政府在风险投资中的角色定位:交易成本视角的探讨

The Role of the Government in Risk Investment:on the Perspective of Transaction Cost

风险投资的竞争性决定了政府不能成为风险投资的主体。政府主导型风险投资,逼近容易导致逆向选择和道德风险,而且还会抑制民间资本参与风险投资。信息不对称、外部性、退出通道狭窄等因素,形成风险投资的交易成本。政府在风险投资中的角色定位,就是要降低交易成本,为民间资本参与风险投资提供良好的外部环境。

The competitiveness of risk investment determines that the government is incapable of being the subject of risk investment. The government-dominant risk investment is liable to cause adverse choices and moral risks and also restrain the participation of nongovernmental capital in risk investment. Such factors as information asymmetry, externality and narrow withdrawing channels constitute transaction cost. The role of the government in risk investment is oriented towards reducing transaction cost to provide a good environment for the participation of nongovernmental capital in risk investment.