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

With the development of high-tech enterprises around the world,venture capital has increased significantly,and venture capital is becoming more and more active in China,it is of great significance for China to choose to study the impact of venture capital on technological innovation of enterprises.There are some literatures about the influence of venture capital institutions and their characteristics on the innovation ability of enterprises,which are quite controversial in academia.There is no consensus on the effect of venture capital on technological innovation.In theory,the participation of venture capital can improve the efficiency of technological innovation of enterprises;the entry of venture capital into enterprises can bring about the increase of direct capital,and also help the invested enterprises to improve the short board of operation and management by participating in the operation and management of enterprises,so as to provide enterprises with high-quality resources and information of related industries.The enterprises involved in venture capital also convey a good prospect to the outside world to attract more investors.At the same time,there is also information asymmetry between venture capital and invested enterprises,which restricts technological innovation.A total of 328 listed companies on A-share gem(253 with venture capital background and 75 without venture capital background)were used as samples for empirical analysis.Poisson model and WLS regression model are used to test the impact of venture capital participation on the direct results of technological innovation(patent number)and the transformation rate of technological innovation(core technology income).In the process of analysis,the influence of venture capital on enterprise control degree on enterprise technological innovation is tested,and the difference of venture capital is tested by setting virtual variables.The comparison of research results shows that enterprises with venture capital have significantly higher performance in technological innovation compared with enterprises without venture capital;the higher the degree of control of venture capital over enterprises,the more positive the impact of venture capital on technological innovation of enterprises;but the positive role of venture capital is only reflected in the output of direct innovation results of enterprises,which truly reflects enterprises There is no significant impact on the transformation of innovation achievements of core competitiveness.Therefore,the view that venture capital is beneficial to the technological innovation of enterprises has been confirmed,but the relevant market institutions should guide and supervise it,so as to promote the positive impact of venture capital on the technological innovation of enterprises to really act on the core technological innovation that can improve the core competitiveness of enterprises,improve the efficiency of innovation into income,and enhance the innovation strength of our country.