Analysis on Influence of Venture Capital to Technological Innovation in SMEs and the Core Hindering Factors - Based on Empirical Data of Listed Companies of SME Board in China

摘要

Based on investigation and collection of disclosed information of listed companies on SEM board in China, the paper studies the influence of venture capital to technological innovation in SMEs by analyzing the proportion of venture capital holding as well as the investment and yield of technical innovation in SMEs. Research showed that investment of venture capital in SMEs enabled SMEs to have more capital for innovation research but no evidence showed that SMEs had achieved more innovative fruits as a result of the venture capital. On this basis, the paper further analyzed the core factors that hindered process of technological innovation in SMEs with venture capital and presented relevant countermeasures for the hindering factors.