Research On The Effect Of Venture Capital To Technology Innovation In The Western High-tech Industry

In recent years,the western economic developed vigorously,and venture capital industryalso got be further,but there exists a remarkable lag between the western and the eastern.Asowe develop area,it’s economic and market characteristics are unique,does venture capital inthe western can be like the developed countries which plays it’s due function and makescontribution to the development of high-tech industries and the construction of nationalinnovation system?This paper analysis the The effect of venture capital to technology innovation in thewestern high-tech industry from the theories and empirical angle:Theoretically, analysis thepromoting effect of venture capital to technology innovation in the western high-tech industryfirst, and break it up into capital-increase effect and innovation efficiency-increase effect.Thenexplain the uniqueness of the effect of venture capital to technology innovation in the westernby establishing theoretical model. Empiricaly,analysis the industry-economic and VC marketcharacteristics by situation firs,then realizes the comparision of venture capital and R&Dinput by calculating malmquist index.Base on the result,in the western, R&D input have abigger role in technology entrepreneurial capitalism,the due function and contribution ofwestern venture capital isn’t materialized,the promoting effect to technology innovation isn’tobvious, the effect of venture capital to technology innovation in the western high-techindustry is unique.Finally,we put forwards some policy and suggestion to devolop the westernventure capital industry and technology innovation in high-tech industry base on theories andempirical research.