Venture Capital,Institutional Environment And Industrial Structure Optimization And Upgrading

The industrial structure is an essential part of the social and economic system.How to continue to promote the optimization and upgrading of my country’s industrial structure and promote high-quality economic development on the existing basis has become an emergent problem to be solved.As a catalyst to promote the development of high-tech industries,venture capital plays an important role in the upgrading of industrial structure.However,the scale of my country’s venture capital industry is still small,it is still in the stage of growth and optimization,and it has huge development potential.Strengthening the development of the venture capital industry and highlighting the supporting role of the financial environment is of great significance in promoting the rationalization and advanced development of my country’s industrial structure.There are many literatures on venture capital and industrial structure optimization and upgrading or institutional environment and industrial structure optimization and upgrading,but few literatures explore the role of institutional environment in the process of venture capital affecting industrial structure optimization and upgrading.Therefore,studying the relationship between venture capital,institutional environment and industrial structure optimization and upgrading will enrich my country’s theory on venture capital and industrial structure optimization and upgrading to a certain extent,and improve the three aspects of venture capital,institutional environment and industrial structure optimization and upgrading.At the same time,through the research of this paper,we can improve our country’s institutional environment,how to ensure the sound development of the venture capital industry,and how to promote my country’s industrial structure.Structural optimization has certain pertinent and feasible opinions.In this context,founded on the institutional change theory,the theory of industrial structure and the theory of contract,with the help of the annual data of 30 provinces(cities)in my country from 2008 to2018(Tibet data is missing),a regression model is established,taking the industrial structure as the explained variable and the venture capital as the Explain variables,and further divide the eastern,central and western regions for analysis.Then,on the basis of the basic regression model,the moderating effect analysis is carried out,taking the institutional environment as the moderating variable,and innovatively starting from the three indicators of marketization,level of intellectual property protection and level of opening,so as to verify that the institutional environment plays a vital role in the impact of venture capital investment.Whether it plays a regulating role in the influence mechanism of industrial structure optimization and upgrading.Finally,this paper is extended and analyzed using the threshold effect model,and the three measurement indicators of the institutional environment are used as threshold variables,so as to explore the relationship between venture capital,institutional environment and industrial structure optimization and upgrading from a deeper level.According to the empirical results,it can be concluded that: first,venture capital has a vital role in promoting the upgrading of industrial structure,especially in the eastern and central districts,and the eastern region has a greater role in promoting,but not in the western region;second,the degree of marketization can positively regulate the promotion of venture capital to the optimization and upgrading of the industrial structure,and has a single threshold effect;third,the level of intellectual property protection can positively regulate the promotion of venture capital to the optimization and upgrading of the industrial structure,and has a regulating effect.Fourth,the level of opening to the outside world can positively adjust the promotion of venture capital to the optimization and upgrading of the industrial structure,and has a single threshold effect.Finally,the following suggestions are put forward: first,strengthen the role of venture capital in promoting the upgrading of industrial structure,especially in the eastern and central regions;second,guide the optimal allocation of resources and cultivate a good market environment;third,improve the laws and regulations of the venture capital industry,improve the intellectual property protection system;fourth,combine "bringing in" and "going out" to improve the level of opening to the outside world.