对我国产业风险投资微观组织形式与机制的探讨

Discussion on the Micro Instututional Structure and Mechanism for Industrial Venture Capital in China

目前，我国产业风险投资在促进产业创新效率的提高及推动金融与创新融合方面，还远未发挥其应有作用，有效的产业风险投资微观组织形式与机制尚未建立是一个重要的原因。本文对有限合伙制从治理结构、权益投资工具以及退出机制的设计进行了分析，并对大企业及上市公司通过内部创投事业的方式规范有序地进入产业风险投资领域进行了探讨，以期为建立和完善我国产业风险投资的微观组织形式与机制提供借鉴和参考。

By now, the industrial venture capitals in China have not been fully utilized to enhance the efficiency in industrial innovation and promote fusion between finance and innovation yet. One of the major reasons is that the effective micro institutional structure and mechanism still have not been well established. This paper firstly analyzes the design of governance structure, investment instruments, and exit methods for Limited Partnerships. Then it discusses the practice for Public corporations and large enterprises to enter into industrial vonture soctor through Corporate Venturing. It is aimed to serve as useful reference for the establishing ana perfecting of industrial venture capital sector in China.