Research On Venture Capital Of Agro-High-Teck Industrialization

The endogenous high risk produced by Agro-High-Tech industrialization, which embarrass the entry of conventional capital under the existing investment and financing system; as venture capital of financial system innovation, it may promote the realization of Agro-High-Tech industrialization, relies on its venturous share mechanism and management value-added service. Making researches on venture capital of Agro-High-Tech industrialization, which will be helpful to organic unite and collective development of the agricultural science and technology and the modern finance, moreover, have the important meaning to develop the research of venture capital.This article synthetically utilize the theories and methods of economics, management science, finance, technical economics and so on, based on the researching process of developed countries' venture capital, knowing general rule and inherent run-mechanism of venture capital, combined with the Chinese practice, we will study the promoting suggestions of the Chinese venture capital of Agro-High-Tech industrialization. Main conclusions as follows:First, compared with the research conditions of domestic and foreign general venture capital, researching on venture capital of Agro-High-Tech industrialization is quite weak. The existing research mostly analyze the necessity, feasibility, development pattern, restriction factor of venture capital of Agro-High-Tech industrialization from the macroscopic aspect, scarcely analyze the microscopic operational mechanism; The research on combination rule and inherent operational mechanism of Agro-High-Tech industrialization and venture capital is also weaker.The domestic and foreign practice indicated:one the one hand, each stage of Agro-High-Tech industrialization needs different financial support, particularly, the capital that can withstand the high risk and high is essential; On the other hand, the venture capital pursue high risk and high income, which need to seek the high expanding industry as it's investment place, however, High-Tech industrialization can meet this kind of need exactly. Therefore, mutual attraction and fusion of the venture capital and the Agro-High-Tech industrialization are endogenous. If some project's initial fusion is accidental, then the centralized fusion in some region has inevitability.Third, according to the ecosystem angle of view, venture capital of Agro-High-Tech industrialization's system is constituted by the compound inner organizing system and the compound external environment system. As the special capital, venture capital is combined by the money capital, the human capital and the credit capital, which join up with the venture investor, the venture capitalist and the agricultural initial enterprise to a organic whole, in the compound inner organizing system, it exist three contractual relationships of the venture investor and the initial enterpriser, the venture investor and the venture capitalist, the venture capitalist and the initial enterpriser, the human capital of venture capitalist and original enterpriser is core asset of venture capital, also is the decisive factor to venture capital's success or failure. The external environment system relate to each kind of external essential factor and its compositive organic whole, which guarantee that venture capital's transaction achieve successfully, which can divided into macroscopic environment, middle innovation environment and microscopic initial environment:the macroscopic environment may divided into economy, culture, policy and legal environment; the middle innovation environment involve science and technology, finance, person with ability and so on; the microscopic initial environment mainly include agency, High-Tech industry region, industrial hatch machine and so on.Fourth, in China, venture capital of agriculture start late about 10 years, although compared with general venture capital, according to 114 agriculture venture capital cases that collected by myself can discovered:the Chinese agriculture venture capital's source presents the multiplex tendency; investment scale rises with steady steps, investment distribution presents stage back, investment profession concentrates on crop production, investment area concentrates on the eastern developed area; the investment performance's situation is good, mainly displays in value increasing of initial enterprise; many kinds of withdrawal coexist, but take the stockholder's rights transfer as the main body, IPO withdrawal stand out wealth demonstration effect, and so on.Fifth, our countries already have the development's conditions to develop venture capital of Agro-High-Tech industrialization. The main performance are:the demand pulling force produced by abundant Agro-High-Tech achievements and Agro-High-Tech region; the supply pushing force formed by the high quota personal saving and the venture capital organization; the third party absorbability could promote syncretism; the multiplex capital market system provides withdrawal channel; demonstration effect that previous agricultural venture capital take and so on. Meanwhile, venture capital of Agro-High-Tech industrialization also has many restriction factors, main reasons are:the macroscopic policy system waits for perfectly development of venture capital of Agro-High-Tech industrialization; the majority agricultural technology region is in "low demand-low supply" equilibrium state; the angel investor who is interested to the agriculture, the venture capitalist who has the agricultural background and the agricultural initial enterpriser, that three big main bodies are deficient.Sixth, the main strategies that promote venture capital of Agro-High-Tech industrialization's healthy development are:under the macroscopic policy system, the government should increase the input of science and technology and the protection of property right, reform the technology innovation and the agricultural technology extension system enhancing the effective venture capital demand of Agro-High-Tech industry; enhance the agricultural prospective return through the favorable finance policy, induct more society fund enter the agriculture to increase effective venture capital demand using government's direct investment; The government should promote agro-high-tech and the venture capital integration through the policy making to promote the build of transaction information platform and even directly action as the medium. Under microscopic initial environment, mainly through consummating the origination environment of agricultural technology region, create material platform for venture capital's accumulation; develop multiplex financing channel, make "multi-dimensional body" venture capital pattern of angel capital, venture capital and hatching fund, force the multiplex subject of investment of agriculture hatch machine. In the construction aspect of venture capital organization system, First,leading the local rich person and the success private enterpriser become angel investor; Second, cultivation and accomplishment the venture capitalist become the perspon who have financial knowledge, managerial experience and scientific knowledge; Third, by the ways of shaping agricultural science and technology entrepriser,cultivation new-style peasant to set up and guiding university man to set up in hometown, accomplish the outstanding peasant-enterpriser community.core task is cultivates the subject of agricultural innovation, the subject of venture capital and the angel subject of investment.