Research On The Influence Of Venture Capital On Financing Constraints Of High-tech Enterprises

Along with the development of the global economy and the era of knowledge networks,the level of technological innovation and knowledge research and development in various countries is gradually rising,becoming the decisive factor in the development of national economic strength.At present,China relies mainly on high-tech enterprises to develop technological innovation.Although the industry has developed rapidly,there are still many problems and shortcomings.The primary problem is financing constraints,including the lack of financing channels and high financing costs.In the case of coexistence between development and problems,venture capital as a powerful financing method for start-ups will inevitably receive more attention.High-tech enterprises will also strive for venture capital first in the case of external financing difficulties.Studying the impact of venture capital on the financing constraints of high-tech enterprises has profound practical significance for the development of venture capital industry and high-tech enterprises.This paper analyzes the impact of venture capital on the financing constraints of high-tech enterprises from two aspects: theory and evidence.In terms of theory,it defines the venture capital and China's high-tech enterprises,analyzes its characteristics,combines the life cycle and financing channels of China's high-tech enterprises,and analyzes the concept and factors of financing constraints,and analyzes the involvement of venture capital.The mechanism of financing constraints of high-tech enterprises;selected 574 high-tech enterprises listed in China from 2012 to 2017,a total of 3444 observations,for risk-free investment,venture capital shareholding ratio,joint venture investment and venture capital Four aspects of the government background propose four hypotheses and models for financing constraints;select financial variables to use the logit regression to construct financing constraint indicators,and descriptive analysis and correlation analysis of the data to determine the panel data model,using EViews10.0 for the panel The regression analysis of the data and the robustness test,and the high-tech enterprises are divided into state-owned background and non-state-owned background,and the impact of venture capital on the financing constraints of high-tech enterprises is tested.The results are as follows:(1)Risk investment intervention helps to alleviate the financing constraints of high-tech enterprises,and its mitigation effect is more obvious for high-tech enterprises with state-owned background and non-state-owned background.(2)In the full sample test,the higher the proportion of venture capital shareholding,the lower the financing constraint of high-tech enterprises;the non-government background venture capital is also more conducive to alleviating corporate financing constraints;joint venture capital and financing constraints of high-tech enterprises Level is irrelevant.(3)For the two sub-samples of high-tech enterprises with state-owned background and non-state-owned background,the higher the proportion of venture capital shares,the more it can alleviate the financing constraints of non-state-owned high-tech enterprises;the joint venture capital can alleviate the financing constraints of state-owned high-tech enterprises.Non-government background venture capital can alleviate the financing constraints of state-owned high-tech enterprises and non-state-owned high-tech enterprises,and is superior to government background venture capital.