China's Venture Capital Supports The Intensity Of Innovation And Entrepreneurship And Its Promotion Strategy Research

Innovative entrepreneurship and venture capital have a symbiotic relationship.The support of venture capital for innovation and entrepreneurship determines whether innovation and entrepreneurship can continue to develop healthily.This paper is based on the research mechanism of venture capital to support innovation and entrepreneurship,the research on the degree of venture capital investment in innovation and entrepreneurship,the research on the problem of venture capital investment in innovation and entrepreneurship,and the research on promoting venture capital to support the development of innovation and entrepreneurship.A summary of the combing was carried out.Starting from the mechanism of venture capital to support innovation and entrepreneurship,the mechanism of venture eapital support innovation and entrepreneurship is summarized into four mechanisms:capital investment mechanism,supervision and management mechanism,technology accumulation mechanism and network resource provision mechanism,and 200 GEMs are listed.Unlisted enterprise data is used as research sample data.It is verified by SEM model that venture capital plays a role in innovation and entrepreneurship through four major mechanisms.On this basis,using the four mechanisms of venture capital to support innovation and entrepreneurship as the carrier,the entropy method and comprehensive evaluation method are used to construct the index model of venture capital to support innovation and entrepreneurship,and to use the well-known venture capital of Top 100 in China from 2016 to 2017.The investment data available to the organization is a sample.It analyzes the support of venture capital for innovation and entrepreneurship from the perspectives of investment stage,equity ratio and shareholding period,and uses Eviews to support the venture capital institutions' innovation and entrepreneurship.The regression analysis of innovation and entrepreneurship shows that the degree of support for venture capital for innovation and entrepreneurship is positively correlated with the number of new innovations and entrepreneurs,which verifies the effectiveness of the index of innovation and entrepreneurship.Then,using the venture capital to support the innovation and entrepreneurial strength model,the investment data of China's 100 well-known investment institutions from 2008 to 2017 is taken as a sample.It is found that the support for innovation and entrepreneurship in China's venture capital investment in 2008-2012 is increasing.After 2012.The support for venture capital investment in innovation and entrepreneurship in China has been declining year by year.The data shows that China's venture capital has deviated from the purpose of promoting innovation and entrepreneurship.Through analysis,it is found that the reason for this phenomenon is that the investment stage of venture capital is more mature;in the innovation and entrepreneurship,the share of equity is small-scale and the term of shareholding is short-term;the value-added service provided after the entry of venture capital is weakened and The governance of innovative entrepreneurship is more marginalized.Finally,in view of the decline of venture capital support,the article proposes to improve the capital investment mechanism of venture capital investment in China;strengthen the supervision and management of the government to guide venture capital investment in innovation and entrepreneurship,encourage venture capital to strengthen support for innovative and entrepreneurial value-added services,and guide entrepreneurial investors to return.value investment.The main contributions of this paper include several aspects.First,from the perspective of promoting innovation and entrepreneurship,using the theory of capacity and resource integration,information asymmetry theory,principal-agent theory and name-by-name theory to analyze the mechanism of venture capital investment in innovation and entrepreneurship,and expand the existing The second is to measure the degree of support for venture capital investment in innovation and entrepreneurship,and to build a model to measure the support of venture capital to measure the support of venture capital for innovation and entrepreneurship.Relevant departments can use venture capital to support the innovation and entrepreneurship support to monitor the operation of venture capital,and adopt corresponding measures in a timely manner.Third,this paper corrects the bias of venture capitalists in the understanding of venture capital,guides entrepreneurial investors to return to value investment,and encourages innovation and entrepreneurship.