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《Securities Market Herald》 2015-01
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The Impact of Venture Capital on Technological Innovation Empirical Data from GEM

Shen Liping;  
The study reveals venture capital doesn't provide support for more resources, revenue and technological innovations for high-tech enterprises. Though it is a low proportion that VC institutions enter an enterprise in its start-up phase, the earlier they do so the more infl uence they have on its innovations. The conclusion is inconsistent with the policy that growth enterprise market(GEM) should provide fi nancing to promote technological innovation capabilities of high-tech enterprises. In order to improve the venture capital's infl uence on enterprises' technological innovation capability, the GEM regulator should further improve the system construction, drive the GEM to form a reasonable pricing mechanism, and construct a capital platform meeting the needs of innovative, developing enterprises. The regulator should also make clear the legality of Value Adjusted Mechanism; encourage venture capital to support the early development of innovative enterprises. Meanwhile, the government should strengthen its guidance, let venture capital enter the enterprises at its start-up phase, get more involved in the management and enhance the technological innovation capability.
【CateGory Index】: F276.3;F273.1
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