中国风险投资业发展的研究.pdf

Status，Problem and Development Policies of China’S Venture Capital Market 验砖Lizhen College of Economics＆Trade Southwest Agricultural University Beibei，Chongqing，China，400716 ABSTRACT As a special ki藤of capital characterized by high risk and hi馥ly expected profit，venture capital demands hligh standard circumstances， including mature market institution，perfect related laws and supporting policies，Compared with advanced countries，Chinas investment circumstances are inferior．Market institution,laws and supporting policies related to venture capital are junior and deyeloping． The opinion that just like advanced countries，venture capital can promote China’S technological industry iS unreasonabte and lack of analysis of China’S investment circumstances；In fact，the majority of foreign lnvestment companies put their venture capital in China’S traditional industries，not in tech～industry．Currently,the real Tunctions of venture capital in China are not to develop native tec卜 industry,but to reform Chinas investment institution and push forward the development ofChina’S financiaI market。 In developing Chma’S venture capital market，private investors，not government should play a core role．Government’S duties are to quicken the economic reform,make}e18ted laws and supporting policies，ease the regulation of financial market and private companies， support the development of non-government investment companies and reduce government--owned investment companies。 Key Words：China Venture Capital Development Policies 文献综述 蕊蹬鬟资是露浸经凑簿产瓣，宅懿产垒亵发曩又逶一步攘裁了意臻缀滚 翁宠饕露或熬。黧旃借鉴重羚经验。发蓑孛灏酾风硷投整娥，已裁为遥年来 中国缆济学界研究的热点。研究的内容主要集中在： 1。风险投资舱内溪对风黢投资赡内涵遴行界定的文黻操多，其中蠢代 表鬟煞蹩蕊愚建熬“获鬏疆妥蘧捺送我翼黎簸猞授獒事疆“《《警瑾爨赛》， j999筇第1期)，剃健钧的“正确认识宅日监资零，努力推进投资体制建设”(《管 理世界》1999年第4期)，盛立举的《风险投搬；操作、机制与策略》(b海 远东出版桂，1999举9嚣)。戏恿蕊试为风陵投资是“把资本投惠??菇掰鼓 寒嚣笈鞭滚·?～藜一嵇囊錾投羹移瓷”，逮迄燕辍羲翦主滚戏患；囊≤毽镑“鬟张 从风除投资的起源出发，将其定义为“投资予创业企业??f}勺一种特殊擞型 的金融裰本”，将“venture capital”译作“刨姚资本”：盛立军认为风险擞资 跫对“戏装犍好黪斛凝型金监”懿“熬毒骚投缎瓷”。上述菇耱定义不太餐奁 孛鬣熟瓣投资登熬安瓣祷嚣，本文试霆蠢享}邀～缺麓，绘爨更莲臻戆藏念捂 导中倒风险投资业的发展。 2．发达