An Analysis Of Finacial Innovation And Technological Enterprise

In the recent decade, the technology innovation of enterprises in China has been advanced greatly. And these enterprises have entered into the main stage and become the leading force during the procedure of transformation. The rapid growth of technological enterprises need a lot of capital investment, but the traditional financial system in which the banks are the main body could not provide strong support for technological innovation. The new types of finacing modes such as venture capital, science and technology guarantee, fiscal interest discount, and intellectual property rights pledge are not yet mature. Meanwhile, asset-light unsecured of science and technological enterprises is restrainedly developed due to the capital constraints.After researching theories of the development of technological enterprises and related finacial innovation, this paper finds that finacial innovation,such as venture capital, has important impact on innovation investment, innovation output and operational performance of technological enterprises. Launching of ChiNext completes exit-mechanism of venture capital from investing in enterprises, which will strongly promote technology innovation of enterprises in China.Analysing technological enterprises whose stock could be traded on ChiNext since2009, this paper draws three conclusions as follows:1)There is no significant regional differences in the innovation input and output of technological enterprises in our country, but the performance of technological enterprises is different, such as significantly superior to other areas in Delta of Yangtze river;2) There is no significant relation between innovation input and output and venture capital, but the performance of technological enterprises is significantly positive correlated with venture capital;3)the share of venture capital in technological enterprises has important influence on the development of enterprises, and it’s significantly negative correlated with the performance of technological enterprises.