The Impact Of Venture Capital On Enterprise Performance:A Study Of Technological Innovation Path

Since 1990 s,the rapid development of venture capital in China is characterized by high risk and high return.Venture capital,which is a mature investment model in foreign countries,has made great contributions to the development of high and new technology enterprises.At the beginning,these enterprises have the potential for innovation,but it is difficult to carry out technological innovation activities and basic business activities with capital problem.While solving the financing problems,venture capital institutions provide experience and resources,and then affect the level of enterprise performance.Venture capital affects corporate performance through a variety of channels,including the provision of R&D funding,stimulating the ability of technological innovation,corporating governance and the provision of value-added services.Among them,providing R&D fund and the motivating technology innovation ability are directly related to enterprise's technological innovation.In this paper,we study on the angle of technological innovation.Various facts have proved that science and technology are primary productive force,and high tech industry has become the engine of economic growth.The competition of the international competitiveness of the countries in the world is actually a technical contest.Technological innovation has become the basic equipment of enterprise development,and has become the main way for enterprises to improve their performance.Therefore,this article explore the impact of venture capital on enterprise performance from the perspective of technological innovation which try to seek technological innovation path,aims to dig the role of technological innovation between risk investment and enterprise performance.The existing researches have proved that venture capital had a positive effect on technological innovation and enterprise performance and empirical evidence showed that venture capital had promoted the development of small and medium sized enterprises.Therefore,on the basis of previous studies,it is more practical to explore the role of technological innovation between venture capital and enterprise performance.The paper summarizes the domestic and foreign research literature,reviews the technological innovation theory,makes a brief description of the risk investment path of influence corporate performance,and then focuses on the analysis of the path of "risk investment,technological innovation,enterprise performance".Empirical analysis has been made on the data of listed companies in GEM,and the empirical results show that the involvement of venture capital and its strength can improve the performance of enterprises.and the impact of venture capital on enterprise performance is mainly affected by technological innovation input.The research hypothesis which venture capital affects enterprise performance by influencing technological innovation input and output is denied.That means the efficiency of technological innovation and the transformation rate of scientific and technological achievements are still to be improved.At last,this paper puts forward some suggestions from three angles of goreavernment,venture capital organization and enterprise,then it summarizes the deficiencies and research prospects.Based on the existing research,this paper develops a new research perspective through theoretical analysis and empirical research.It can be used as a reference for the venture capital institutions to arrange venture capital and improve the value of venture capital.