The Venture Capital Investments and the Firms' Patenting Performance

In the western countries, venture capital has been proven by many scholars to have positive impact in stimulating the new-high technology innovation and invention. The venture capital industry in China has developed rapidly in recent years. But there is a little effective empirical research about VCs' contribution to the technology performance of venture firms. This paper builds the OLS regression models combined with the explanatory dummy variable vcpe (whether the firms have venture-backing), and the regression results show that compared to the firms without venture backing, those venture backed firms applied more in the number of invention patents by 31.9% and more in the sum of invention patents and utility models numbers by 45.3%.