| As China regards innovation as a new engine of economy,scientific and technological innovation has become an important economic pillar.High-tech enterprises,the main force of scientific and technological innovation,are developing rapidly with the support of national policies.However,the problems,financing difficulties and non-efficiency financing,are also very prominent.Venture capital,as a new financial system,can effectively solve the problem of financing for high-tech enterprises,especially the high-tech enterprises in the seed and early stage.But under the background of asymmetric information,venture capital institutions will choose differentiated investment strategies for their own interests,such as the timing of venture capital and stage investment strategy.Therefore,this paper studies the impact of the timimg of venture capital on the efficiency of high-tech enterprises’ technological innovation and provides a reference for the timing of venture capital introduced to high-tech enterprises.At the same time,this paper studies the impact of stage investment strategy on the efficiency of high-tech enterprises’ technological innovation and provides a reference for the effective acquisition of the next round of investment for high-tech enterprises.In this paper,we choose 199 high-tech enterprises that listed on GME from october 2009 to the end of 2017 as the sample and use the DEA model(BCC model and SDEA model)and multivariate regression model to study the impact of venture investment support,the timing of venture capital and stage investment on the efficiency of hightech enterprises’ technological innovation.This paper is composed of six chapters.The first chapter introduces the realistic background,the research questions,the purpose and significance of the research,the overall framework of the research and the innovation of this research.The second chapter review the related literature.From the perspective of the support of venture capital,stage investment strategy and the timing of venture capital,the chapter combs the related literature on the impact of venture capital on the efficiency of high-tech enterprises’ technological innovation and puts forward the research direction of this paper.The third chapter is the theoretical analysis and research hypothesis.This chapter introduces the enterprise life cycle theory of high-tech enterprises,the principal-agent theory,the screening guidance theory and lays the groundwork for the hypothesis of the latter.,and then puts forward the research hypothesis in this paper.The forth chapter is the measurement of technological innovation efficiency of high-tech enterprises.In this chapter,we first set up the index system of technological innovation efficiency of high-tech enterprises.Then the DEA-BCC model and the SDEA model are used to calculate the value of the technological innovation efficiency of the sample enterprises.Finally,the descriptive statistical analysis of the technological innovation efficiency values is made.The empirical results show that the technological innovation efficiency of VC-Backed high-tech enterprises is higher than that of nonVC-Backed ones.The fifth chapter is about the impact of venture capital on high-tech enterprises’ technological innovation efficiency.In this chapter,we take 125 VC-Backed high-tech enterprises listed on the GEM as the sample and use the multivariate regression model to demonstrate the impact of the timing of venture capital and stage investment on the efficiency of enterprise technological innovation.When the first round of venture capital is in early of the enterprise,it has a negative impact on the efficiency of the technological innovation of the enterprise,and the more effective the expansion period has on the efficiency of technological innovation.The positive effect of the mature period is relatively weak.This is because the impact of venture capital the timing on technological innovation input is decreasing as the enterprise life cycle goes on.On the contrary,the output of technological innovation needs a long period.The impact of the first round of venture investment on technological innovation is gradually enhanced with the growth of the life cycle of the enterprise.Stage investment has a negative impact on technological innovation efficiency of high-tech enterprises,a weak impact on the technological innovation input and negative impact on the output of technological innovation.The stage investment strategy makes the screening function of the venture investment larger than the guidance function.When the high-tech enterprises can not meet the continuing investment conditions of the venture investment,they can not get the next round of investment,thus the investment of the technological innovation will be restrained,and then the efficiency of the technological innovation of the enterprises is suppressed.The sixth chapter is the policy suggestion.According to the conclusion,this chapter puts forward relevant suggestions from two perspectives of high-tech enterprises and government. |
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