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| Research on the Stimulating Effect of Venture Capital on the Innovation Efficiency of New Energy Technology |
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Abstract Taking 136 new energy companies listed in 2004-2017 as a sample, the paper explores the stimulating effect of venture capital on the technological innovation efficiency of new energy companies. Firstly, the sample enterprises are divided into two groups, with or without venture capital . The data envelopment analysis(DEA) is used to measure the technical innovation efficiency of the two groups of enterprises, and the independent sample T test is performed on the mean value of the technological innovation efficiency of the two groups. The results show that the group with venture capital has a better effect.Secondly, using the group with venture capital as sample, according to the background,capital injection strategy and shareholding strength of venture capital , the multiple linear regression (MLR) is used to verify the stimulating effect of venture capital on the technological innovation efficiency of new energy enterprises. The results show that from the background of venture capital, the background of state-owned assets has no stimulating effect, and the background of foreign capital and high reputation have positive stimulating effects. From the perspective of capital investment strategy, the earlier the timing of capital injection, the greater the stimulating effect. The number of capital injection rounds and the number of capital injection joints are significantly positively correlated with the stimulating effect; corresponding social responsibility, independent mission and public functions of venture capital companies, new energy companies and governments are proposed based on the research conclusions.
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