Research On The Influence Of Venture Capital To Performence Of Technology Innovation

With the rapid development of science and technology and knowledge economy,creative technology and the high and new technology industrs bring sustained andrapid development of economic. And it become a new trend. All of the world arefaced with important opportunities and challenges brought by the high and newtechnology development. As an emerging developing country, China is faced with themarket opportunity and the challenge of fierce competition in the knowledgeeconomy era. The development of new and high technology products and thedevelopment of high-tech industries has become an important driving factor ofsustained economic growth. Therefore, technology innovation of high and newtechnology enterprise plays an important role on the development of China’seconomic and social. All levels of government in our country attaches greatimportance to the progress of technology innovation in the small and medium-sizedhi-tech enterprise. The successful economic development experience of developedcountries shows that the venture capital has a great influence and help to thetechnology innovation of enterprise. As a new kind of innovative financialinstruments and financial support system, venture capitals focus on high and newtechnology development area which contains the high risk and high yield. a series ofcharacteristics and investment way of the venture capital makes it has a goodconbination with the technology innovation of small and medium-sized high-techenterprises.Venture capitals have become the key of technology innovation andentrepreneurship to the small and medium-sized high-tech enterprise. Thedevelopment of venture capital and technological innovation have an importentinfluence to the independent innovation of enterprise and building an innovativecountry. In this context, research on the influence of venture capital to technologyinnovation performance of high and new technology enterprise has a certain practicalsignificance.This article used listed high-tech enterprises of small and medium-sizedenterprises board in our country as the research object. This paper discussed theinfluence of venture capital to the performance of listed high-tech enterprise’stechnology innovation. First of all, it collected and analysed the theories and empiricalresearch of venture capital and technological innovatio at home and abroad. Secondly,on the basis of theoretical analysis we put forward our research hypothesis andestablished cross-section regression model and the negative binomial regression model. The samples are innovative enterprises of manufacturing and electronicinformation industry on small and medium-sized enterprise board market in ourcountry. The cross section data is used for empirical research. Research and analysisshowed that the performance of small and medium-sized hi-tech enterprise’stechnology innovation with venture capital has positive influence on three aspects;The higher engagement of venture capital made the output of become highe. But theinfluence to the input and efficiency of the technology innovation were not significant.And industry factors has certain influence on technology innovation investment andbenefit. The financial leverage has influence to the r&d investment. The enterprisescale has significant influence on technological innovation output. And the year of theestablishment of enterprises and regional factors have not any infuluncen to thetechnology innovation. Conclusion shows that our country’s venture capital has apromoting effect to the technological innovation of small and medium-sized listedhigh-tech enterprises in some extent. But there are also some problems, for example itcan not play its role fully. Finally, on the basis of the theoretical and empiricalconclusion analysis we put forward to some related Suggestions.