美国先进技术计划(ATP)与风险投资的比较及启示

Analysis on Venture Capital Mechanism of US ATP

在美国,风险投资和先进技术计划(ATP)都是促进高技术产业和中小企业发展的最有效方法。本文认为,ATP计划亦具有风险投资的功能,只是其战略定位和投资机制与风险资本存在不同。美国发展风险投资的成功经验是风险投资公司一般由非政府机构和个人创建和经营。ATP计划作为美国政府资助的R&D计划,虽然不是由政府设立的风险投资基金,但它有效地发挥了风险投资的功能,弥补了私人风险投资的不足;与私人风险投资合理分工,共同促进了美国高技术产业的发展。ATP计划对改善我国国家科技计划的管理有参考价值。

Venture capital has been approved to be an effective way to promote the development of high-tech industries and small business. In United States (US), venture funds are usually operated and controlled by non-governmental organizations and private business. This paper holds that as an R&D plan subsidized by US government, ATP has given a full play to venture capital, and greatly improved private venture capital, though it isn't venture fund founded by US government at all. On the basis of reasonable division, ATP and private venture capital have jointly promoted the development of high-tech industries in US. The experience of ATP in US is helpful to improve the management of science and technology in China.