| In the present time of knowledge economy, the development of high-techindustry has become the leading in the leading military in the economicglobalization.And the leader of affecting the rapid growth of the national GDP, it isnot only promoting the technological progress of the traditional industries and easingthe employment pressure, but also speeding up the structural adjustment andindustrial upgrading,promoting the rapid growth of the national economy, whichbecame the power of promoting some one country's overall economic strength.Therefore, in order to get a leading positing and enhance its internationalcompetitiveness, China's various industries have begun to focus the development ofhigh-tech industry.At the same time, high-tech industry also made contributions to China'seconomic growth. But because the exist of high-tech industry high-risk and longcycle, which make some traditional financing prohibitive, it is unable to meettheir financial needs, at the same time, because the different of the size of thevarious life-cycle risk and the demand for funds, high-tech industry also madegreat contributions to China's economic growth. These lead to that there is aserious funding gap in high-tech industry. This requires enterprise selectappropriate investment in the different stage of development.Venture capital as a new investment, because it has the characteristic ofhigh-risk and long cycle, which just coincide with high-tech industry and become aneffective means to fill the funding gap of high-tech industry. According corporatelife cycle theory, high-tech industry will be divided into five stages, which are seed,creation, growth, maturity and decline. This paper mainly analysis the firstfour stages by high-tech industry, and study in depth combined with its financing, the process of venture capital institutions and so on, discussed the building problems ofthe venture capital system of high-tech industry, which shouldhave a professional, clear division of labor in different development stages of theenterprise.Firstly, elaborating the basic concept of the venture capital of high-tech industry,describing the basic concepts and features of high-tech industry and venture capitaland development background and overview of high-tech venture capital industry athome and abroad, combing the impact of financial crisis in 2008, promoting thehigh-tech industry and venture capital is facing opportunities and challenges. In thenext, analyzing interactively the high-tech industry and venture capital in the fundingchain, technology chain, human chain, comparative analyzing the characteristic ofventure investments, the market economy system, business investors andventure capitalists team aspects of domestic and foreign high-tech industry,attributing to the Institutional barriers and the urgency of systemhigh-tech industry, venture capital of China.The building of any investment system all need under the guidance of thescience and correct principle. In the paper, the building of the all investment systemwas just under it, according high-tech industry has the characteristics of different lifecycles and the characteristic of the variety of financing of venture capital, conductingcross-analysis, based on corporate life cycle theory and the theory of corporatefinance, promoting the venture Capital System of Stage of industrialization in China.Finally, by building the model and conducting the analysis of the system feasibility.However, the building of model has a certain subjectivity and limitations, to someextent, providing a basis for the analysis of the system of feasibility analysis, at thesame time, which pave the way of researching directions and trends in the future. |
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