Research On The Impact Of Venture Capital On Technology Innovation

Since the reform and opening up,China's economy has been in the pattern of factor input growth for a long time.Facing the constraints of population,environment,resources,consumption,our country proposed an innovation-driven development strategy in 2012.As the economy enters the "new normal"and the "mass entrepreneurship and innovation"activities,venture capital has become an important driving factor for promoting innovation and entrepreneurship.China's original imitation and catch-up innovation model has gradually evolved into an independent innovation model dominated by homogeneous competition,leading and original technologies.The evolution of this innovation model is not spread in every inch of land in China.Cities are highly correlated with human resources agglomeration and high-end factor inflow.Therefore,as a key element of innovation,especially in the cities where high-end innovation elements are concentrated,how to create a good innovation and entrepreneurial ecology makes isolated innovation elements organically integrate,inducing innovation and creative industries,thus making China truly move towards independent innovation.The process of integration and transformation is of great significance to the country.This paper focuses on the urban innovation and entrepreneurship ecology to study the impact of venture capital on technological innovation.From the perspective of the city tries to answer whether the risk investment has an impact on technological innovation,how much the impact has and how the city's innovation and entrepreneurship ecology is involved in venture capital and technological innovation.In order to explore the impact of venture capital on technological innovation from the perspective of the city,this paper first discusses the related concepts and situations of venture capital,technology innovation,urban innovation and entrepreneurship ecology,and then focus on relevant literature from traditional,in-depth research and urban innovation and entrepreneurship ecological perspective.This paper reviews the relevant literature on the impact of venture capital on technological innovation and reviews these documents.This paper attempts to analyze the relationship between venture capital and technological innovation from the perspective of urban innovation ecology,and draws an analysis of the interaction mechanism between urban innovation and entrepreneurship ecology and venture capital.The article also analyzes the status quo of innovation and entrepreneurship in Beijing,Shanghai,Shenzhen and Hangzhou through the form of case analysis.This distinctive urban style makes China's innovation and entrepreneurship in the city unique and leading.China's cities have gradually become the leaders of international competition.In the empirical aspect,the article selects the data from 2005 to 2017 of the top 30 cities in China's innovation and entrepreneurship environment for empirical research.The study found that when considering government technology expenditures,the output elasticity of venture capital to technological innovation is 0.028,while the government technology expenditure elasticity of technology innovation output is 0.124,which is 4.43 times of the venture capital.After replacing the explained variable from the city patent application acceptance into the urban invention patent applications,the conclusion is still stable.When considering the R&D input intensity,the technical innovation output elasticity of venture capital is 0.059.For each unit of urban R&D input intensity increased,the technological innovation output increases by 18.7%.The conclusion is still stable after replacing the dependent variable.Urban facilities environment,opening up,financial development and human capital have always had a significant positive impact on technological innovation.