Research On The Application Mode Of Venture Capital In The Transformation Of Scientific And Technological Achievements

Now With the enhancement of our country's economy,China has redeveloped into one of the word's great powers.The game and competition among the great powers are more and more concentrated in the field of science and technology,and the importance of science and technology is growing.The troubles which the transformation of scientific and technological achievements must deal with are increasing too.One hand China has keep introduced policies which try to stimulate the transformation of achievements,and on the other hand it is the current situation of the low efficiency for the transformation of the achievements.Meanwhile,the new type of financial instrument which is the venture capital,is developing stronger and faster in our country..In view of the above background,this paper makes an analysis and demonstration by looking for references,carrying out data analysis,comparing the relevant theories at home and abroad,and analyzing real case.The institutions who doing the scientific research can tries to promote the transformation of achievements through cooperating with venture capital.And it tries to set up a model to solve “how to work together with venture capital” at the actual operation situation.This paper work,analyzed the definition,characteristics and present situation of venture capital and the transformation of scientific and technological achievements,then found that the traits of the more-risk with more-return the comprehensive quality of the venture capital,and the long-acting performance of the venture capital and more others are matched with the transformation of achievements'.Moreover,through comprehending of the situation of the current transformation of achievements,which can find that the investment of venture capital in this country is very low at the “seed” period companies,where a huge number of scientific and technological achievements transformation projects are located Which means the transformation rate of achievements in our country is not well..Meanwhile it uncovered that nowadays in our country the independent innovation ability of research institutes are insufficient,and the level of application technology achievements is not high.Then through researching the relationship between the venture capital and the transformation of achievements to reveal that their characteristics are so fit and the link between them so strong..At the same time,this paper also pointed and explained the three main factors that hinder the transformation of achievements.There are “the ideological limitation of Scientific researcher”,“the policy lagging for the transformation of achievements” and “the lack of effective linking system”.It is revealed that the most easily eliminated transfer of service at the present stage is the lack of effective service linking mechanism.The introduction of venture capital in the establishment of effective service linking mechanism is worth thinking and research.After that,through the analysis of the relevant theories of domestic and foreign scholars,it shows us that:the participation of venture capital in the process of scientific research may dilute the proportion of high-quality patent;may reduce the enterprise's innovation ability,also the VC's limitation of scientific and technological knowledge will obstruct the transformation of achievements,and so on.But at the same time,it is also found that the improvement of the venture capital has a positive role in improving the operation and governance of the company,establishing a reasonable resource allocation mechanism,generating new innovation capacity and capital increase service in the aspects of investment and financing.These positive effects have more powerful influence for the transformation of achievements than negtive effects,so it make the advantages of using venture capital outweigh the disadvantages.At the same time,it is pointed out that the transformation of achievements and venture capital have a high degree of matching on their natural attributes,which makes it necessary to introduce venture capital into the transformation of achievements.The scientific and technological achievements have possibility for capitalization,the investment style between the venture capital and the transformation of achievements is high matching,the complementary relationship between the venture capital and other existing transformation service modals,and so on.All these features make it possible to introduce the venture capital join the action of transformation of achievements.Therefore at the theoretical side,to promote the transformation of scientific and technological achievements by using venture capital way is feasible.Moreover,by comparing the real case data,it is found that the advantage of using venture capital type enterprises to participate in the transformation of results is more than that of the traditional method,compare with the performance in the profit of the investment,the number of the investment projects and the investment frequency.So as to prove that the venture capital can also promote the achievement transformation in the practical application.Finally,the paper through analysing the model of the investment in the transformation of achievements which by using venture capital way in the real case to understand its advantages and disadvantages Thus,through the old model rebuilding at the actual operation level,a new model is designed to inherit the advantages of the original model and to improve its disadvantages.So as to be able to provide a concrete implementation of the model for promoting the transformation with the venture capital for the personnel who can transform the scientific and technological achievements into the first line.