The Influence Of Venture Capital On The Technological Innovation Of Agricultural Listed Enterprises In China

It is fundamental for agricultural development to lie in agricultural modernization.To realize agricultural modernization,agricultural technological innovation is relied absolutely.Agriculture-related enterprises play an important role in improving the capability of agricultural technological innovation.Due to the special nature of asset,high research and development(R&D)risk and long research period,it is difficult to obtain financial support from traditional financial institutions.Venture capital can meet the financial needs of agriculture-related enterprises,also,it alleviates the financing pressure generated by technological innovation,provides multi-faceted support for technological innovation of agriculture-related enterprises through the role of certification,supervision,and marketing guidance.This paper takes the micro-subject of agricultural technological innovation as the starting point to find out the influence of venture capital behavior and its heterogeneity on the technological innovation of China’s agricultural listed enterprises,in order to expand the venture capital into agricultural industries,solve the financing issues of agriculture-related enterprises,and improve its technological innovation capabilities,promote the rapid development of agricultural modernization.Basing on the research results at domestic and abroad,this paper integrates the particularity of technological innovation of agriculture-related enterprises,using an evolutionary game model between venture capital and technological innovation,in order to find out the mechanism of venture capital and technological innovation of agriculture-related enterprises.This paper uses PSM,eliminating the attraction of technological innovation of agricultural listed enterprises to venture capital,and simply studying whether venture capital behavior has positive influence.Then,using multiple regression models to examine the influence of venture capital strategies and venture capital holdings on technological innovation of agricultural listed enterprises.The main conclusions of this research are as following:(1)The technological innovation ability of agriculture-related enterprises is the key to have an open access to venture capital.Venture capital plays a promoting role in technological innovation of agriculture-related enterprises.The rational distribution of the income from venture capital and agriculture-related enterprises through technological innovation is a prerequisite for agriculture-related enterprises to choose innovative strategies and venture capital to choose investment strategies.(2)Participating in venture capital has a statistically significant positive influence on the technological innovation input and output of agricultural listed enterprises in China.Specifically,the agricultural listed enterprises with venture capital can effectively increase the investment of R&D and the patent applications.(3)The different types of venture capital have different influences on the technological innovation.Joint venture capital has no significant influence on technological innovation input,while has a significant positive influence on output;venture capital holdings has an effectively promoting influence on both technological innovation input and output.Finally,based on the results of theoretical analysis and empirical research,this paper puts forward the following suggestions :(1)accelerate the establishment of agricultural technological innovation venture capital guidance fund;(2)cultivate the technological innovation ability of agricultural listed enterprises;(3)guide the agricultural listed enterprises to make full use of advantageous resources of venture capital;(4)strengthen the cultivation of talent team of agricultural technological innovation venture capital.