日本风险投资运作模式及其对我国的启示

The Mechanism of Venture Capital in Japan and the implications for China

日本是亚洲最早发展创业投资的国家。日本风险投资运作中存在的主要问题有:过度依赖单一融资渠道、银行在投资中的过度参与以及退出渠道不畅。此外,日本社会文化环境和政策法律也在一定程度上影响着风险投资的发展。日本风险投资的经验和教训,对于我国在拓宽融资渠道、金融机构的适度介入、完善退出机制和充分发挥政府的积极作用等方面有着重要的启示作用。

Japan is the first Asian country to develop venture capital （VC）. Several problems can be observed in the operation of Japan＇s VC, such as the over-dependence on a single source of fundraising, bank-centered investment, and a lack of exit for harvesting. Moreover, Japan＇s social cultural environment, as well as its policies and laws, also have influences on the VC industry. Japan＇s experience and lessons are of significative reference to China＇s effort to develop her VC industry, specifically in terms of fundraising diversification, reasonable participation of financial institutions, effective exiting mechanism, and the role of government.