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Analysis Of Function And Role Of Government In Venture Capital Investment Based On International Experience

Posted on:2005-10-15Degree:MasterType:Thesis
Country:ChinaCandidate:Y M JiangFull Text:PDF
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People have put venture capital investment important role in driving high and new-technology to rapidly implement industrialization at a premium, our government is developing domestic venture capital investment. High-tech industry development demands venture capital investment, and development of venture capital investment will put forward new requirements to the government's action. This paper firstly analyses general theories of venture capital investment, focusing on the features of the investment object of venture capital investment, including particularity, high venture capital, high profitability, long-term, strategic cooperation and periodicity, etc. This paper also introduces the venture capital investment development process in America from the early stage controlled by private or banker to the investment bank in 1980s; and the development process in Europe from the venture capital fund in the early stage to the venture capital investment association founded by the venture capital investment fund in 1980s to the venture capital investment union in 1990s; and the development process in Japan of three establishing-business investment surges. It is demonstrated that why the government has been supporting venture capital investment from the points of the essential of venture capital investment, operation of venture capital investment and successful operation of venture capital investment, and indicates that development of venture capital investment must be supported by government.This paper introduces the America's typical venture capital investment mode, European mode and Japanese mode. The American mode is mainly based upon nongovernment fund, assisted by government fund, investment institution taking part in industry management and taking full use of stock market function; the Europe's mode is mainly based upon three kinds of capital from pension fund, governmental institution and insurance facilities, assisted with venture capital association to enhance venture capital investment cooperation and share risk of venture capital investment; and the Japanese mode is primarily based on financial clique such as bank, etc. . and then, based upon above analyses and combining with the introduction and analyzing of our country venture capital investment status, it indicates the major problems in our government dominant venture capital investment industry, including "government malfunction", too more interruption, it is difficult to implement justly the supervisor function over the market, lack of efficient restricting and encouraging system, and insufficient venture capital investment fund, etc.. According to research of the approaches commonly used by foreign government to intervene venture capital investment, including direct offer fund, present a guarantee, provide subsidy, provide service, control investor, government acquisition and revenue excitation, this paper indicates that our government should play its function in developing venture capital investment industry in ten aspects: lawmaking, establishing favorable industry policy, management and introducing fund, establishing training and abstracting talent system, establishing quiting system for venture capital, constitute normative medium service system for venture capital, building environment for venture capital and venture capital enterpriser, establishing science–technology chain and industry operation cooperatively, doing well in demonstrating venture capital effect and breeding venture capital principal entity adopting market principle institutions.
Keywords/Search Tags:venture capital, government, function position
PDF Full Text Request
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