特种高收益风险债券──风险投资的金融创新

风险投资是指投资者以获得红利或出售股权获利为目的，出资协助具有专门技术而无自由资金的企业或个人实现创业，承担创业阶段的失败风险并将回收资金循环投入高风险事业。但是，由于种种投资类型所固有的特征，它所涵盖的投资主体和投资对象都会受到一定的限制。因此，设计一种特种高收益风险债券，这种债券能够弥补传统风险投资的缺陷，吸引更多业绩良好的中小企业或是具有特殊性的行业及企业进入风险投资领域，成为高科技企业融资的新选择。

Venture capital investment is a'hot word recently in China.The so-called 'venture capital'' refers to an amount of funds invested into an enterprise or person that possesses advanced technology While doesn't own enough money to bring it into production.However, current venture capitalists cannot meet some special investment needs for their inherent shortcomings such as demand of equity, large amount of funds and limited technology that can not cover all fields.Therefore, we devise a new form of venture investment in this article, that is 'Special High Yield Risk Bond'' (abbreviated into SHYRB) .This kind of bond is a combination of 'high yield bond'and'ABS'.lt is characterized with flexbility, feasibility and applicability, and can meet some special fields and companies. Of course, the realization of this kind of bond depends on rather rigid conditions.But by and large, it is a unique and beneficial form of investment compared to existing ones.