Study On The Problems And Counter-measures To The Operation Of Venture

The study is focused on the problems and counter-measures to the operation of venture capital in China.Principles of venture capital , principal-agent theory and portfolio theory as basic theory ,the thesis analyses the present situation of venture capital in China from its source ,scale , institution enterprises ,finance jnvest ,contract design and exit etc . Connected with relative data and typical case, venture capital in China is compared with that of developed countries and districts where it is more perfectly.Both positive and normative methods including statistics, comparing and giving example are used in the course of study.Following problems exists in the operation of venture capital in China. First, the source of venture capital is single; second, the scale of venture capital is too small; third, institutions and enterprises of venture capital are not perfect; fourth, there is no benefit-balance mechanism between the institution and enterprises; fifth, the channels of seceding for venture capital are not kind. These problems slow down not only the developing velocity of venture capital in China but also that of scientific results turning into productive force. Meanwhile, the adjusting and promoting of product-structure and industry-structure are obstructed, so do the transformation of idle capital into productive capital, the process of enterprises founding modern-enterprise institution, the developing and perfect of capital marked, the resolving of employment problems.The main reasons that lead to above problems are that micro-participations including enterprise of venture capital, the management enterprises of venture capital and the media enterprises that serve the venture capital are incompletely. Marketed, the finance -market mechanism is not perfect, the laws related to venture capital is lacking, there is no efficient supervising system and beneficial policy, qualified personnel of venture capital.As a result, the author puts forward some suggestions to resolve above problems. First, source of venture capital should be diversified; second, the limited partnership institution is the main form of venture capital and some other forms also be permitted; third, a perfect finance market system must be founded; fourth, the government doesn't take part in venture capital directly any longer and provide needed policies and laws for venture capital.