金融学院知识库

The 14th Five-Year Plan defines the national development strategy centering on independent innovation, promotes the strengthening of the manufacturing chain, and proposes a series of measures such as increasing the proportion of direct financing, especially equity financing, establishing a multi-level capital market system, and comprehensively implementing the registration system. Judging from the new pattern of economic development in the future, the rise of many emerging enterprises needs the support of capital and fund investment, private equity investment can play its own unique advantages and potential, and become the important starting point of promoting the high quality development. In terms of serving the real economy, private equity investment focuses on high-quality emerging industries that are in line with the guidance of national industrial policies and have broad development prospects. On the other hand, as an important channel of equity financing, private equity investment industry can empower the growth of innovative enterprises. The participation of private equity investment can not only provide enterprises with huge capital needs in production, operation and innovation activities, but also provide a large number of post-investment management and other value-added services. With the support of capital, technology, management and other aspects, whether private equity investment can promote the technological innovation of enterprises is a very important issue. Based on relevant studies, this paper starts from the development status of private equity investment in China and its investment status in GEM. Firstly, it theoretically analyzes the influence mechanism of private equity investment on enterprise technological innovation. Secondly, it selects the data of listed companies in GEM from 2019 to 2021 to innovate output. In other words, the number of patents obtained by enterprises is an indicator to measure enterprise technological innovation. With the participation of private equity in enterprise investment in GEM and the amount of private equity investment as explanatory variables, and considering the relevant indicators that may affect enterprise technological innovation, such as enterprise scale, capital structure, industry and ownership concentration, multiple linear regression model is constructed for empirical test. The results show that the private fund positively promotes the technological innovation of the firm, and the firm size positively promotes the technological innovation of the firm.