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

Innovation is the driving force of economic growth and social development,as an important part of innovation,industry innovation has become the important factor to measure a country's comprehensive competitive strength.The innovation activities of high-tech enterprises need money and other resources,however,the traditional financing means tend not to meet their funding needs,venture capital arises at the historic moment and become the booster for promoting high-tech industry innovation.The investment activities of venture capital in China shows the characteristic of obvious agglomeration in the regional distribution.Venture capital agglomeration can promote the spread of knowledge and resources,accelerating technological innovation process.Research on the influence of venture capital agglomeration to high and new technology industry innovation has important practical significance to the guide of venture capital flows.To research the influence of venture capital agglomeration on high and new technology industry innovation,this article combines qualitative analysis with quantitative analysis.Qualitative analysis define the concept and scope of venture capital and the high-tech industry,then introduce the theory of industrial agglomeration and industrial innovation.After this,the analysis of high and new technology industry innovation demand for venture capital and analysis of mechanism of venture capital agglomeration on high and new technology industry innovation are made.The venture capital amount,venture capital case number and venture capital agglomeration index are used to describe the status quo of venture capital agglomeration.Results show that the degree of venture capital agglomeration varies in different areas.Using 27 provinces and cities related data in 2005-2015,panel data models are established to empirical study the influences of venture capital agglomeration on industry innovation of the high-tech industry,the pharmaceutical manufacturing industry,the aerospace and equipment manufacturing industry,the electronic and telecommunication equipment manufacturing industry and the medical equipment and instrumentation manufacturing industry.Empirical results show that venture capital agglomeration has significant positive effects on innovation of the high-tech industry,the pharmaceutical manufacturing industry and the medical equipment and instrumentation manufacturing industry.However,the positive effects of the aerospace and equipment manufacturing industry and the electronic and telecommunication equipment manufacturing industry are not significant.In addition,both the R&D input intensity and the level of human capital have significant positive influence on industry innovation,the coefficients of R&D investment and human capital are greater than venture capital agglomeration,which means venture capital has not been able to become the main support force of high-tech industrial innovation in China.According to the research conclusion,policy recommendations are made to better develop venture capital,so it can promote technology innovation more effectively.