我国中药产业风险投资问题研讨.pdfVIP

中文摘要 医药产业被称为“朝阳产业”，而中药产业则被称为“永远的朝阳”产业。 目前我国的中药产业还比较落后，主要是由于中药新药研发具有长周期、高投入、 高风险的特点，普通商业资本很少愿意投资。中药若研发成功将获得高额收益， 而风险投资在追求高收益的同时能够承担高风险，从而愿意投资于中药。因此， 本论文的目的是通过对中药产业风险投资现状和中药产业风险投资不景气的原 因分析，同时借鉴日本中药产业风险投资发展的成功经验，有针对性地提出发展 我国中药产业的对策建议。 本文首先对风险投资的概念和基本特征进行分析，阐述了风险投资对中药企 业的促进作用。其次通过对中药产业发展概况和中药产业风险投资的现状进行分 析，得出了中药产业风险投资不景气。再次对我国中药产业风险投资不景气的原 因进行了分析，阐述了三个主要方面，一是中药产业自身的特征，如研发周期长、 投资高、风险大，使得风险投资也极为谨慎；二是中药产业风险投资收益比预期 要低，IPO 退出方式不畅；三是风险投资发展不足，从而关注中药产业力度有限。 接下来分析日本中药产业风险投资成功的原因，借鉴日本中药产业风险投资成功 的经验，最后有针对性地提出发展我国中药产业风险投资的对策建议。 对策建议如下:(1)采用我国 “官助民营”式中药产业风险投资融资模式。 (2) 政府承担中药基础研究中药。(3)政府为风险投资提供政策支持、建立多层 次资本市场。(4)完善产权制度和风险投资法律环境。 关键词：风险投资；中药产业；公开上市；有限合伙制 I Abstract Medical industry is considered as rising one, while Traditional Chinese Medicine (TCM) is viewed as forever rising one. Traditional Chinese Medicine RD investment is small, production technology is weak, innovation ability is weak, so the development of TCM industry in China is not optimistic. Because of high term, large input and long risk, the common commercial capital is rarely willing to investing it. However, if the RD of TCM successes, it will bring high benefit, so Venture Capital (VC) is willing to investing it. VC helps a lot in TCM firms. So we aim to find out how to develop TCM industry by VC. In this paper, Firstly, we make rough explanation about the concept and characteristics of Venture Capital (VC), upon which we explain the help of VC to TCM start-up companies. Secondly, we analyze the situation of traditional Chinese medicine VC. Thirdly, we analyze the reasons why traditional Chinese medicine VC is not good. Fourthly, we analyze the situation of traditional Chinese medicine VC in Japan.Lastly, under what we talked above, we advance some suggestion o