创新加速器何以失效?——中国创业投资与创新的关系、成因及建议

On the Failure of Innovation Accelerator:Analysis of the Relationship between Venture Capital and Innovation in China and Suggestions

创业投资能够为被投资企业提供资金支持和非资本增值服务。经过30多年的发展,中国创业投资行业已经发展壮大,成为金融体系重要的组成部分。中国创业投资规模已经超越欧盟、日本等发达国家或地区,仅次于美国,位居世界第二。然而,无论是国家宏观层面,还是企业微观层面,中国创业投资对于创新水平的促进作用并不显著,其原因主要在于目标的非一致性、行业内部问题和外部制度环境三个方面。因此,提出如下促进创业投资发展的对策建议:一是进一步扩大创业投资规模;二是引导创业投资长期价值投资,投早投小;三是规范行业运营管理,提升投后管理质量;四是完善创业投资法律法规,进一步畅通股权投资退出通道;五是建设统一的征信体系并加强行业监管。

Venture capital can provide financial support and non-capital value-added services for invested companies.After more than 30 years’development,China’s venture capital industry has flourished and become an important part of the financial system.The scale of China’s venture capital has surpassed that of developed countries or regions such as the European Union and Japan,ranking second in the world after the United States.However,the acceleration role of Chinese venture capital on innovation level is not significant both at the macro level of the country and at the micro level of enterprises,which is mainly due to non-coherence of objectives,internal problems of the industry and external institutional environment.Therefore,the following countermeasures are proposed in this article to promote the development of venture capital:first,further expanding the scale of venture capital;second,guiding venture capital to focus on long-term value investment and early and small project;third,regulating the operation and management of the industry and enhancing the quality of post-investment management;fourth,improving the laws and regulations of venture capital and further smoothing the exit channel of equity investment;fifth,building a unified credit system and strengthening the supervision of the industry.