An Empirical Research On The Relationship Between Post-investment Nfva And Technology Innovation Performance

Since the 20th century 50s, Science and technology undergone a comprehensive and unprecedented revolution, achieved rapid development, and formed the ever enormous technology systems, and then the driving force of economic development based on innovation and development of high-tech industries. From the 21st century, we all known that it promotes economic development by promoting innovation. It(Venture capital driven innovation) mainly represents two aspects: the first is technology innovation. Investors and entrepreneurs pay great attention to technological innovation. The second is Non-financial Value-added(NFVA), venture capital doesn't only bring money, but also a series of value-added services. Venture capital participates the management and the major decision-making, continually uses the past successful experience, provides a high level advisory consulting services, and then improve technological innovation.In this paper, from analyzing the related theory, we forme the content of the post-investment NFVA, and study the relationship between NFVA and technology innovation performance. Througth the questionnaire survey, we use the SPSS16.0 and AMOS7.0 software to do the research. We analysis the dimensions of the NFVA and technology innovation performance, and try to verify the relationship between NFVA and technology innovation performance, and hope to supply reference for the growth of the high-tech enterprises . Throuth exploratory factor analysis, we found that NFVA can be divided into four dimensions: governance, network resources, financial services and strategic services. Technological innovation performance can be divided into two dimensions: technological innovation ability and technical innovation output. Furthermore, the analysis of path coefficient in SEM indicates that governance have significantly positive impact on technical innovation output, network resources, financial services and strategic services have significantly positive impact on technological innovation ability and technical innovation output.The contribution of this study lies in that we study the content of NFVA, and deeply analysis the influence on technological innovation performance, and divide the technological innovation performance into technological innovation ability and technical innovation output. To some extent, the paper is certain of the difference that the relationship between the investors'effort and the corporate performance. Additionally, this paper also provides two proposals for the growth of venture capital in our country. One is that , creating an entrepreneurial culture is favor for our country's venture capital; the other is culturing professional accelerately, and building our excellent venture capital team.