The Empirical Research On The Impact Of Venture Investment On Technological Innovation In China

With the continuous development of science and technology, more and more people to reach a consensus, the future competition is the competition of science and technology. To remain competitive technological change, enterprises have to form the ability to continuous technological innovation. A large number of small and medium-sized enterprises(SME) in China is an important force to promote economic growth, create employment opportunities and technological innovation, and the venture capital has made great contributions in promoting the development of small and medium-sized enterprises. In recent years, venture capital also have a great development.With this background, the research of venture capital on the impact of venture investment on technological innovation in China has theoretical and practical significance.This paper firstly summarizes the theoretical explanations of the relationship between venture capital and technological innovation from domestic and foreign research, and analyzes the influence factors of venture capital on the enterprise technological innovation and the mechanism of them. Then, the GEM board listed companies are chosen as research object, and the research method of independent samples T test has been used to test whether the venture capital has effect on the technological innovation of the enterprise. It turns out that the enterprises with venture capital background behave better in innovation input and output. Based on this conclusion, the regression model has been established to explore the impact of venture capital attribute, the enthusiasm of venture capital and experience of venture capital institutions on technical innovation. It comes to a conclusion, that is, only foreign background has positive effect on technological innovation of enterprises, state-owned, private venture capital has no significant effect on Enterprise technology innovation, what’s more, the experience of venture capital institutions is directly proportional to the enterprise technology innovation, venture capital participation and enterprise technological innovation show irrelevant, at the same time it also finds out that the enterprise technological innovation investment are positively related to asset liability ratio, industry factors have significant influence on the enterprise technological innovation. Information technology industry is significantly higher than that of the traditional manufacturing industry. Finally, based on the analysis of the empirical results, this paper puts forward the corresponding policies and suggestions to promote the development of venture capital and enterprise technological innovation.