Research On The Impact Of Venture Capital On Technology Innovation Output

Venture capital(VC),as a special kind of capital,is active in the capital market.Venture capital can not only provide sufficient capital services for enterprises,but also bring non-capital value-added services such as technology and management to enterprises.Compared with developed countries such as Europe and the United States,which started earlier with venture investment,China is still in the initial stage of development.However,with the introduction of a series of support policies and the gradual improvement of the GEM market,China's venture capital industry has also achieved rapid development.At present,China has initially formed the basic framework of the relationship between venture capital and corporate technological innovation.However,due to the impact of multiple factors on risk investment,its impact on corporate technological innovation output has not reached a consistent conclusion.So,what kind of impact does China's venture capital have on enterprise technology innovation output?Based on this background,this article analyzes theoretically and empirically the impact of venture capital on the technological innovation output of enterprises.In terms of theoretical analysis,based on the concept of “risk investment” and “technical innovation”,based on the resource-based theory,principal-agent theory and general equilibrium theory,the mechanism of venture capital investment in enterprise technological innovation is analyzed.In the empirical analysis,on the basis of reference to previous literature,alternative indicators for venture capital investment and technological innovation output are identified.This article divides technological innovation output of enterprises into two categories,knowledge output and performance output,and uses negative binomial terms.The regression model and the Multiple regression model model use 708 GEM listed companies in China from October 31,2009 to December 31,2017 as a sample to study risk investment intervention,risk investment shareholdings,joint venture investment,and venture capital nature.Impact of technological innovation output.The empirical analysis results show that:(1)The risk investment intervention is significantly positively correlated with the knowledge output of the enterprise's technological innovation;the risk investment intervention is significantly negatively correlated with the enterprise's technological innovation performance output.(2)In the venture capital investment enterprise,the risk investment holder The proportion of shares is significantly positively related to the technological innovation knowledge output of enterprises;the proportion of venture capital holdings has a significant negative correlation with the performance of technological innovation of enterprises.(3)Among the enterprises with risk investment intervention,the joint venture investment and the knowledge output of technological innovation of enterprises The impact is significantly positively correlated;joint venture investment has a significant negative correlation with the impact of technological innovation performance on the company's output.(4)Among the enterprises with risk investment intervention,the state-owned venture capital investment companies have a significant negative correlation with the technological innovation knowledge output ability of enterprises;state-owned nature venture investment has a significant negative correlation with the technological innovation performance output of enterprises.Finally,on the basis of inductive theoretical research and empirical research,the inspiration from three angles of government,industry,and enterprise is presented.