Abstract: Based on the perspective of intermediary effect of technological innovation, this paper studies the impact of venture capital on industrial structure upgrading. We selected panel data of 30 provinces in China from 2005 to 2018 for empirical analysis, and divided them into eastern, central, and western regions for testing. It is found that from the national level, venture capital significantly promotes the upgrading of industrial structure, but the intermediary effect of technological innovation accounts for a low proportion; Venture capital has a significant driving effect on the upgrading of industrial structure in the eastern, central and western regions, but the intermediary effect of technological innovation is significant in the eastern region and not in the central and western regions. Under the background of high-quality economic development, we should optimize the development policy and environment of venture capital, give full play to the intermediary role of technological innovation, adapt measures to local conditions, improve technological innovation ability through venture capital mechanism, and promote the upgrading of industrial structure.
