Research On The Impact Of Private Equity Investment On High-tech Industry Innovation Capability

Since the emergence of China 's first localized private equity investment company in the 1980 s,China 's private equity investment industry has experienced considerable development.The number of investment cases and investment scale in China 's private equity investment industry have increased in recent years.But can private equity investment play a corresponding role in the development of China's high-tech industry? Some scholars believe that private equity investment will improve the ability of industrial innovation,but some scholars think that there is no correlation or even negative impact between private equity investment and industrial innovation ability.Through empirical analysis,this article explores the relationship between private equity investment and the innovation capability of high-tech industries,and further explores whether there are regional differences and industrial differences.Aiming at the research object,this paper first combs the relevant research literature and analyzes the mechanism of private equity investment in promoting high-tech industry innovation.And based on the patent output model,this paper builds a model that the explained variable is patent.The generalized moment estimation method of this paper is regression analysis.This paper also studies whether there is a difference in the impact of private equity investment on the innovation capability of different industries in the same region and whether there is a difference in the impact of private equity investment on the innovation capability of different industries in the same region.The results show that private equity investment the innovation capability of the technology industry in general has a significant promotion effect,but its role is not as large as R&D funding.And it is found that the impact of private equity investment on the innovation capability of the same industry in different regions and the impact of private equity investment on the innovation capability of different industries in the same region are both different.Finally,according to the research conclusions,in order to better develop private equity investment so that it can better improve the innovation capabilities of high-tech industries in different regions,relevant policy recommendations are proposed.