| Today,the development of science and technology is becoming an important force driving the progress of human society.Various innovative technologies have brought challenges as well as the growth of world economy.Chinese society is developing rapidly.In the face of the intensified international market competition,the development of innovative technology industries and the development of innovative products are important to the growth of the national economy,and innovation investment has become the focus of people's attention.Venture capital in China is developing rapidly.Many scholars have studied the relationship between venture capital and innovation investment,but they seldom consider the regulating role of financial development.In addition,their measurement of innovation investment also has some deficiencies.They only use the independent research and development investment of enterprises,and do not consider the investment of enterprises directly from the external purchase of innovation technology.China's emerging enterprises are gradually becoming an important force supporting the national economic growth.Due to their particularity,these enterprises are difficult to obtain sufficient funds through traditional financing channels and will rely on venture capital.Therefore,this paper conducts an empirical study on financial development,venture investment and innovation investment of emerging enterprises.This paper uses the sum of investment of independent research and development and investment of purchasing innovation technology as the innovation investment of enterprises.Taking relevant data of emerging enterprises from 2013 to 2016 as the research sample,this paper empirically tests the relationship between financial development,venture investment and innovation investment of emerging enterprises.The results show that :(1)the larger the venture capital shareholding ratio is,the larger the innovation investment of the emerging enterprise is;(2)the higher the level of financial development,the stronger the promoting effect of venture capital onthe innovation investment of emerging enterprises.Then,this paper conducts research on the independent research and development investment and the investment of purchasing innovation technology respectively,and obtains the following conclusions :(1)the larger the venture capital shareholding ratio is,the larger the independent research and development investment of the emerging enterprise is;The higher the level of financial development,the stronger the role of venture capital in promoting the independent research and development investment of emerging enterprises.(2)the larger the venture capital shareholding ratio is,the smaller the external purchase innovation investment of emerging enterprises is;The inhibitory effect of venture capital on the external purchase of innovative investment by emerging enterprises is not based on the level of financial development.Finally,this paper analyses the research conclusion and puts forward some suggestions. |
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