风险资本市场的形成

A Study on the Formation of Venture Capital Market

本文从资本市场的视角出发 ,对美国、英国和日本的风险资本市场形成的共性进行研究 ,研究证实了风险资本市场的形成至少应同时具备 :1)资本市场在中小企业融资方面的缺陷显化 ;2 )弥补缺陷所能带来的收益显化。这两个条件的具备与否直接决定风险资本市场的形成。这不仅可以用于风险资本市场形成的框架型预测 ,还对发展我国的风险资本市场具有政策性意义。

Starting from the existing capital market, this paper studies the common features in the formative process of venture capital markets now in operation in the US, UK and Japan, (mostly being well-organized ones). The authors' work proves that at least two preconditions are indispensable for the formation of venture capital market. The first is the capital market's defect in financing medium or small-sized firms and becomes noticeable and the second is the profit brought in filling the gap becomes observable. This criterion may be used to give a framework prediction of the formation of a venture capital market and helps us formulate related policies.