The Influence Of Venture Capital On Enterprise Technological Innovation Basing On Mediating Effect Of Corporate Governance

At present,China's economic development has entered a new period,with the economic growth rate slowing down and the industrial structure to be adjusted.Technological innovation,as the booster of industrial structure adjustment,will play a very important role in this process.To this end,the state has introduced a series of measures to support innovative enterprises,incubating a group of very potential enterprises.However,in the process of development,managers' lack of experience,limited social resources and lack of funds have become common problems faced by enterprises,which directly affect the technological innovation of enterprises.Venture capital focuses on investing in high-tech enterprises with high rate of return,which can not only provide funds for the whole operation process of the new enterprise,but also provide value-added services for the target enterprise by participating in its follow-up management,effectively solve the problems faced by the enterprise,facilitate its rapid development and promote its technological innovation.Therefore,venture capital has become the most popular way of financing for start-ups.According to statistics,85% of the 293 enterprises listed on gem from 2015 to 2017 have the participation of venture capital.Therefore,it is of great practical significance to discuss the impact of venture capital on the technological innovation of target enterprises.This paper from the theoretical analysis of the role of venture capital to the enterprise technology innovation mechanism,theoretical studies have shown that risk investment not only through the new ventures to provide support,such as funds,talents,network and so on,directly affect the enterprise's technological innovation,also through involving in the board of directors of the company,participating in the target enterprise strategic planning,supervising enterprise technology innovation activities,indirectly influence enterprise technology innovation.Secondly,from the empirical level,enterprises listed on gem from 2015 to 2017 were selected as samples,respectively from the two dimensions of venture capital participation and jointinvestment,to test the impact of venture capital on enterprise technological innovation and corporate governance.The empirical research shows that venture capital plays a significant role in promoting technological innovation and corporate governance.Enterprises with venture capital participation have stronger technological innovation ability and more reasonable corporate governance structure than those without venture capital participation.The influence of joint venture capital strategy on enterprise technology innovation and corporate governance is obviously better than that of single venture capital.On this basis,we further prove through empirical analysis that corporate governance structure plays an mediating effect in the process of venture capital's influence on enterprise technology innovation.According to the conclusion of theoretical analysis and empirical analysis,this paper puts forward some countermeasures and suggestions.The government should perfect venture capital exit mechanism,encourage enterprises to make full use of the risk investment.Risk investment agencies shall be as far as possible to take joint investment strategy to improve the efficiency of venture capital,by improving the corporate governance structure,strengthening the supervision of enterprise technology innovation and improving enterprise technology innovation ability,etc.