| As early as fifteenth century, venture investment（VC） began to sprout. Untiltwentieth century it began to perk up, now has formed a distinctive feature of thefinancial industry, venture investment industry. VC was born in the USA, and play animportant role for the economic development of the country. American Research andDevelopment Corp.，the first VC firm was established in1946. The most impressiveinvestment project was to invest$70000in the Digital Equipment Corporation (DEC)in1957, and earned a high profits of$355billion in1968, which annual returns at ahigh level of101%. American VC created high output and promoted the developmentof emerging industries. Since twentieth century sixty or seventy’s, VC promoted thecontinuous development of the information industry, biological medicine industry,new energy, new material industry, etc. VC mixed the capital, labor and technologyclosely, created USA high-speed economic development miracle and many emergingindustries which as an important position in the national economy. The history ofAmerican VC and the emerging industries, provide valuable experience and lessonsfor developing countries.This paper has deeply studied on the relationship between VC and technicalprogress, emerging industries in USA, Mainly consists of the following parts:The first part is the introduction. It expounds the research background andresearch significance, summarizes the VC literature. At the same time, refines theinnovations and analyzes the deficiencies of this paper.The second part is a theoretical overview on the relationship between VC andtechnical progress, emerging industries. Firstly, the concept of venture capital is defined, the characteristics, the basic elements operation mechanism and theoreticalbasis of VC is expounded. Secondly, the relationship between VC and technicalprogress is analyzes, which is found that the risk of investment to promote technicalinnovation, provided financial support for technical innovation and share the risk,promoted the industrialization of new and high technology, boosted the formation ofhigh-tech industry clusters; in turn, technical progress inspires VC’s investmententhusiasm and provides accesses to high profit investment channels for venturecapital investment. Thirdly, the causes, characteristics, meanings and development ofemerging industries is analyzed. Finally, the relationship between technical progressand emerging industries, venture capital and new industries are analyzed.The third part is to summarize the history of American VC deeply which wasdivided into seven stages, each stage had its own characteristics. The first stage isfrom the end of the nineteenth Century to1945, which is pregnant stage. The secondstage is1946~1970, which is the development stage. At this time, the first modern VCcorporation was built, then the first round wave of VC was formatted. The third stageis1971~1980, which is the stage of adjustment. The economic crisis in1976and thecollapse of The Bretton Woods system made the VC industry into recession which relied onthe development of real economy. But the establishment of the NASDAQ andintroduction of related preferential taxation policies of government, made VCindustry reinvigorating. The fourth stage is1981~1989, which is the rapid developingperiod. During this time, venture capital scale was continually expanded, entered thestage of rapid development stage.The second round wave of VC was formatted.Thefifth stage is1990~2000, which is the mature stage. Venture capital promoted theinternet industry to an unprecedented level. At the same time of promoting theprogress of science and technology and accelerating the transformation of scientificand technological achievements, huge profits were created. The sixth stage is2001~2008, which is the stage of adjustment and development. The bursting of the internet bubble in2001made the VC from crazy to rationla, then adjusted theinvestment strategy, in addition to the software industry, Biotechnology industry hadbecome the focus of VC. The seventh stage is from2009to now, which is slowdevelopment stage. The investment amount of VC had a sharp slide by the impact ofthe international financial crisis. But then, VC industry has has been slow to recoveryby the launch of America economic stimulus plan. In a ward, the rise time of VC wasaccompanied by the emerging high-tech industry prosperity.The fourth part is the analysis of the history, the driving force and the empactabout the American technical progress. The scientific and technical revolutionpromoted technical progress of USA, each revolution has quickened the pace oftechnological innovation. The driving force of technical progress including theallocation of resources and guidance of market and government, the perfectinvestment and financing system, the comprehensive science and technologyinnovation platform. American technical progress produces the deep influence on theUSA and other countries, but also brings some negative effects.The fifth part is the analysis of the development of American emergingindustries. Emerging industry is a high-tech industry era which has a leading positionin its era.With the continuous progress of science and technology, some emergingindustries gradually developed. In the50or60’s of twentieth Century, thedevelopment of American electronic information technology have led to thedevelopment of high-tech information industry, such as the semiconductor industry,computer hardware and software industry, internet industry and so on. In the70or80’s of the twentieth Century, the invention and application of gene technologypromoting the continuous development of modern biotechnology industry. Sincetwenty-first Century, with the development of low carbon economy, new energy, newmaterial industries rapidly become new emerging industries. The emerging industriesof America cannot be successful without the support of government and VC. Through the analysis of the condition and powde of the emerging information industry,biological medicine industry, new energy industry and power industry, we found thatthere are two main boosters which poromoting the development of emerging industry,one is government, the other is VC. Government provides policy support an VCprovides funds and management support.With the help of the two factors, Americanemerging industries increased rapidly, which promoted the development of the USAeconomy,made USA to be the world’s largest economy entity.The sixth part analyses the influence of VC on the progress of technology andthe development of emerging industries in USA. The VC, the progress of technologyand the development of emerging industries is a complementary, mutual promotionprocess. The VC is an important financial tool innovation to accelerate technologyinnovation efficiency. Technology innovation stimulates the formation of emergingindustries. Then, I selecetde Silicon Valley as the typical case, which is the mostimportant place for VC industry and emerging industries, ang find that theVCindustry and the high-tech industry cluster promoted each other.The seventh part tests the relationship between the economic impact about VC inthe USA, through establishing econometric model, using time series between thevariables of the theory of cointegration and error of VC and economic growthbetween the long-term stability and short-term dynamic relationship model. Empiricalstudy results show that, the high economic performance of USA is depended on theVC, not only in the short term but also in the long term, VC plays a significant role.The eighth part summarizes the experiences of American VC promoting thedevelopment of emerging industries, and puts forward the enlightenment to China.China is building an innovation oriented country, therefore, summarizes theexperiences of USA is very important to our country. |
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