日本风险投资转变的制度经济学分析

The Analysis in Institutional Economics to the Changes of Japanese Venture Capital

日本政府一系列的制度和政策创新,促使日本兴起了第三次风险投资浪潮。这次浪潮表现出投资进入新的增长周期、资金来源多样化、投资向高新技术产业集中、投资于风险投资企业设立期前移、退出渠道畅通等特征,意味着日本的风险投资已经进入了良性发展轨道。日本风险投资制度变迁演绎了制度创新对新兴产业发展的作用、风险投资产业的制度需求和政府在风险投资产业发展中应承担的责任,为中国发展风险投资产业提供了重要的借鉴。

For the development of high-tech industries,the Japanese government carried out a series of innovative institutions and policies;it promoted the rise of Japanese third wave of venture capital.The third wave displays many new characteristics： The investment developedinto a new cycle of growth,diversification of sources of funds,the investment focused to high-tech industry,the investment stage of venture capital has been moved forward,the channels of withdraw became unblocked.It means that Japanese venture capital has entered the sound track.The institutional changes of Japanese venture capital manifest the role of the institutional innovation to the development of new industries,the institutional demand of the venture capital industry,and the responsibility that the government should bear in the development of venture capital industry.This provides an important reference for the development of Chinese venture capital industry