Research On The Impact Of Venture Capital And Government Subsidy On Technological Innovation Of Science And Technology Listed Companies

There are two main problems faced by companies in technological innovation: First,insufficient capital investment;Second,the level and ability of corporate innovation is low.And the level and ability of corporate innovation is constrained by the lack of management experience,lack of innovative resources,unable to be supervised effectively,and impeded transformation of innovation results.Research by domestic and foreign scholars on technological innovation has found that venture capital institutions and government are the two main entities that promote technological innovation of enterprises.They not only provide direct financial support for enterprises to solve the problem of insufficient capital investment,but also provide enterprises with rich management experience and innovation resources to give support for the transformation of innovation results.However,most of the current researches are based on the unilateral research on the impact of venture capital or government subsidies on technological innovation and have not reached a consistent conclusion.Few scholars conduct theoretical analysis and empirical test for the issue of the impact of the interaction between venture capital and government subsidies on technological innovation.Therefore,systematic and in-depth analysis of the impact of venture capital,government subsidies,and their interactions on technological innovation of enterprises has important theoretical and practical significance.This article mainly does the following two aspects of work,theoretical analysis: this paper systematically combine the mechanism ofthe impact of the venture investment,government subsidies and the interaction on corporate technological innovation.Empirical test: this paper selects the science and technology listed companies in China's GEM as the sample from 2009 to 2016;uses the patent application volume(patent)as an interpreted variable to measure the level of technological innovation of enterprises;selects the percentage of shares held by venture capital institutions(vc)and government subsidy amount(gov)as explanatory variable,at the same time,the three indicators of the company's establishment age(age),asset size(size),and debt ratio(debt)are introduced as control variables.Through the establishment of a regression model,the effect of venture capital,financial subsidies and their interaction on the technological innovation of enterprises is empirically tested.The empirical test results show that venture capital has a positive effect on corporate technological innovation,but the impact is not significant;government subsidies have a significant positive advancing effect on corporate technological innovation,and is significant under the5% condition;the interaction between venture capital and government subsidies is positively related to corporate technological innovation,and is significant under 1% conditions;The interaction between venture capital and government subsidy has greater impact on corporate technological innovation than the independent effect of venture capital on corporate technological innovation,which shows that the combination of venture capital and government subsidy can better promote technological innovation of enterprises.