欧盟风险资本市场政策及对上海的启示

Development of the EU Policy on Venture Capital Market and Its Implication for Shanghai

与美国风险资本市场的规模和欧洲本身的经济能量相比,欧洲风险资本市场的发展显得较为滞后并存在诸多问题,特别是成员国的市场分割。为此,欧盟于1997年开始,正式启动了欧盟风险资本市场政策,从欧盟层面积极推动泛欧风险资本市场的建设。经过十多年的努力,欧盟已经形成了较为明确的针对风险资本市场的欧盟建设目标、欧盟基金机制和欧盟管理框架,对欧洲风险资本市场建设和资本市场一体化起到了积极的促进作用。欧洲经验对上海的风险资本市场建设也具有一定的启示意义。

Developing a full-range pan-European venture capital market is essential for job creation and innovation in the EU.However,there remain a number of pernicious barriers-regulatory,economic, fiscal,and cultural ones-to be overcome.The EU and its member states have made great efforts to create a venture capital market management structure and corresponding rules that are necessary for capital market integration in the EU.EU's experience is helpful for Shanghai to develop its venture capital market.