Research On The Influence Of Venture Capital On Technological Innovation Of Smes

At present,a new round of industrial revolution and technological revolution is emerging.Countries are paying more and more attention to technological innovation and have taken technological innovation as the core strategy.China's economic aggregate ranks among the top in the world,but the overall level of productivity is relatively low.In order to improve productivity and cope with the new development trend,China strongly encourages enterprises to conduct technological innovation.Capital is the guarantee for enterprises to carry out technological innovation activities,but smes with a high density of knowledge and technology are faced with financing difficulties,which are effectively alleviated by the participation of venture capital.Since the 1980 s,the Chinese government began to pay attention to and issued many policies to encourage the development of the venture capital industry.After more than 30 years of development,China's venture capital industry in the number of institutions and investment scale has been significantly improved.Venture capital supports the growth of small and medium-sized enterprises in terms of capital and technology,which plays an important role in promoting the technological innovation of small and medium-sized enterprises,thus promoting the development of economy.In order to study the impact of venture capital on smes' technological innovation,this paper first analyzes the mechanism of venture capital's role in smes' technological innovation from a theoretical perspective.The theoretical research shows that venture capital not only provides enterprises with a large amount of capital,but also provides enterprises with talent support,industry experience and other value-added services.For smes,the participation of venture capital not only alleviates their financing pressure,but also improves their technological innovation ability to a great extent.Secondly,from the empirical level,we selected the gem listed enterprises from 2009 to 2016 as samples,and tested the impact of venture capital on the technological innovation of smes from three dimensions,namely,venture investment participation,investment duration and joint investment.Empirical research shows that venture capital has a significant role in promoting the technologicalinnovation activities of smes.Enterprises with venture capital participation are more capable of technological innovation than those without venture capital participation.Among the enterprises with venture capital participation,the longer the term of venture capital investment,the higher the technological innovation ability of the enterprises.The technological innovation ability of enterprises with joint investment of multiple venture capital institutions is higher than that of enterprises without joint investment.According to the conclusion of theoretical analysis and empirical analysis,this paper proposes that we should broaden the sources of venture capital and improve the exit mechanism of venture capital.Encourage enterprises to make full use of venture capital and improve their ability to absorb knowledge and technology;Standardize the market order,for the development of venture capital industry to create a good market environment and other countermeasures and Suggestions.