加快体制创新,促进风险投资产业的健康发展

Quickening Systematical Innovation for Developing Well in Risk Industry

风险投资是高新技术企业发展的催化剂。构建良好的体制、法律、制度平台,是风险投资行业长期健康发展的需要。有限合伙制作为高效的制度安排,是发达国家风险投资业主要的组织形式。它和公司制比较优劣是明显的;我国的风险投资公司要大力推进民营化,国有企业的弊端不能在风险投资这一新兴行业重演。风险投资在项目的什么阶段介入,是企业的微观决策,但要使风险投资名符其实,必须从宏观上对其进行利益的调节;场外交易是风险投资退出的另一种选择,但要使场外交易良性运作,还有大量工作要做。

Risk investment is the catalyst of the development of hi-tech enterprises. A base of well-constructed system, constitution and laws is necessary for risk investing industry to develop well. Limited cooperation as one of effective enterprise systems is the main organizational form of the risking invested industry in the developed countries. It has obvious favorable and unfavorable situations compared with the company-system. Therefore, privatization should be strengthened in risk investing companies in China, and the problems of stated-owned enterprises should not be repeated in the new industry of risk investment. The time for risk investment in a project belongs to the micro-decision-making in enterprises. But to make risk investment worthy of its name, profit should be regulated in macroscopic sense. An alternative for with drawing risk investment is out of the spot trade, which can function smoothly by quantity of efforts.