Our Country Risk Investment Of The Action Of The High And New Technology Industry Technology Innovation Theory And Empirical Research

As a new and important way of investing and financing, venture capital have played a great role in promoting technical innovation in the United States and other western developed countries. There is almost20years’history of venture capital in China’s since1985. This paper takes it as background, researching on how venture investment influence technology innovation for new and high technology industries from both aspects of theory and practice.In the theoretical part, this paper assume that financial development can promote technology innovation, researching both from the financing way and action mechanism and pointing out venture capital is a more suitable financing way for technology innovation of high and new technology industry. It can influence many aspects, such as the capital, knowledge sharing, operation, management, organization, contract, achievements and so on. So it can promote technological innovation and improve high technology industrial technology innovation efficiency as well as speed up the development of the technology innovation.In the empirical part, through the analysis of the existing technology innovation determination of the index combined with the actual research needs, I selected high and new technology industries’new products sales volume as the output index, and selected venture capital, the R&D funds, the R&D personnel, government’s finance and technology spending, and the national macroeconomic environment as the input index, among which venture capital is the main research variables and other explaining variable are the control variables. From the input and output point of view, I established technology innovation of the output of model, and the related data are chosen from1993to2010, totally18years. The empirical research is carried out with respect to how the venture capital influences the new and high technology industries technology innovation. And the result turns out that venture capital have a positive effect on technology innovation of new and high technology industries, but on a small scale and the function is not significant, the result also shows that venture capital promotes high-tech industry’s technology innovation more efficient than the R&D does. Finally according to the empirical results, I proposed some policy recommendations about how to develop venture capital and how to make a better connection between venture capital and high technology industry in our country.