A Research Of Impact Of Venture Capital On Enterprise’s Technology Commercial Potential

Today, in the background of that global economy is facing financial crisis, China whichis in transition is facing a more severe test-manufacturing industry isfalling behind, theworld’s factory is shifting, environmental pollution is increasing, energy and resource is inshortage, food quality is unsafe...... All of these reflect one truth, that is the Asian giant isstanding on the inflection point ofsocial transformation and upgrading. Among them, the greattask of economic restructuring will fall on nurturing strategic emerging industries, such asnew generation of information technology, energy technology, new materials, bio-engineering,etc. The transformation and upgrading of industrial structure depends on the transformationand upgrading of enterprises.Therefore, how to foster a number of high-tech enterprises topromote industrial restructuring and further promote economic restructuring and upgradingwill become the next hot spot of China’s economy.Chinese capital market’s developmentperiod is not long andits intensity of supporting high-tech enterprises is so weak. Manyhigh-tech projectsdieearlyor even just stay in the laboratory level. Modern venture capital is ahigh-risk and high-return equity investment, which focuses on high-tech projects andhelpincubating high-tech projects. Lots of theory and practiceshows thatventure capitalsplay asignificant role on technological innovation performance and business performance.On the basis of previous literature research, this paper is to explore the relevance andmechanism between venture capital and enterprise technology commercialization and toexplore the quantitative relationships between four dimensions (funds, value-added services,contracts and investmentstage) of VC and technology commercialization. The study alsoattempts to groupingby investment stage and make a comparison of effects on technologycommercialization potential by funds, value-added services, contracts. The empirical resultsshow venture capital play a more significant and positive role on TCP wheninvesting in earlystage than in the latter stage. VC’s funds (value-added services, contracts) make differenteffect on TCP when inventing different stages. Finally,this study made recommendations forthe development of capital markets and government guidance funds.