Study On Technology Transfer System Combining Venture Capital With High Technology

In this paper, the VC-Hi-tech combination is well defined that on the one hand the policies of VC stimulating and High-tech commercializing match the two parties and on the other hand technology transfer organizations(TTOs) aid VC and Hi-tech to get combined. As far as China's technology transfer system(TTS) is concerned, it is on the emergency stage compared with its Western counterparts. So it is very important and meaningful for us to study western experiences in the TTS forming environments, preconditions, economic policies and policy instruments.To overcome China's TTS difficulties, the Chinese TTS is well designed with good functions, components and running platform, based on the four principles which are creating new ways for China to take advantage of foreign experience, finding out the processes over the successful foreign paths, highlighting from observing and studying the foreign technology transfer actions on the macro-policy platform, and integrating TTS partial functions to get lessons from the whole TTS. The TTS with Chinese Characteristics will consists of the following components----both central and local government-led agencies, organizations derived from the governmental labs, engineering centers, technology transfer centers, usually getting governmental financial grants, and commercial ones which include patent selling and developing companies, VC gathering, risk managing and controlling companies, apart from incubators and IT corporations. In China, they are now in primitive forms which are evolving from companies in technology introduction and auction and integration, speedy financial aid getting and early management risk controlling and so on.China's TTS incubation needs legislation, administration and market mechanism. The statute should stipulate governmental agencies'missions, duties, performance standards and appraisal processes, identify public organizations'positions as legal entities, management hierarchies, running mechanism, define governmental rules promoting the technology transfer. In this way, distinct-positioned laws, implemental and preferential policies, practical guides and supervision, friendly competition will be combined together to put forward the transfer. To direct against the governmental agencies'interfering widely, inharmoniously and ineffectively, the administration should focus its force on coordinating agencies and non-governmental organizations, distribute all the resources fairly and guide all the parties involved to create new values and then get their own shares according to their contributions in the whole value chain, not to intensify the administrational powers to do so. And also to direct against the co-existence of governmental and market powers, the government should gradually adopt the market mechanism in TTS forming.The TTS matchmaking ultimately depends on the market mechanism, so it is important for the government to use a variety of policies such as financial aids, tax reductions, governmental loans as primitive incentives to attract TTOs. The study hints that macro-polices which are getting nice over time affect the TTOs with stronger and more positive forces, and TTOs are eager for the support of the preferential polices. Therefore inducing macro-policies and the TTOs'actions must get combined. Only through the combination, can policy instruments outstretch the macro-polices'functions. And many policy instruments are combined in order to overcome the limitations when they are used single-handedly.In this paper, a friendly mutual trust for TTS matchmaking is studied. The VC and Hi-tech are always opportunistic, and it is the opportunism that leads them into distrust trap. To skip over it, the hidden social contracts bind the two together by hierarchical management in the society, and multilateral restraints by folk customs. Based on the two mechanisms, Hi-tech networks, VC networks and university technology transfer offices can pave the trust way.