main content of the discussion is about the three factors how to play a role in making a reasonable and effective guidance in the field of technological innovation activities.On this basis,this paper provide relevant countermeasures and suggestions aimed at effective promotion of venture capital to promote technological innovation capability.