| Through studying we discover that the development of venture capital (VC) industry in different countries takes in different ways, which prove such a fact that the development of VC industry cannot deviate from its supporting environment. Cultivation and construction of supporting environment is the basic premise of the booming development of VC,and is the precondition of building up the system of VC which can promote efficiently high and new technique industrialization and the economic and social development. Up to the present, from the view of environment, there have been many papers about the found and development of the system of VC. But mostly research didn't discuss the systematic and dynamic characters of supporting environment, and didn't expose the internal function mechanism about it. According to system theory, supporting environment is an ideal organic whole of exterior factors, such as economic environment, culture environment, science and technology (S&T) environment, financial environment, the environment for supplying talented person, law and policy environment, social service system and so on, which can make the bargain behavior of the VC gone on wheels. It has some basic characteristics including the system, dynamic, objective-orientation and difference in region. The development of VC is upheld by each supporting factors. Firstly, the foundation of VC in the late 1970's was under the background of the change of economic system, structure and the growth method. Now, the economic development level determines the supply ability of VC at a certain extent, and the economic growth based on the technique progress brings the market demands of VC, and market economic system makes VC operation mechanism. Secondly, the different development of VC between USA and Japan has explained the importance of culture environment, which provides the spirit support, moral ground and the value driver for VC's development. Thirdly, the change of the partners who carried technique innovation and of investment system, which related to R&D spur VC's development. Furthermore, the transformation of S&T fruits, which depends greatly on the technique trade market, provides a great deal of investment opportunity for VC. Fourthly, the transformation of financial environment, leading more internationalization, more extensive degree of security and more deep degree of market to capital market, produced the condition for the formation and development of VC. Otherwise, financial institutions, products, market and management play the important roles in the development of VC. Fifthly, the talent environment is made up of entrepreneurs, investors, venture capitalists, scientists and managers. Among them, pioneer-spiriting entrepreneurs, comprehensive-skilled venture capitalists and high-characteristic managers are essential human resource for VC's development. Sixthly, the legal supporting environment that guarantee the work of VC normally are comprised of four aspects, which are laws on supplying capital, laws on spurring demands, laws on promoting operational efficiency of financial institutions and laws on VC exit. Seventhly, the policies including expenditure, tax and risk share are supporting means for VC's development from the government all lever. Lastly, social service system is made up of all kinds of independent agent organizations that can provide the special service for VC participant, such as laws and regulations consultation, investment suggestion, financial evaluation etc. In addition to the some general types of agencies, for example law office, accounting firm, assets evaluation firm, consultation company, commercial bank etc., the work process of VC also needs some special types of agencies, for example VC industry association, high-tech venture center, the evaluation firms of intelligent property right, financial guarantee institution and so forth. The supporting environment of VC is demarcated two kinds-induced supporting environment and imposed supporting environment according to the degree of path dependency and effect on VC of each supporting factor by means of institutional change theory. In induced supporting environment, including the supporting factors of economy, culture, science and technology (S&T), finance, talent person and so on, the factors affect and restrict each other, and cooperate with the development of VC. In imposed supporting environment, including the supporting factors of laws, policies and social service organizations etc., the factors supervise and regulate each other, and conduce to the development of VC. Moreover, there is the interaction relationship between the induced supportingenvironment and imposed supporting environment. The induced supporting environment is the foundation and premises for the development of imposed supporting environment, while the imposed supporting environment provides the protection and guaranty for the development of induced supporting environment. Based on above analysis, we highlight the function mechanism of VC's supporting environment by setting up a Structural Equation Modeling (SEM) and bringing forward 13 theoretical hypothesizes. Through investigation and analysis, it is proved that the model is nice and 11 hypothesizes is true by the means of the software SPSS and AMOS4.0. The development of supporting environment decides the speed and quantities of VC's progress. There are some problems with the supporting factors in the process of VC's development in China. Firstly, the economic development level cannot provide enough supply and demand of capital for VC efficiently. And the system of market economy is imperfect. Secondly, there exist some cultural collisions in the course of VC's entering into China, such as the shortage of risky and innovative consciousness, the collision between commitment by contract and commitment by status, the collision between pursuing knowledge and wealth and so forth. Thirdly, the potential demands for VC are abundant because of the ability of the stirring technique innovation and the low transformable ability of S&T fruits. But many problems with the technique trade market block the VC's development in Chinese S&T environment. Fourthly, there exist the problems on three aspects in financial environment in China, including the aspect of creation mechanism of capital, the aspect of exit manners of capital and the aspect of the mechanisms of financial supervision and incentive. Fifthly, the talented person environment isn't ideal in china also. On the one hand, entrepreneurs backed S&T yet lack of some market operation and business management knowledges or special experiences. On the other hand, the qualities that the VC practitioners possess can't attain the standants that the occupation of VC requires. The reason is that educational and flowing systems for person with ability is imperfect. Sixthly, the legal and policy system have great progress with the VC development in China. But many aspects, such as capital supplies, demands, exits and operational efficiency, government investment, purchase and guaranty, yet are juvenile. Lastly, the social service system in China is imperfect and immethodical in the structure and function compared with the same system abroad. Now it is unfit with the VC's development.
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