The Researchon Private Equity Funds Cultivating High-Tech Industry

Eighteen report clearly pointed out the need to deepen the science and technology system, accelerate the construction of a national innovation system, which has a great significance for promotion of high-tech industries. However, due to the high-tech industry has a high input, high-risk characteristics, it is difficult to obtain funding from traditional financing channels. High-tech industry has been faced with the difficult problem of financing, severely restricting the development of high-tech industries. Private equity investment fund as a new tool for the development of high-tech industry provides an important financial security, but also permeate their professional philosophy and management style to the development of enterprises, to participate in enterprise management, improve operational performance, and promote the development of enterprises.Firstly, based on the basic theories of high-tech industries and private equity funds, the paper elaborate the financing needs of high-tech industries, as well as the characteristics of private equity funds. Secondly, the paper analysis the advantage of the private equity fund to cultivate high-tech industry that can broaden the financing channels, improve corporate governance, promote industrial structure optimization. Thirdly, the paper overview the specialization process and highlight the value-added services of private equity funds. Finally, the paper selects high-tech enterprises of the GEM Listing to empirical study whether private equity fund to promote the development of high-tech enterprises. The results showed that participation in private equity funds can indeed promote the development of enterprises, but private equity funds involved in varying degrees no significant relationship with business development.Combined with the results of empirical research, from the government, high-tech enterprises, private equity funds at three levels, this paper proposes countermeasures and suggestions to promote the rapid development of high-tech enterprises, in order to achieve optimization of industrial structure.