The Study Of High-Tech Innovation Risk Analysis And Venture Capital Mechanism

In the competition of the comprehensive national strength that is mainly made up of the economic real strength, the national defense real strength and the national cohesive ability, high-tech innovation and industrialization are the main impetus of the development of society and economy since the 21th century. Developing high-tech to realize industrialization and carrying out the strategy of science and education to make our country strong , a fund-supporting system is provided for high-tech innovation and industrialization with the help of venture capital, which accelerates the compact combination of science, technology and economy effectively and makes high-tech outputs invert the productive force quickly. And at the same time, it forms the newly industrial structure that high-tech industry dominates, thus impels the process of the economic growth way from the extensive pattern to the intensive pattern and realizes the persistent, rapid and healthy development of China economy.On the basis of summing up the study outputs home and abroad, the thesis firstly makes an analysis of high-tech innovation risk factors and sets up the fuzzy comprehensive appraisal model of high-tech innovation risk with the use of fuzzy math theory. Based on it and combined with the problem of funds-neck in the process of high-tech industrialization, a newlyinvestment and loan pattern with the combination of high-tech and modern finance-----venturecapital is put forward. Secondly, from the view of venture capital as a complex system engineer, the characteristics, functions and the process of development of venture capital, the relationship of venture capital and economic growth are analyzed deeply; the working mechanism of venture capital (including of the funds source of venture capital , decision-making mechanism, incentive and restrictive mechanism, exit mechanism, and so on)is deeply studied; it expounds the impacts of the external environment factors on venture capital(especially placing an emphasis on the external entity affecting the development of venture capital, such as the governments, intermediate institutes, and so on); from the view of macro-layer, it deeply explores China venture capital industry how to internationalize. Finally, the study outputs of the thesis are summed up and the conclusions and the further study prospects are pointed out.The thesis is supported by the soft science foundation in HeBei (The study of high-tech innovation risk and venture capital working mechanism. No. : 01457217D)and the social science foundation of Education Bureau in HeBei (The study of venture capital working mechanism).