Empirical Research For The Role Of Venture Investment In High-tech Industries

Science and technology promote the progress of human society. High-techindustry has been strong support from governments around the world. This article isto study its role in promoting high-tech industry from the perspective of venturecapital. In the U.S., venture capital support Apple, Intel, IBM and other large numberof high-tech enterprises.Various countries to follow the United States, with intent togrow high-tech industry of their own country. There are many domestic and foreignscholars on theoretical and empirical research, primarily focused on venture capitalfor high-tech enterprises have a role on the promotion of technological innovation,their research did not realize: the direct purpose of venture capital investment is toimprove the high-tech enterprises corporate revenues, gross profit improved exportcompetitiveness of their products. Secondly, the empirical part of the paper is oftenused before a country’s overall data, and the lack of specific data for effectivedemonstration inside the area, the limited sample size and lack of comparison betweenregions.This paper theoretically analyzes the high-tech industry investment and riskcharacteristics of each found their characteristics can be well combined with commondevelopment, and to analyze the risk of the development of high-tech industryinvestment promotion mechanism theory.In terms of the current status quo and problems, using the latest data from ChinaVenture Capital Research Institute from the venture capital industry to the scale ofinvestment, personnel, has invested profiles, project profiles and other exit angledescriptive analysis.In empirical terms, the paper selected data03-1234provinces in the country,several provinces into one area, such as: Northeast, South, southern China, a total ofseven regions. Use stata software FGLS regression model for the relationshipbetween venture capital and high-tech industries have been tested. Use high-techindustry four key indicators as explanatory variables, the proposed measure riskinvestment on the three dimensions of high-tech industry indicators: industrial scale,industry influence, industry innovation. Colleagues in the region and between regionsto China seven regional impact of the high-tech industry with the size of individualfixed effects were compared.On the basis of the results of empirical analysis, the main conclusions are: the amount of investment risk for each1%increase in high-tech industries operatingincome increased by0.04%, gross profit increased by0.08%, the percentage increasein profits is to increase the percentage of revenue doubled, indicating Venture capitalis a very efficient capital, it supports businesses tend to be relatively strongprofitability, high-tech enterprise which is conducive to the best of the best, play therole of a market economy survival of the fittest. From the perspective of regionalconsiderations, exclude the explanatory variable factors, in Shanghai, China andSouth Africa on the high-tech industry to promote a greater role in the economy, theNortheast and West are lagging behind, but are positively correlated. On the role oftechnological innovation, excluding variable factors explain the various parts of thecountry on the high-tech industry, technological innovation has a negative effect.