Study On The Status And Orientation Of The Policy Venture Capital In The Development Of China's Start-up Investment

Based upon the absorption of research results at home and abroad, with the analysis and comparison of the large number of data and cases, the theoretical thought and innovation are boldly carried out according to the practical needs, and the status and orientation of China's start-up investment are thus studied in an in-depth and all-round way in this paper. The status of the policy venture capital. In China, due to the limitations of laws and regulations at present, the capitals of such organizations as the social security fund, insured fund and financial institutions etc. cannot enter the venture capital field, the venture capital in China still is lack of the strong investors' entry; The venture capital system in China has still remained imperfect, with unsatisfied investment environment on the whole and the enthusiasm for the venture capital of foreign capitals and domestic non-governmental capital being lower; The rich family stratum has not taken shape yet, and the government has still been the main provider of the venture capital.Therefore, the policy venture capital will play a leading role for quite a long time in the development of China's start-up investment. The orientation of the policy venture capital. Compared with the pure commercial venture capital, the policy venture capital should not regard the pursuit of the commercial profit or the shared profits of the private departments as the target, but should take the tax revenue, employment, regional development, export and economic development form as the target. The policy venture capital should bear more social functions. The orientation of the policy venture capital consists in the dispersion and sharing of the operational risk of the commercial venture capital through the adjustment of the national macroeconomic policy, so as to attract, guide, encourage and support the commercial capital to enter the start-up investment field. The development countermeasure of the policy venture capital. In order to guide more social commercial capital to enter start-up investment field, various policy environment suitable for the commercial venture capital should be established and perfected so as to disperse and share various management risks of the commercial capital's entry into the start-up investment field. Through the commercial start-up investment, the fortune overflow effect resulted from the high economic return can attract more commercial capital at home and abroad to invest. In order to achieve this target, the policy venture capital should act as the special role, such as "the investment and financial organization for the commercial start-up investment institutions, the re-guarantee organizations for the guarantee, other intermediaries for contacting the government and commercial start-up investment institution" The innovation points in this paper are as follows: It is the first time to define the concepts and contents of the commercial venture capital and the policy venture capital; It is the first time to divide the venture capital into the commercial venture capital and the policy venture capital for study.