Study On The Industrial Innovation Effect Of Venture Capital

As an innovative way for capital pouring, venture capital has a close relationshipwith the enterprise innovation and industrial innovation, the research between venturecapital and industrial innovation emerges one after another. Most scholars believe thatventure capital has positive effects on enterprise innovation ability; venture capitalcan promote the development of industrial innovation. But on the other hand, theconclusion of some scholars shows that there is no significant association betweenventure capital and industrial innovation, venture capital may even hinder thescientific innovation to some extent. From the domestic point of view, the relationshipbetween venture capital and industrial innovation increasingly becomes the focus ofmany researchers, but the present researches mainly concentrate on the theoreticalaspect and empirical analysis based on foreign data. There are few researches basedon the domestic data entirely.With the establishment of the Shenzhen Stock Exchange gem in October2009,the development of high-tech enterprises has a better platform, and the Chineseventure capital adds an important exit channel. Based on this situation, this thesispreliminarily investigates on whether the venture capital will promote industryinnovation in Chinese enterprises with the studying object of chinext listingcorporations.This thesis firstly refines theoretical logic about influence mechanism andinternal demand from the operation mechanism of venture capital and the theory ofindustrial innovation, and then introduces the current development of Chinese venturecapital and chinext, selects the chinext’s data of310manufacturing and informationtechnology listing corporation until December31st2013, using the Mann-Whitney Umean rank sum test and multivariate stepwise regression analysis. The conclusionindicates that there is certain statistical significance between VC and the indexreflecting industrial innovation. Venture capital can bring positive effects to industrialinnovation in chinext to a certain extent.Finally, this thesis analyzes the reasons for the weak positive effect, and gives relevant policy recommendations according to these reasons, promoting venturecapital to be better for industrial innovation in China.