On the Influence Venture Capital Exerts on SMEs Technology Innovation

摘要

Based on the GEM Board panel data of 287 listed companies in the manufacturing industry. A regression model and a negative binomial distribution model with venture capital as explaining variable and technology innovation as explained variable were built by the researcher. This paper makes an empirical analysis of influence that venture capital participation and participation degree exert on SMEs technology innovation input and output. Research and analysis showed that the participation of venture capital plays positive role in promoting small and medium enterprises technology innovation input and output; But it is not true to the higher shareholding ratio, the more output. There will be a negative effect if the shareholding ratio beyond certain limit. The participation degree of Venture capital has no significant influence. So venture capital should be introduced to the SMEs technology innovation activities but it ratio should not exceed certain limit.