Study On The Venture Capital Operation System Of U.S.A

The risk investment, which is also called initial capital investment in the academic community, means the equity capital that the professional financier invest in the enterprises which are newly and quickly developed and have the greatest potential to make progress, according to the definition of the American Venture Capital Association. The risk investment, whose main invest field is high-tech enterprise, is not only quite different from the common investment, but also different from the bank loan and the investment on security, it is an investment with high hazard, high profit margin, low liquidity and more high degree of participation. Since 1980s, the risk investment was the focus of the attention of the economic academic community in developed countries especially in U.S.A. Not only the basic theory of the indenture economics, information economics and the agency by agreement shows the operational mechanism of the risk investment, but also the means of the experience and empirical analysis are used to study the risk investment's positive affection to the development of the high-tech industry and economy.U.S.A is not only the seminary of the contemporary risk investment, but also a country where the investment has grown to its full length and has the most powerful influence. The American risk investment has gone through four stages which are the initial stage, plateau stage, the stage of develop and renaissance, the stage of completely developed and rational adjustment from the 1940s up to today. The change of the American macroeconomic circumstance, the adjustment to the system of law, the tropism of the policy and factors like these have close relationship with the successive characteristic of the risk investment in U.S.A. In...