Study On Implementation Of Limited Partnership Of Venture Capital Fund In China

Venture capital, refers to equity, quasi-equity or equity with conditions (financing)in the form of investment capital to high-growth and potential commercial value highly uncertain of innovative enterprises (or project), willing to provide management and operation of the service, and by certain exit mechanism and ultimately achieve the expected high level of income of a long term investment. Venture capital system motivates intellectual property rights and innovation products to the community in need of places, that would contribute to break the negative thinking as "not equals" and " insisted on going ahead with Rafter to rot". We brought to venture capital since the mid-1980s, because of venture capital developed in the imperfect market, and most are in the form of companies. there are some drawbacks, the author believes that the limited partnership organization can help improve the venture capital sector of operation efficiency, promoting technological innovation, science and technology achievements of commercialization and marketing provided conditions.This article's information use fundamental research, case studies and comparative research methods including asymmetry theory, game theory and institutional change theory, pointed out that the use of venture capital limited partnership organization form is useful to improve the efficiency of resource allocation. First, this article explains the basic concept of the limited partnership, and illustrates the limited partnership of internal governance structure and the external environment, pointed out that effective internal governance depends on external sound policy environment, the legal environment, the credit environment and financial systems, and so on; and analyze the development of venture capital, foreign company or foreigners has been implemented, and venture capital fund raise steadily scale, non-financial enterprises have become the main channel of venture capital, but limited partnership are easy to cause some problems in China, such as a tax loss, avoid debt, etc. Finally, give some policies about implementation of limited partnership, and point out that it is reasonable to implement limited partnership in the private real estate.