Research On The Effect Of Venture Capital And Government Subsidies On The Performance Of Technological Innovation In High-tech Industries

At present,China’s economy is in the critical stage of transformation,upgrading,quality and efficiency improvement.The economic growth model has changed from extensive factor-driven growth to innovation-driven growth.However,the current innovation capability can not meet the requirements of the high-quality economic development.China’s "14th Five-Year Plan" and in a long period of time put forward more urgent and higher requirements for industrial innovation.As the leader of innovative industries,high-tech industries play a crucial role in whether China can achieve supply-side structural reform and high-quality development.However,due to the high cost,high risk and long investment cycle of technological innovation activities in the high-tech industry,traditional finance often cannot meet its capital needs.It is particularly critical to ensure a stable source of funds for innovation activities,while venture capital and government Subsidies are considered to be two important sources of external financial support for technological innovation in high-tech industries.In order to examine the impact of venture capital and government subsidies on the technological innovation performance of high-tech industries,this paper selects data from 30 provincial-level administrative regions in China(excluding Tibet,Hong Kong,Macao,and Taiwan)from 2005 to 2019.The two stages of innovation research and development and the transformation of technological innovation achievements are analyzed.After empirical testing,the following conclusions are drawn: First,venture capital does not have a significant effect on the performance of technological innovation research and development in high-tech industries,but it is closely related to the transformation performance of technological innovation achievements in high-tech industries.There is a positive correlation;second,government subsidies are positively related to the performance of technological innovation research and development in high-tech industries,but have no significant effect on the transformation performance of technological innovation achievements in high-tech industries;third,in the stage of technological innovation and research and development,venture capital and government subsidies inhibit each other The role is not obvious.In the transformation stage of technological innovation achievements,venture capital and government subsidies significantly inhibit each other.Combined with the research results,this paper puts forward policy suggestions such as strengthening the pertinence of government subsidies,paying attention to the incentives of venture capital for technological innovation,broadening the sources of venture capital funds,and encouraging venture capital to invest more in the start-up stage of high-tech industries.