美、日创业投资机制比较与启示

Comparison and Implications on Venture Capital Mechanism between USA and Japan

本文从创业投资的资金筹集、创业投资的领域、阶段和规模以及退出机制等方面比较了美国和日本在创业投资机制上的差异，并从创业资本的来源结构、组织结构和文化背景等方面初步探讨了造成这些差异的原因，总结了对我国发展创业投资的几点启示。

Focusing on the mechanism of venture capital, this paper makes a comparison between USA and Japan on fundraising, domain, scale, stage and exit. Further, it probes into the causes of difference from the source, organizational structure and cultural background of venture capital and summarizes the policy implications for developing venture capital of our country.