Operation Mechanism And Market Construction Of Venture Capital In Capital Market Of China

This dissertation is to study the questions about the operation mechanism and market construction of venture capital in capital market of china. The main points are as following: first, taking the problems of Chinese venture capital into consideration in the international background, trying to reveal the Chinses characterized operation mechanism of venture capital by the way of comparison, drawing on experience and innonvation. sencond, observing and studying venture capital in the capital market system, trying to elaborate the special regular pattern and market norm of our country's venture capital motion by analyzing the connection and inter-movement mechanism between venture capital and capital market.This dissertation consists of nine chapters. Chapter one expounds the reason and significance of the choice of topic, analyses the essential connotation and fuction of venture capital and puts forward the research scope and research method of the dissertation. Chapter two summarizes the modern capital market theory and venture capital research documents. Chapter three compares and analyses the features and difference of the following.aspects of the venture capital in the world as arrangement model, the source of funds. The investment target, the investment stage, the investment method, the law and policy, the way of secession, and studies the reason of the difference. The studies reveals that the difference of the national customs, the commercial culture. The investment notion, the innovation consciousness and the law system forms the main reason of the difference. This conclusion provides the basic ground of the principle that the venture investment should abide by the international usual convention in the respects of "the common character", and in the respects of "individuality", we should persist in Chinese characters that is the combination of drawing on experience and innovation. Chapter four generalizes the movement orbit and characters of the venture capital in our country. On the basis of this, this chapter expounds some main problems in the present practical venture capital in our country, mainly from the following three parts, capital raising, capital management and capital secession. To counter these problems, this chapter deeply analyses the reasons from the aspects of market mechanism, law and policy system and management structure.inChapter five first elaborates the horizontal relating mechanism and vertical inter-motion mechanism of the venture capital and capital market from the following three analyzing angles: norm, pratical testimony and ration. Secondly, this chapter analyses the present method of support to the venture investment from the capital market in our country, mainly includes the following two parts: the indirect support from the main board market and the support from the anticipate effectiveness of the starting-enterprise board. Finally this part analyses and reveals the exact reason that leads a weak connection between the capital market and venture investment, then analyses the problems of the effectiveness of the support to the venture investment from the capital market. Chapter six mainly discusses the macrostructure of venture capital operation mechanism and the market-constructing in the capital market in our country; puts forward the train of thought of three principles", "three systems " and "three polybasicizations", which is demonstrated systematically. "Three principles" means the principle of combination of market-leading and government-leading; the principle of the combination of drawing on experience and innovation, and the principle of the combination of developing and standardizing. "Three system" means the polybasic venture capital system, the capital market support system and the law and policy support system. "Three polybasicization" means the polybasic source of venture capital, the polybasic organizing form of venture capital and the poTybasic secession method of venture capital. Chapter seven studies the venture capital main body the venture invest...