Research On The Impact Of Venture Capital On The Technological Innovation Of High-tech Enterprise

At present,our country advocates development of high-tech enterprises,especially independent innovation ability,and the operation of the gem market has gradually improve,this is for the development of risk investment has opened up a broader space,risk investment as a high and new technology enterprises financing way,also more and more get the attention of the national policy.So the relationship between the venture investment and high-tech enterprises,to prove that venture capital from the perspective of the empirical effect of high and new technology enterprise technology innovation,to further understand the influence of the risk investment of our country high-tech enterprise present situation,to develop the venture capital industry,accelerate the development of high and new technology enterprise itself has very important practical significance.This paper by reviewing the related literature,summarizes the existing research results,and discovers the deficiency and can be improved,and then put forward the assumption on the basis of theoretical analysis,and considering the usual institute ignored "the choice" effect of endogenous,the treatment effect model constructed in this paper,the regression model.Then,in 2010-2010 listed on the gem high-tech enterprises in our country as samples,empirically the risk if there is a risk investment background,investment holding and whether the influence of the joint investment of high and new technology enterprise technology innovation.Finally,empirical results show that:(1)the risk investment and the gem exists between high and new technology enterprise technology innovation reverse causation,and is not a simple one-way causal relationship,to prove the suitability of using the treatment effect model.(2)at present,venture capital cannot actively promote the technological innovation of high-tech enterprises in chinext,which is mainly related to short-sighted speculative behaviors of venture capital institutions.(3)under different industrial backgrounds,venture capital has different effects on technological innovation of high-tech enterprises.