The Study On Venture Capital In Sichuan Development Of High-tech Industry

In today’s world high-tech revolution vigorous development, the growing trend of economic globalization, information technology as the forerunner of high-tech and its industry sprung up, and the human is entering the era of knowledge economy, high-tech increasingly become the development of social economy assistor, high-tech industry has become a place where countries and improve the economic competitiveness and the comprehensive strength of the important direction and method. However, due to the high-tech with high degree of uncertainty in the innovation process, in its investment process, there will be information asymmetry between the high-tech innovative businesses and investors. Because of the uncertainty of existence, high-tech process there are a bigger risk, the traditional Credit mode will not be meet high-tech process to the need for the funds, and venture capital to solve these problems is an effective way. Venture capital as a new scientific technology and financial combination of investment and financing mode, it appears in time to remove the high-tech enterprises’capital bottleneck problems. High-tech plays a key role in Sichuan the upgrading of industrial structure and economic transformation process, so for study on venture capital in Sichuan development of high-tech industry put forward the urgent requirement.In the part of theoretical research, firstly, the article analyzes the characteristics of venture capital and the uncertainty of the high-tech, which points out that venture capital is generated as a risk sharing mechanism of high-tech and explains the principle of such a sharing mechanism; Secondly, the article analyzes the effect of high-tech industry due to venture capital investment in multi-level features and explains the reasons of high-tech industries need to venture capital as well as the Risk investment of high-tech industry. According to the venture capital and high-tech industries of characteristics, concrete analysis of venture capital and high-tech industries development of the specific operation mode. In the part of empirical research, this first analyze the high-tech industries and venture capital on the current situation in Sichuan province. Then, analyze the relationship between venture capital and high-tech enterprise. The result showed positive correlation between them, it concluded that venture capital promoted high-tech enterprise, thus, supporting the theory part.Finally this paper through the contrast in Sichuan and other provinces in the high-tech industry development of venture capital, analyze the restriction of Sichuan high-tech industry development of venture capital in the key of factors, mainly include five areas:the total risk investment institutions less incremental inadequate; a single channel of financing, venture capital stock inadequate, and slow growth; a single investment entities, the organizational form of venture capital behind, the operating mechanism is not flexible; investment projects less than the source, small-scale investment, the investment intensity is weak; the investment phase of the irrational distribution of seed-stage investment is low. The main direction of development of venture capital in high-tech industries in Sichuan should start from the settlement of these areas, in order to have a targeted solution to the problem, achieve better development. Therefore study the venture capital in high-tech industrial development in Sichuan and has great practical significance, the development of high-tech industries in Sichuan and the venture capital to promote Sichuan upgrade the industrial structure and economic transformation.