我国风险投资强制性制度变迁的分析与研究

Analysis and Research on Compulsory Institutional Change for Venture Capital in China

风险投资对于一国高科技的进步、经济结构的转变具有重大的推动作用,而其发展离不开相应的制度安排,从20世纪80年代以来,我国在风险投资领域出现了一系列由政府主导的强制性制度变迁,对风险投资的快速健康发展产生了积极影响。本文在分析我国强制性制度变迁必要性的基础上,从当前实施的典型的风险投资制度——有限合伙制和退出机制着手,进行分析与研究,总结目前面临的问题和困境,同时为后续的制度变迁提供完善的路径。

Venture capital has played a significant role in the progress of high technology and economic restructuring to a country,and its development is inseparable from the appropriate institutional arrangements.Since the 1980s,a series of government-led compulsory institutional changes have existed in venture capital industry,and they have a good effect on venture capital.Based on formulating the necessity of compulsory institutional change,the present article analyzes and studiers the typical compulsory institutions including limited partnership system and exit system that are enforced currently,summarizing the problems and giving relevant suggestions for compulsory institutional change in the future.