The Relationship Between Private Equity Fund And Technological Innovation Of Enterprises

The development of economic globalization has made international competition increasingly fierce.If countries all over the world want to gain a dominant position in the fierce international competition,they must constantly strengthen their own innovation capacity building.Since the establishment of an innovative country,China's innovation capability has been rapidly improved and widely recognized internationally,but there is still a long way to go to become an innovative country.Enterprises are the mainstay of the market and the mainstay of technological innovation.Therefore,the key to building an innovative country is to improve the innovation capability of enterprises.However,the high risk of technological innovation activities makes it difficult for most companies to obtain sufficient funds for innovative investment through traditional financing channels.As a new type of direct financing,private equity investment focuses on investments in high-risk,high-yield areas that closely match the characteristics of corporate technology innovation activities.Therefore,the development of private equity fund is of great significance to promote technological innovation of enterprises.This article aims to study the relationship between private equity fund and corporate technological innovation.Firstly,this paper sorts out the relevant literature on the theory of technological innovation,and sorts out the related research on private equity fund and technological innovation at home and abroad.Secondly,this paper introduces the basic theories such as information asymmetry theory,principal-agent theory and resource dependence theory,and explains the effect of private equity fund on technological innovation from four perspectives: financial support,value-added service support,social network resource support and incentive and restraint mechanism.Thirdly,combined with the above theories,this paper puts forward several research hypotheses from the perspectives of technological innovation input,technological innovation output and technological innovation efficiency.Among them,the technical innovation input index is R&D input intensity,and the technical innovation output indicator is the output of intellectual property(including invention patents,utility model patents and software copyrights),the efficiency of technological innovation is obtained by measuring the relative efficiency of technological innovation activities through the SFA model.Finally,based on the proposed research hypothesis,this paper constructs the corresponding model to verify it.In the empirical study,this paper takes 7256 companies in the National Equities Exchange and Quotations from 2014 to 2016 as the research sample,collecting the data obtained from Wind Database,i Find Database,tianyancha Website and China Securities Fund Association and other channels.By using the data,this paper conducts multiple linear regression analysis to study the theme of this paper.At the same time,in order to improve the reliability of the results,this paper has carried out the corresponding robustness test.The empirical research results show that the participation of private equity investment has a significant role in promoting the technological innovation investment and technological innovation output of the enterprise,but has no significant impact on the efficiency of technological innovation.There is also no significant correlation between the degree of participation of private equity fund(including the number and total shareholding ratio of private equity investment institutions in an enterprise)and the technological innovation of the enterprise.Based on the research conclusions,this paper proposes corresponding countermeasures and suggestions to further promote the important role of private equity investment in supporting emerging industries.