| Since the1960s, the rapid growth of Americas’ economic brought about bytechnological innovations has been leading the trends of our world. However, therelationship between technological innovation and economic growth is not a simplelinage, with venture capital being a crucial influencing factor. The rapiddevelopment of risk investment began in1998in China; its capital size increased bynearly12times (from3.33to39.804billion) during1998and2011. In the meantimewhen an array of venture capital has been investing in high-tech enterprises whichcharacterized technological innovation, technological innovation has been makinggigantic achievements. Venture capital plays an important role in the process ofhigh-tech innovation. Thus, there is a nation-wide concern over whether venturecapital can promote technology innovation and whether the success of America canbe replicated. It will be of great significance to further the study on the mechanismhow venture capital promotes the technological innovation of high-tech enterprisesin China, and to explore the effect of venture capital on the technological innovationin high-tech enterprises in China; as well as to promote the venture capitalmechanism in china.This thesis includes two aspects: theoretical analysis and empirical research. Asfor theoretical analysis, most of the existing literature focuses on one single aspectof the mechanism how venture capital promotes technological innovation which isnot comprehensive and systematic. Base on the existing research results, this paperstarts with a discussion of the characteristics of high-tech corporate financing andventure capital, and then systematically demonstrates the mechanism how venturecapital promotes high-tech enterprises. The thesis summarized the path of venturecapital affecting the high-tech enterprise innovation from aspects of institutionscompanies. And a venture capital output model is then established on this basis,combining influencing elements such as technological innovation, R&D andtechnological achievements, economic and so on. As for empirical research, high-tech enterprises from the GEM Listing in our country since2009are selectedas samples based on the theoretical analysis. After data collection, EVIEWSsoftware is adopted to apply linear regression analysis, and a relatively fitting modelis acquired as a result. The empirical research verified the function of venture capitalon technological innovation in high-tech enterprises.The thesis shows significant correlation between venture capital andtechnology innovation, which is testified from micro-economic level. As is alsoindicated, venture capital has stronger influence in high-tech than it has inmanufacturing industry, implying a certain difference in function in varied industries.Finally, some corresponding policy suggestions are put forward according to theconclusions of this study, intending to promote the development of venture capitalpromoting technological innovation. |
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