论政府在风险投资中制度创新的角色

The Role of Government in the Institutional Innovation of Venture Capital Investment

随着改革的推进和对风险投资认识的转变,风险投资中制度缺陷正在不同程度地得到或正在得到矫正,最主要的制度缺陷是"中国特色"太浓,我们不能否认政府在风险投资体系建立初期的作用,但我们也不能忽视,由于行政权力和行政机制的介入,资本市场行政化,"有计划"的资本市场现象的出现。弱化制度创新的行政色彩,发挥政府的引导和扶持作用,注重发挥其他创新主体参与制度创新的积极性,政府在风险投资中制度创新的角色转换,是我们面临的现实选择。

Along with the development of reform and changes in views on capital venture investment,institutional failure in venture capital has been or is being corrected to certain extent.The most key failure in the strong color of Chinese characteristics.We should not deny government's role in the early stage of venture capital investment,however,we should not also ignore the phenomenon of planned capital market and so on because of the interference of administrative power and administrative mechanism.The paper says that reducing the administrative color and transforming govemment's role in venture capital are the realistic options.