Research On The Relationship Between Venture Capital And Technological Innovation Performance

Technological innovation is an important way to change the mode of economic growth,but also an important engine for China's economic growth to achieve rapid growth since the reform and opening up.Its uncertainty and high risk characteristic fitted the venture capital 's high risk and high yield of the project demands.Small and medium enterprises are the most active group of technological innovation,it is the main investment object of the risk institution.With the establishment of the small and medium-sized board and the GEM,the venture capital enters the period of rapid development,and the influence on the technological innovation of the small and medium-sized enterprises is more and more depth.Its impact on the technological innovation performance of small and medium-sized enterprises for the current promotion of China's innovation-driven development strategy has practical significance.This paper discusses the impact of venture capital on the technological innovation performance of small and medium-sized enterprises through theoretical and empirical aspects.In the theoretical part,we combs the concepts,characteristics and influencing factors of venture capital,technological innovation and technological innovation performance,and then divided technological innovation performance into output performance and commercial performance.Finally,we summarizes three mechanisms of venture capital to promote technological innovation : Screening mechanism ? Resource integration mechanism and Supervision and incentive mechanism,then analyzed the influence mechanism of venture capital investment output performance and commercial innovation performance in technological innovationThe impact of venture capital on the performance of technological innovation is still controversial,it formed two conclusions: one is venture capital can promote technological innovation performance,and the other is venture capital cannot promote technological innovation performance.Therefore,the empirical part of this paper applies the negative binomial and multiple linear regression models to 164 small and medium enterprises with venture capital background,on the one hand,it analyzes the impact of venture capital on the performance of technological innovation,on the other hand,sub-sectors,sub-regions to further explore the role of venture capital investment performance differences.The results show that venture capital can promote the performance of technological innovation output,but it is not obvious in the commercialization of technological innovation.From the industry and the regional point of view,the strategic emerging industries and the Beijing?Shanghai and Guangdong area have significant industry and regional effects;and we also observed that the strategic emerging industries lack of venture capital,should be improved;Other areas technological innovation output efficiency has the potential to grow in the long-term,need further cultivate guidance.In view of this,this paper puts forward some policy suggestions,such as developing venture capital,enhancing the capital investment of strategic emerging industries and cultivating technological innovation in different regions.