我国长期资本支持创业投资的现状、问题与建议

Current Situation,Problems and Suggestions of Long-Term Capital Supporting Venture Capital Investment in China

创业投资具有投资周期长、不确定性强、失败风险高等特征,需要有耐心的长期资本予以支持。从资金性质看,银行、保险等金融机构均有一部分长期资金可用于支持创业投资。从国外经验看,社保基金、养老金、企业年金等长期资金与创业投资项目周期较为匹配。从政策目标看,政府引导基金、国企资金与创业投资支持科技型企业的目标存在一致性。当前,我国创投市场长期资本不足的问题仍然较为突出,建议完善金融监管体制和激励约束机制,打通各类长期资本流向创业投资的堵点。

Venture capital investment is characterized by a long investment cycle,high uncertainty and high risk of failure,and requires patient long-term capital to support it.In terms of the nature of funds,banks,insur⁃ance and other financial institutions have a part of long-term funds that can be used to support venture capital in⁃vestment.From the perspective of foreign experience,long-term funds such as social security funds,pension funds and enterprise annuities are more compatible with the cycle of venture capital projects.From the perspective of policy objectives,there is consistency between the objectives of government-guided funds,state-owned enterprise funds and venture capital supporting technological enterprises.At present,the problem of insufficient long-term capital in China's venture capital market is still relatively prominent,and it is recommended to improve the finan⁃cial regulatory system and incentive and constraint mechanism,so as to open up the blockage of various types of long-term capital flow to venture capital investment.