| Science and technology is the first productive force.Any major leap in the history of the development of human civilization was derived from a significant breakthrough in science and technology.With the rapid development and increasing complexity of the world economic.The innovation of science and technology has become the driving force for the economic development in a country,and also one of the commanding heights of economic competition among various countries or economies.As the fastest growing country in the world,China has been facing severe challenges brought by the knowledge economy and unforeseeable market opportunities in the post-financial crisis era.For the purpose of maintaining high-speed economic growth and moderate development,China is supposed to China should draw support from scientific and technological innovation to promote economic development,and accelerate the progress of industrial upgrading as well as economic transition.As the second largest economy in the world,there is a huge disequilibrium among regional economic growth and technological innovation in China.Venture capital investment,as a newly emerging way of investment,has a short development history in China.However,developed countries in Europe and America have proved that venture capital has great promoting effect on and promotion of technological innovation.Venture capital pursues long-term high returns and has the ability to withstand high risks,perfectly matching the development of high-tech companies with huge growth potential,finally becoming the key force to promote regional technological innovation.At the same time,regional technological innovation can attract more venture capital by providing high-yielding investment opportunities for venture capital,attracting more venture capital.The mutual promotion between venture capital and technological innovation is significant for promoting independent innovation and building an innovation-oriented country.Therefore,the study of the interaction between venture capital and technological innovation has certain practical significance.Based on the analysis of the panel data for 274 cities in China from 2005 to 2015,this paper builds a dynamic panel model to study the interactive relationship between venture capital and urban innovation.The empirical results show that the urban innovation has an obvious attraction to venture capital,whereas venture capital suppresses urban innovation at the beginning and gradually pr omotes it in two years.Simultaneously,this paper finds that the current performance of innovation and venture capital investment in a city have a positive correlation with the their past level.Finally,the robustness of the estimated results is verified by replacing estimation models and adding control variables. |
