A Study On The Government Behavior In Development Of Venture Capital Industrial In China

The thesis is focused on the study of government behavior in the process of development of Venture Capital in China .The purpose of the study is to find out the problems and the restrictive factors in development of Venture Capital, and the unfit government behavior in the process of Venture Capital, then analyze the characteristics of government behavior and reveal the reason of such behavior. Basing on the above study, the paper design the rational behavior in the development of Venture Capital in China, meanwhile, some suggestions on polices is put forwarded.Using the way of positive analysis, the process of development of Chinese Venture Capital industrial was demonstrated and its characteristics and existing problems were pointed out in the paper. Practices of Venture Capital in China have shown: 1) Venture Capital industrial is lack of fund, fine system, preferential polices and laws, medium-organization and the capital market such as IPO(Initial Public Offering) and the second-board share market where investors can sale the shares. That is to say, the development of Venture Capital industrial in China lacks of preferential macro-scope environment. So the unfit government behavior is the mam restrictive factor.2) Venture Capital industrial is wholly controlled and practiced by the government, which is the main investor of Venture Capital organization, while there is not outstanding achievement Both theory and practice have shown: Venture Capital industrial will not succeed if government is the main investor for a long time.Results of the analysis shown, in China, the role of government is important to the development of venture capital industrial at the very beginning. With the growth of Venture Capital industrial, it needs developed capital market more and more. It's more and more distinct that the contradictory between the further developing of Venture Capital andbehavior of excessive interference and imperfect supporting polices from government Focusing on the characteristics of behavior, four main reasons are thoroughly analyzed: 1) the conventional system, 2) the limited capacity of governor who decided the policies, 3) the result of public selection, 4) the polices environmentIn order to accelerate the development of Venture Capital industrial, the favorable viewpoint put forward in the diesis is tiiat: die foremost task put forward for establishing and perfecting capital market, ttn superior policies and laws and macro-scope situation. Four details countenneasures were suggested, which would be benefit to improve die situation of current Venture Capital industrial. At the end of paper, die diesis designed three policies for government:a) Change die functions and die way of government behavior in development of Venture Capital industrial.b) Promote die governor skills of policy decision on die development of Venture Capital industrial.c) Speed system-construction in government, meanwhile, steadily transform government behavior.