Research On The Spatial Spillover Effect Of Venture Capital On Technological Innovation

The development of science and technology is changing with each passing day.In today’s world,countries have taken technological innovation capabilities as a concentrated expression of their core competitiveness.Each country hopes to upgrade its technological innovation level to enhance its own strength and occupy a dominant position in the market.Forty years of reform and opening up,China’s economy has entered a new normal development stage,and the government has vigorously advocated economic transformation and technological innovation.Due to its high risk and high input,technological innovation often faces funding bottlenecks.As an equity financing model,venture capital,because of its innovative financing mechanism and risk sharing mechanism,just matches the characteristics of technological innovation and becomes the core driving force for technological innovation and economic growth.China’s venture capital and technological innovation vary in regional distribution.Due to the influence of spatial factors and regional connectivity,the role of venture capital in technological innovation is no longer independent between regions,and is often affected by neighboring regions.Therefore,it is of theoretical and practical significance to deeply study the spatial role of venture capital in technological innovation and to make corresponding policy recommendations for better exerting the positive impact of venture capital on technological innovation.After reviewing the relevant literatures on venture capital and technological innovation,this paper finds that the overall research level and model establishment focus on traditional panel data,and the literature that takes space factors into account is less.Therefore,the article selects the national provincial panel data of 2007-2017.After analyzing the relevant theoretical basis,the spatial Dubin model is constructed to empirically analyze the spatial spillover effect of venture capital on technological innovation.The research results show that there is positive spatial autocorrelation in China’s technological innovation,and it is necessary to construct a spatial econometric model for research;The statistical test of spatial autoregressive coefficient of technological innovation in China is remarkable,indicating that technological innovation has obvious spatial spillover effect;venture capital,R&D personnel input and human capital level can significantly promote technological innovation,and venture capital and R&D personnel can invest Significant positive spillover effects on technological innovation.Finally,based on the research results,this paper proposes the following policy recommendations:improve China’s risk investment development system;develop specialized education,improve human capital level;increase government support,and create an innovative environment for multi-regional linkage development.