| In today's era of knowledge economy,technological innovation has become an important factor in a country's economic growth,and high-tech industry is the most important innovation subject of technological innovation.In the process of promoting the rapid progress of the high-tech industry,venture capital and the government play a very important role.As a new type of investment and financing mechanism,venture capital can provide funds for high-tech industries on the one hand,and on the other hand,it can improve the level of technological innovation by providing various value-added services and participating in management to high-tech industries.The Chinese government has successively issued a series of laws and regulations to promote the development of scientific and technological innovation,and has adopted direct investment,government guidance funds and other methods to play an active role in guiding and leading the development of technological innovation.Venture capital and government are the two main bodies of innovation investment,but the existing research mostly discusses its impact on technological innovation unilaterally,and has not reached a consensus.Few scholars have focused on the impact of the interaction between the two on technological innovation research.Therefore,in-depth analysis of the impact of venture capital,government support,and the interaction between the two on hightech industrial technology innovation has important theoretical and practical significance.First of all,this study theoretically explores the theoretical mechanism of the impact of venture capital,government support,and the interaction between the two on high-tech industry technological innovation.Secondly,this study selected 29 provinces and cities in mainland China as high-tech industries from 2008 to 2016,and established a regression model to empirically analyze the impact of venture capital,government support,and the interaction between the two on hightech industry technological innovation..The regression results show that: venture capital has a significant positive role in promoting technological innovation in high-tech industries;government support has a significant positive role in promoting technological innovation in high-tech industries;interactive items between venture capital and government support and technological innovation in high-tech industries There is a significant positive correlation,and the impact of interaction on the technological innovation of high-tech industries is greater than the separate role of venture capital and government support;there is a significant difference in the degree of impact of venture capital and government support on the eastern,central and western regions of China.Finally,it summarizes the previous research results and provides relevant suggestions for the risk investment institutions to improve the investment system,the government to formulate policy trade-offs,coordinate regional economic development,and the overall planning of national resources. |
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