| In the face of the challenge by the knowledge economy and globalization in the 21st Century, developing hi-tech Industry, exerting the importance of S&T as the NO 1 productivity, accelerating the speed of our national economic development and improving comprehensive national strength has become more important. Nowadays developing hi-tech industry has been consensus, The report of CCP's 16th General Assembly has also proposed, on the way of new pattern of industrialization, We should practice the strategy of invigorating the country through science, technology and education and sustainable strategy, exert the importance of venture capital, impetus the key technology creation and .realize the leap of technology. Foreign practice has proved venture capital plays an important part in imputing transmission of hi-tech results. Especially in developed countries venture capital known as the drive of the S&T industry and propeller of the economic increase, has brought to an upgraded economic structure and economic boom after succeeding in transmitting the hi-tech result.The root reason why venture capital can get so big effect in the industrialization of high technology is that it has a set of effective link management mechanism.which makes up the gap between the high risk in technological innovation and transformation and conserve operation mechanism in traditional investment Venture capitalist, in light of the risk analysis, risky evaluation, central and management approaches pump the capital into the most promising hi-tech enterprise through participating manager, praising value increasing service to enlarge and strengthen the enterprise. Change the high risk into high return thus improve the successful rate of the high-tech risk enterprise.Due to the late starting, though it has accomplished a rapidly development both in practical and theory, our rational venture capital remains in the elementary stage and faces more complicated and higher risk and variability when composed with that of developed country. Therefore, associating with the process of our marketing-oriented economic system construction, strengthening systematical research on the risk management of the venture capital, exploring a risk managerial model of the hi-tech venture capital that is suit to our notional situation, in one hand, do favor to guide the risk analysis to the venture capital and improve the risk control level, in another, it contribute to perfecting the distribution of the resource and development of hi-tech industry, which has an undoubted fully important practical significance hi accelerating the profess of hi-tech industrialization, realizing the strategy of invigorating the country through science, technology and education and the leap of technology meanwhile, study the theory and approach of the analysis and of the venture capital has on positive influence in perfecting, enriching and developing the theory of risk management.The paper revolved around the risk faced with founding enterprise and risk control, explored the microscopic system hi it and risk managerial theory. The main content can be derided into seven sections first: underlying theory. The main content can be divided into seven sections.First :Underlying theoryOn the basis of an overview to the meaning of the venture capital, the section made an analysis to it's character and function. In light of the systematic theoryhas analyzed the venture capital system it had an emphasized discussion on investor, venture capitalist and inventor which are the main subject of the founding invest system according to the procedure analysis, it made an integrate explanation to the whole operating process of the venture capital.Second: Risk of the venture capital.Fristly making a discussion on the risk the category and cause of the risk. Secondly; exploring three stages of the venture investment risk system, by procedure, and proposing a integrate risk-return analysis model at last, summering the character and regulation of venture capital, studying on the theo...
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