Research On The Impact Of Venture Capital On Technological Innovation In The Electronics And Communication Equipment Manufacturing Industry

In recent years,the country has successively issued a number of planning and policy documents such as "Made in China 2025","Special Actions for the Innovation and Development of the Intelligent Hardware Industry(2016-2018)",and "Development Plan for the Development of the Chinese Robot Industry".And the development of telecommunications equipment manufacturing industry has been provided strong support,so the electronics and communications equipment manufacturing industry has gradually become an competitive industry field all over the country.In 2019,China officially ushered in the first year of 5G commercialization.With the advent of the 5G era,the electronics and communication equipment manufacturing industry will usher in huge development opportunities and a prosperous development prospect.To seize development opportunities,technological innovation must be strengthened,and innovative technologies in the electronics and communications equipment manufacturing industry require substantial funding.Due to differences in geographical location,innovation environment,and economic level of various regions,the benefits brought by venture capital in different regions are different,and the development of technological innovation in electronics and communication equipment manufacturing is by no means uniform.The degree of development varies greatly.‘Although the Chinese government has continuously strengthened its support for electronic and communication equipment manufacturing enterprises,state support cannot cover most electronic and communication equipment manufacturing enterprises.Whereas venture capital is a kind of equity investment,which has developed rapidly and is extremely active in China.And it adapts to the characteristics of the electronics and communications equipment manufacturing industry,which can more conveniently provide a source of funds for the electronics and communications equipment manufacturing industry.Therefore,how to innovate technology to promote innovation,especially how to use venture capital to enhanceregional electronics and communications equipment manufacturing technology innovation,has gradually become the focus of the entire society.Early research mainly focused on ordinary regression analysis of innovation in the electronics and communication equipment manufacturing industry,and did not focus on the close connection between venture capital and technological innovation in the electronics and communication equipment manufacturing industry.The traditional statistics and classic econometric regression analysis in the time dimension of the technology industry category has only a few studies on the spatial effects of the venture capital and high technology industry categories.On the basis of previous studies,this article conforms to national policies and industrial development trends,focuses on the electronics and communications equipment manufacturing industry,and combines spatial perspective to analyzes the impact of venture capital on the technological innovation of the electronics and communication equipment manufacturing industry.Because of the serious lack of data in some provinces,the article uses data on venture capital(PE \ VC)and innovations in electronics and communications equipment manufacturing in 26 provinces in China.Using spatial autocorrelation model and other methods,the spatial correlation of technological innovation in electronics and communication equipment manufacturing is firstly carried out.Test and build a general regression model that does not include spatial factors and a spatial regression model that includes spatial factors,and empirically study the space spillover effects of venture capital on technological innovation in electronics and communication equipment manufacturing.It was found that the geographical distribution of the level of technological innovation in the electronics and communications equipment manufacturing industry was basically the same as the regional distribution of venture capital.In the eastern coastal areas where the economic level is more developed,the corresponding industrial technological innovation capabilities and venture capital levels are higher.Inland-derived,the lower the level of innovation and venture capital development of the electronics andcommunications equipment manufacturing industry.The empirical results show that Electronic and communications equipment manufacturing technology innovation has obvious spatial autocorrelation.This spatial dependence brings together areas with high levels of technological innovation in electronics and communications equipment manufacturing areas,and areas with low levels of technological innovation.It has further promoted the formation of a pattern in which the level of technological innovation and development of electronic and communication equipment manufacturing in the eastern region is higher than that in the central and western regions.In addition,venture capital not only has a positive impact on local electronics and communication equipment manufacturing technology innovation,but also has spillover effects.The capital,technology,and high-quality talents brought by venture capital will flow to the electronics and communications equipment manufacturing industries in the surrounding areas,thereby driving the development of regional electronics and communications equipment manufacturing innovation levels.Therefore,the more developed the venture capital area is,the easier the spillover effect will be.In contrast,the underdeveloped areas will have less spillover effect.Therefore,the level of venture capital in the eastern region is significantly higher than that in the central and western regions,which is the reason for the level of technological innovation in the manufacturing of electronic and communication equipment is significantly higher in the east than in the midwest.