Research On The Impact Of Venture Capital On Technology Innovation In High-tech Industry

As a new type of investment and financing mechanism,venture capital can not only promote the development of high-tech industry,but also meet company's financing needs of technology innovation,which is conducive to improving the level of technology innovation.Although China's venture capital started late,the sound development of policy support system and improvement of capital market system help promote the rapid development of venture capital industry.The impact of venture capital on technology innovation has always been a concentrated issue,but no same conclusion has been made so far.Therefore,what is the impact of venture capital on the level of technology innovation in China?On the basis of defining the related concepts and reviewing the previous studies,this dissertation analyzes the mechanism of venture capital in technology innovation,takes the high-tech industry as the object of study,and explores the influence of venture capital on the technology innovation efficiency of high-tech industry by adopting DEA model.And this dissertation also considers other related factors,such as the size of enterprises,regional differences.Then,applying independent sample T test,nonparametric Mann-Whitney test and multiple linear regressions to analyze the impact of venture capital on the companies in terms of technology innovation and performance.Based on the theoretical research and empirical analysis,this dissertation draws the following conclusions:(1)Compared with R & D,venture capital has a greater impact on the technology innovation efficiency in high-tech industry;(2)Compared with the central and western regions,venture capital has a greater impact on the enterprises' technology innovation in the eastern region.Finally,given China's national conditions,this dissertation puts forward the corresponding policies.