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《Journal of Shandong University of Science and Technology(Social Sciences)》 2009-01
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Empirical study of the effect of the venture capital on the independent innovation of SMEs:Based on the data from SME board

WANG Yu-rong,LI Jun(International Business School,University of International Business and Economics,Beijing 100029,China)  
Taking the listed companies in the SME board as a sample,we analyze the relationship between the numbers of the patent application,the proportion of the venture capital holding and the ratio of the RD investment to sales revenue by using descriptive statistical analysis,correlation analysis and regression analysis.The results indicate that the companies with venture capital apply much more patents than those without venture capital,and that the independent innovation effect of the former is largely different from each other,with the patent application ranging from 0~119.In addition,it shows that the former has invested significantly higher ratio of the RD investment to sales revenue than the latter,and that the proportion of the venture capital holding has positive relationship with the independent innovation investment,which means venture capital plays relatively positive roles in the technological innovation,but has invisible negative relationship with the indexes of the independence innovation effect.
【CateGory Index】: F273.1;F832.48;F224
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