The Effect Of Venture Capital On Small And Medium-sized Enterprises’ R&D Activities

The Small and Medium Enterprises (SMEs) has an important position in China’s economicdevelopment, especially small and medium-sized technology enterprises, it represents the mostdynamic of the era of the knowledge economy, the fastest growing economic groups. Industrialupgrading and economic restructuring needs of enterprise innovation, corporate R&D activitiesis a source of technological innovation, the smooth progress of the R&D activities of the SMEsneed to adapt resource allocation mechanism. However, due to the factors of the SMEs in R&Dactivities characteristics, as well as outside the enterprise information asymmetry often leads to"Macmillan Gap". Financing model in the traditional sense is difficult to meet the needs of theinnovation and development of the SMEs, venture capital can make up for the defects of thetraditional financing model.Previous domestic literature is less venture capital from venture capital transaction structureanalysis of the R&D process and the outcome of the SMEs applied. This article attempts to acomprehensive study of the risk investment system special trading framework, the analysis of therisk investment system services to the SMEs R&D financing and direction of the screeningmechanism,"phase technology" of risk pricing mechanism, risk management mechanism, themanagement of enterprise value-added services and R&D knowledge spillovers mechanisms,incentive and restraint mechanisms and enhance the corporate R&D efficiency mechanism. Thento select the data of the domestic SMEs, venture capital investment in China empirical test of theimpact of R&D of SMEs. Test results indicate that: our country have venture capital interventioncorporate R&D investment scale is lower than non-risk investment intervene in the business, butR&D investment intensity of the former higher than the latter; venture capital interventioncorporate R&D strength and operating margin significantly positive correlation, but this has acertain timeliness, corporate R&D investment without venture capital involvement not obviousstrength and operating margin. The regression results show that venture capital improves R&Defficiency of SMEs, and promotes the market value of corporate R&D achievements into. Finally,for the problems confronting China’s venture capital market and its future development makerelevant policy recommendations.