Study On The Interactive Relationship Between Venture Capital And Regional Innovation In China

With the rapid development of the world economy and the acceleration of globalization,the degree of economic regionalization is becoming more and more obvious all over the world.In today's innovation driven development,the word"regional innovation" has entered people's vision and has gradually become an important means of gaining competitive advantage for regional economies.The innovation elements gathered in the development of regional integration,not only can bring the progress of technology and economy,and promote the basic ability of continuous innovation,thus more and more scholars began to explore the major factors promoting regional innovation,and how these factors promote regional innovation process.On the basis of previous research,this paper studies the role of venture capital as one of the boosters of regional innovation factors,and the relationship between venture capital and regional innovation.Venture capital as long-term investment originated from the United States.The main target' of investment is the small and medium-sized high-tech enterprises in the initial stage.It can make use of the advantage of resources to promote the technological innovation of enterprises,improve the enterprise's innovation efficiency,and influence the development degree of each industry,not only realize the regional innovation,promote national economic development,but also played an important role.But venture capital into the China unlike the United States so early,so its development is not mature enough,whether it is the influence of the network and technology resources are not perfect,so the choice of project is easily affected by the environment.Today,The economic and technological development in china,the legal norms of the region more,vulnerable to venture capital favored.According to the current data of venture capital,the survey shows that the major cities in Beijing,Guangzhou,Shenzhen and Hangzhou are the leading economies,and the regional innovation capability of these cities is far ahead of other regions.Therefore,there must be some direct or indirect influence relationship between venture capital and regional innovation.At present,most of the research on venture capital and regional innovation has emerged among scholars both at home and abroad remain in a single direction,and the measurement of regional innovation mostly stays at the technical level.In order to explore the relationship between venture capital and regional innovation more comprehensive and more depth,this paper starts from the theoretical aspects,It analyzes the connotation,operation mechanism,relevant theories and the process of regional innovation,and then use some economics theory,inpet innovation theory and symbiosis theory for the research of venture capital and regional innovation system to provide theoretical support,gold value chain based on the theory on venture capital function line and its network effects on regional innovation,and based on the symbiosis theory in the regional innovation system analyze the reverse effect of regional innovation on venture capital to explore the investment in regional innovation system and the role of venture capital and regional innovation environment as a platform to create value for the development of the role played by subsequently;Under the guidance of theoretical research using the panel data of venture capital and regional innovation related to regional innovation and entrepreneurship investment made Granger panel,which not only takes into account the technology innovation innovation,also considered innovative knowledge,system,management,culture and environment,the regional innovation indicators are divided into knowledge creation,knowledge acquisition,innovation,innovation environment and innovation performance in five aspects,the mutual influence on venture capital and regional innovation between the five indicators of venture capital the number of events and regional innovation capability index and the comprehensive index of the relationship between the test by the Granger panel,and the research of venture capital and regional innovation capacity index system Which of the five indicators is more relevant?.The empirical results show that equilibrium between variables of venture capital and regional innovation only has the long-term stability of the regional innovation of venture investment one-way,but will be split into five regional comprehensive index of innovation at different levels of innovation and venture investment test the causal relationship between venture capital and regional innovation,found the index of knowledge creation,enterprise innovation,environment innovation has a direct causal relationship and has indirect causal relationship with knowledge acquisition and innovation performance.Venture investment as a product of technological innovation and financial innovation combine together,although in order to improve our country regional knowledge innovation,cooperative innovation,enterprise innovation,environment innovation strength,promote regional economic growth,and made a great contribution to enhance the regional competitiveness,but always restricted by the region's innovation ability,economic and the situation will lead to policy development,now the regional distribution of venture investment is unbalanced.Finally,from the point of view of the country,this paper puts forward some policy suggestions on how to resolve the possible drawbacks of our country regional innovation in such a rolling development model.This paper though considering the comprehensive ability of regional innovation in China is quite comprehensive,and draws some conclusions,but only to the provinces for the overall analysis,the future study can be combined with the actual situation of each region classification are analyzed in detail,the mutual influence between the venture capital and regional the innovation of correlation analysis and Granger causality test to explore the relationship between the two,and did not quantify the degree of influence many deficiencies still need in-depth study in the future.