Research On The Impact Of Venture Capital On Technological Innovation Efficiency Of New Energy Enterprises

In recent years,conventional energy sources such as coal,oil and natural gas have been overused,and there is a great deal of talk that they are on the verge of shortage.At the same time,a series of environmental pollution problems,such as water pollution,air pollution,radioactive pollution,acid rain,greenhouse effect and so on,have also aroused global concern,and countries have turned their attention to the field of new energy.As the largest energy consumer in the world,China still mainly consumes coal,but its consumption shows a downward trend year by year.On the contrary,the proportion of new energy such as wind power,nuclear energy,solar energy and geothermal energy has increased significantly.In order to promote the development of new energy industry,China has launched a series of industrial policies,such as the Medium and Long-term Development Plan of Renewable Energy,the Revitalization and Development Plan of New Energy Industry,the Strategic Action Plan for Energy Development and the New Energy Plan for the 13th Five-Year Plan,and formulated the Renewable Energy Law of the People's Republic of China to promote the legalization of the new energy industry.The state lays out new energy industries and implements green low-carbon strategy to escort them.As a high-tech industry,new energy industry needs a lot of research and development funds and social resources to break through technical barriers and achieve technological innovation.Although the government has given preferential policies such as tax,subsidy and credit related to the new energy industry,the new energy industry has high risk and unstable income,which is often rejected by commercial banks,policy banks,credit cooperatives and other traditional financial institutions.Therefore,the financing problem has become the primary problem facing the new energy industry.As a new type of financing,venture capital has sufficient investment funds,abundant business management experience and social capital.It focuses on investing in high-tech fields with high risks and high returns.It is committed to obtaining equity with less capital in the early stage of enterprise entrepreneurship,helping enterprises to rapidly enhance market value within 5-7 years,and obtaining huge capital returns when they quit the enterprise.Therefore,the new energy industry has become the focus of venture capital investment,and venture capital has also been vigorously sought after by the new energy industry.This paper will analyze the mechanism of venture capital's effect on technological innovation efficiency of new energy enterprises from two perspectives of theory and empirical research,taking 78 New Energy listed enterprises as the research object,mainly from three perspectives of providing financing support,social capital and participating in enterprise management.Secondly,it will use data envelopment analysis to measure whether new energy enterprises have venture capital intermediaries or not.Based on the descriptive analysis and T-test of the comprehensive efficiency,pure efficiency and scale efficiency under the background of venture capital intervention,it is found that the technological innovation efficiency of new energy enterprises under the background of venture capital intervention is significantly higher than that under the background of non-venture capital intervention.Finally,the Tobit regression model is used to study the ownership ratio,joint investment,government background of venture capital institutions.The impact of high reputation on technological innovation efficiency of new energy enterprises shows that the proportion of venture capital holdings has an inverted U-shaped relationship with technological innovation efficiency of new energy enterprises.The joint venture capital and high reputation venture capital both play a positive role in promoting technological innovation efficiency of new energy enterprises,and the venture capital of government background plays a negative role in restraining technological innovation efficiency of new energy enterprises.Use.At the end of the paper,according to the theoretical analysis and empirical results of the previous paper,relevant countermeasures are put forward from the two aspects of government and new energy enterprises.