Research On The Operation Mechanism Of Venture Capital And The Macro Environment Of Its Development

Venture capital has enormous impetuses to the development of new high-tech industry, the adjustment of industrial structure and economic fast growth. As regards current situation of our country, to make venture capital develop in a healthy way and play its due role, we must understand the operation mechanism of venture capital systematically, and realize the construction and improvement of its macro environment.This thesis utilizes modern economic theory, takes the advance of venture capital in the modern country as the experience background, analyzes the main pattern and the phenomenon of the venture capital's movement, using the real diagnosis and the standard unify analytic method, attempts to construct a systematical theory frame of venture capital's movement, taking fund, information, technology, manpower as the main essential factor. It analyzes the movement process and the characteristic of venture capital's fund based on five stages, such as financing, investment, fund using, fund supplements, fund extracting; Using Asymmetry Theory and Contract Theory, discusses the means of risk control and effective system arrangement; Analyzes the different risk and dependence on technology at four technological development stages, and proposes technical impetus factor at various stages; Introducing the theory of human capital's property right characteristic, analyzes particularity of venture capital. Based on the close relationship of venture capital's movement and the macro environment, the thesis has also analyzed the construction and complement of the capital market, the credit system, commercialization of science and technology, and professional human resources pool. On the basis of theoretical analyses, it has initially discussed the question of venture capital's movement mechanism in our country.