Analysis Of The Impact Of Venture Capital On The Production Efficiency Of Smart Manufacturing Enterprises

With the new round of deep integration of information technology and manufacturing,many countries have successively launched national development strategies with the theme of "smart manufacturing",and the manufacturing industry is facing a global-level industrial structure adjustment.In view of this,"Made in China 2025" is a forward-looking strategic move to comply with the industry development trend and accelerate the transformation of China's manufacturing industry from traditional manufacturing to advanced manufacturing.Enlarging the scale of the intelligent manufacturing industry and improving the efficiency of production and operation of enterprises in China's intelligent manufacturing industry will be a realistic problem facing China's transition from a large manufacturing country to a strong manufacturing country.However,as a high-tech industry,intelligent manufacturing companies often face problems such as difficulty in external financing when carrying out technological innovation and improving production efficiency.As the venture capital industry enters a period of rapid development,the equity capital properties of venture capital fit well with the current needs of smart manufacturing enterprises.While solving the current financing problems for enterprises,venture capital will also bring a series of non-assets to enterprises Value-added services.In order to study the impact of venture capital on the production efficiency of smart manufacturing enterprises,and explore the mechanism of the impact of venture capital on the production efficiency of smart manufacturing enterprises,this paper uses 2010-2017 panel data of smart manufacturing listed companies,and uses total factor productivity as the agent of corporate production efficiency,an empirical analysis of the indicators is performed.At the same time,in order to eliminate possible endogenous problems,a robustness test is performed using propensity score matching(PSM).The relevant conclusions are as follows:the involvement of venture capital has significantly improved the production efficiency of smart manufacturing enterprises,and this incentive effect will have different effects due to different characteristics of venture capital;The results of the intermediary effect model show that the incentive effect of venture capital is mainly achieved through three mechanisms,namely the financing constraint mitigation effect;the principal-agent conflict reduction effect;and the R&D investment propensity increase effect.Obviously,as a market-oriented capital operation method,venture capital has obvious support for the development of China's smart manufacturing industry,and will play an important role in the development of smart manufacturing industry.Based on this,this article puts forward corresponding countermeasures and suggestions.