中国创业风险资本来源法律问题探析

Research and Legal Analysis of Venture Capital Resources in China

资本运作已成为全球经济发展与科技成果转化的重要原动力,而创业风险投资更是国际资本运作中极为重要的一环。中国面临着如何建立适合国情的创业风险投资法律环境架构,通过调整风险资本来源加速中国创投产业发展的问题。文章从分析风险资本的来源出发,指出中国及美国创业风险资本来源及结构的差异,探讨了中国现有的法律法规导致社会资金进入创业风险投资产业的困难,从而造成资本来源受限并在结构上形成以政府或外资为主导的状况。因此,适度修改相关法律法规以调整中国现有风险资本来源与结构问题,就成为加速完善中国创业风险投资产业发展的重要课题。

Capital investment is a major driving force of global economic development. China is facing the situation of establishing legal environment framework to speed up the development of venture cap- ital industry. Starting with a brief analysis of venture capital resources, this paper analyzes the differences between China and the USA on venture capital resources and structure. It seems that it is China＇ s current laws and regulations that make it difficult for private fund to enter into the venture capital industry, and eventually made the government fired and foreign venture capital become the main resources of venture fund in China. It is suggested to modify relevant regulations to improve the structure of China＇ s venture capital resources and reinforcing the development of China＇ s venture capital industry.