The Mechanism,Effects And Paths About Venture Capital Prizing The Innovation Efficiency In New Energy Enterprises

The report of the 19 th National People’s Congress clearly pointed out:Building a market-oriented green technology innovation system.This expression points out the strategic focus and direction for the innovation and development of China’s new energy industry.At present,the difficulty of raising funds and the low efficiency of innovation are the biggest obstacles to the innovation of new energy companies.Simply relying on government subsidies and support is not a long-term solution.In-depth study of the prizing mechanism,effects and paths of venture capital investment as the “financial leverage” and “economic engine” of enterprise innovation on the innovation efficiency of new energy enterprises has a larger theoretical and realistic meaning for solving the dilemma of financing efficiency and innovation efficiency of new energy enterprises.In this paper,the research contents are set up according to the following ideas: First,the literature and basic theories related to venture capital,innovation and new energy enterprise development are summarized.Secondly,the super-efficiency model of DEA is used to measure the innovation efficiency of new energy enterprises.An independent sample T test is conducted on the innovation efficiency of new energy enterprises of“venture capital” and “no venture capital”.Thirdly,it analyzes the prizing mechanism of venture capital in the innovation efficiency of new energy enterprises.Fourth,the overall effect of venture capital on the innovation efficiency of new energy enterprises was tested with the full sample;The prize effect about the background,injection strategy,shareholding intensity of venture capital on the innovation of new energy enterprises is tested by using the sample of “venture capital”.The conclusions drawn from this paper are as follows: First,the prizing mechanism of venture capital in the innovation efficiency of new energy enterprises is as follows:The interaction between venture capital leverage and innovation leverage of new energy enterprises;The matching of venture capital prefer risk and the innovation in new energy enterprises create risk;the value-added of venture capital and the value-added of innovation in new energy enterprises;The inter-attraction of external economy of venture capital and the external economy of innovation in new energy enterprises.Second,the empirical results show that the participation of venture capital haseffectively prized the innovation efficiency of new energy companies.From the background of venture capital,the prizing effects of state-owned or the combination of state-owned and private enterprises venture capital is negative,the prizing effects of foreign and high-reputation venture capital is positive.From the perspective of injection strategy,the earlier the venture capital inject,the greater the prizing effect is;the number of injecting rounds and the number of venture capitals are significantly positively correlated with the efficiency of new energy innovation.From the perspective of shareholding strength,the shareholding ratio and the prizing effect of venture capital is in a “U” shape;the longer the term of venture capital holding,the more obvious the prizing effect.Third,measures to optimize the prizing for new energy companies to innovate efficiency include:There are market paths,such as,new energy enterprises actively seek cooperation with venture capital companies,venture capital and actively seek new energy projects,venture capital companies and new energy companies jointly plan investment and financing activities venture capital.There are also policy paths Improve the entrepreneurial capital market and do a good job in supporting the new energy industry.