风险投资存在问题与机制创新探讨

Existing Problems of Venture Capital and a Tentative Solution

风险投资日益成为高新技术产业发展的"发动机"。我国风险投资业起步较迟,与国外发达国家相比,许多方面还很不成熟。从推进我国风险投资业的发展这一目标出发,通过分析我国风险投资业中存在的主要问题,认为发展我国的风险投资业,必须从我国现实出发,吸收国外成功经验,大胆进行风险投资机制创新,并进一步从建立多元化的风险投资融资机制、市场化的风险投资运作机制、灵活的风险投资退出机制和完善的法规政策支持体系四个方面论述了我国风险投资机制创新的主要内容。

Venture Capital has gradually established itself as the 'dynamo'for hightech industries and enterprises in the past decades or so. The conditions of the field of Venture Capital are not yet ripe in China. The paper is to examine and analyze the problems existing in China and offer a series of measures to tackle them. With the adoption of the foreign successful models,we should strive hard to make them adaptable to the domestic conditions. Other than bold efforts to revise and innovate the domestic forms of mechanism, there are four additional aspects which should be dynamically coordinated to make the field of Venture Capital a success in China: Establishment of multiplechannel financing mechanism, openmarket operating mechanism, flexible mechanism for withdrawing, and a complete enforcement of laws and government supporting guidelines or policies.