Venture Capital and Technological Innovation in High-Tech Enterprises: Data from Listed Companies on the Growth Enterprise Market

The emergence of venture capital is the improvement of domestic and foreign capital markets, which is conducive to the survival and development of high-tech enterprises and economic growth. However, whether the participation of venture capital institutions can promote the technological innovation of high-tech enterprises has not been conclusive. According to the CV Source Investment Database, internet and information technology companies in the high-tech industry have been more favored by venture capital institutions in recent years. This article takes 133 companies listed on the GEM in 2016-2017 as an example, using empirical methods to analyze the impact of venture capital institutions on the technological innovation behavior of high-tech enterprises. The results show that 86% of high-tech enterprises will have risk capital injection in the IPO stage in recent years, and there is a positive relationship between the proportion of venture capital holdings and the technological innovation of high-tech enterprises.