Analysis Of China Venture Capital Industry

Economic development relies mainly on innovation. Innovation ability has already become a competitive advantage of the country. High-tech enterprises always put high science and technology into the main outcomes, and they has been developed rapidly with the support of the government. But high-tech enterprises usually develop very unstable because of market risks and production risks, policy risks on industry risks, they are very hard to get the spport of financial institutions. Venture capital has becoming one of the most important financing channel for high-tech enterprises.Venture capital is an equity investment, the investor will be investing in high-tech enterprises and participation in enterprise management and business operation of the work of the risk, which made its first investment gains. Until now, investment mechanisms, investment, investment capital financing channels in China have double growth; some supporting venture capital industry policies have also introduced. But venture capital industry development presents a distinct region of feature mainly concentrated in beijing, shanghai, shenzhen, etc. Just in recent years, venture capital has developed injiangsu and zhejiang. In some underdeveloped province, like anhui, venture capital gradually beginning, but the overall development levels are low.This article research basic conditions of venture capital in our country, through comparative analysis and measurement analysis, Interest rates and GNP for the effect of risk investment, the conclusion is venture capital is not sensitive to interest rate, sensitive to GNP; In this way macroeconomic policy will be more profoundly understand, it will not very apparent if they use interest rates to influence venture capital.From a micro perspective study of venture capital institutions, mainly from the investment institution financing channels and investment agency organization, and the way for venture capital agency to leave.And the conclusion is we shall expend venture capital funding sources, actively introduce private capital to participate, meak policy to guide the pension funds and social-security fund's participation; Limited partnership is very suit for venture capital organization, but there is also need a series of favorable policies to fullfil. IPO has always been the way to get the highest ROI, but based on the market, M&A are often more used. by the venture capital agency. After the second board launched, a large amount of venture capital through the second board introduced to the organization of great gain because of high capital markets. Venture capital out of channels will be more open, and a certain extent can promote the development of our venture capital industry. For investment institution, the capital market will be smoothing, how to get out of the market also need a combination to market conditions.Eventually combined with the above analysis, we can find these countermeasures to promote China venture capital industry, such as:To improve enterprise risk investment consciousness, change domestic economic situation and the development of industrial clusters,make project group, make more laws and regulations and policies,to improve the channels for expansion,etc.