美日创业投资实质的探索与启示

The Comparison of the Cruxes of Venture Capital in the United States and Japan

创业投资对美国经济增长的促进作用是人所共知的。多年以来,各国学者和业界人士致力于研究美国的创业投资问题。比较美国和日本创业投资的实质可以看出,创业投资之所以在美国形成并得到良好的发展,不仅有物质层面的原因,还有精神层面的原因。即美国创业投资的形成与发展,是在创造文化引领下,由市场需求拉动的结果。美国独特的创造文化对高新技术及创业投资的形成与发展具有不可忽视的牵引与推动的作用;而日本的创业投资之所以未取得理想效果,是因为其依附型文化,只能使其专注于制造流程中的渐进的创新,而非产品的创新。日本长期以来银行主导型的融资模式也限制了创业投资的发展。因此,我国若要发展创业投资,重视创业投资对经济增长的促进作用,培育促进原始自主创新的创造文化已成为当务之急。

It is well known that venture capital has greatly promoted the economic development of the United States. Scholars and professionals in many countries have researched the venture capital for many years. This essay analyzed and compared the cruxes of venture capital in the United States and Japan , based on which drew a conclusion that venture capital initially formed in the United States and developed very well there due to not only the factors in material levels but also in spiritual levels. That is to say,the formation and development of American venture capital is the result of market demand, with the leading of creativity culture. The unique American creativity culture has played an everlasting role in drawing the high tech industry and the formation and development of venture cap- ital; in contrast ,the venture capital has not brought into full play in Japan as that in America, just because the dependent culture of Japan has made them focus on the evolutionary innovation in the manufacturing technological process, hut not the innovation in products. In addition , the main bank financing pattern has also limited the development of venture capital in Japan. Such being the case, to develop venture capital and improve its effect on our economy, cultivating and promoting the original and independent innovationsl creativity culture is the most pressing matter of the moment.