Research On The The Influence Of Venture Capital On The Innovation Performance Of Sci-tech SMEs

With the deepening of a new round of scientific and technological revolutions and industrial reforms,small and medium-sized SMEs in the middle of the whole industrial chain are playing an increasingly important role in alleviating employment pressure and promoting regional industrial transformation.However,due to the high demand for specialized financing of science and technology,many small and medium-sized enterprises' innovation and development are constrained by shortage of funds.In order to solve this problem,the central and local governments proposed to develop venture capital to support SME innovation.Under the dual role of policy support and market siphoning,the venture capital industry has quickly set off a wave of development in the country,but it also exposed a series of problems.Many people have such doubts: Can venture capital really enhance the innovation performance of SMEs?This paper takes 942 new three-board technology-based small and medium-sized enterprises in Shanghai,Shenzhen and Suzhou as the research object.First,it uses the DEA super-efficient BBC model to measure whether there is risk investment in the company's innovation efficiency.Then use the negative binomial regression to analyze the impact of venture investment characteristics such as “holding proportion” and “capital background” on the innovation capability of the company.The study finds out that: The involvement of venture capital can enhance the innovation efficiency of SMEs,in which the joint investment model and corporate innovation have a positive regulatory effect,and shareholding ratio and reputation and corporate innovation have a negative regulatory effect.