The Basis, Mechanism And Countermeasures Of Venture Capital Investing In Energy-efficiency Industries

Energy plays an important role in economic development,and the natural environment is the foundation of human survival and development. Since the industrial civilization, human society blindly pursuits of economic growth, plunders and uses excessively resources and energy for as long as several years ,led that global resources has reached to the edge of exhaustion. While the new energy has a certain role in alternating traditional energy, but now the new energy is very small in the proportion of energy use, and even the use of new energy can not meet the incremental demand for energy, in addition, it is difficult in the short-term for the new energy development and alternative technologies applied in the large scale. Therefore, the key issue of addressing environmental and energy problems lies in conservation of energy and energy efficiency improvement. It can be said to improve energy efficiency and saving energy not only are the most important way to reduce greenhouse gas emissions and prevent global warming, but also the most fundamental and most effective, most direct measure to ease the energy crisis and address the environmental problems.Early in the 70s of 20th century, energy-efficiency industry attracted the attention of investors, when an energy-saving investment called energy management contract came into being. Into the 21st century, after years of cumulative development, the applicability and economy of energy-efficiency technology supporting the industry development have adapted to the market gradually. Today, the interests of traditional industries and the drive mechanism got serious damage by the financial crisis, and the energy-efficiency technologies and the development of energy-efficiency products stand out like mushrooms after rain in the policy support and public attention, which got a rapid development of industrial scale and gradually formed and show a high market value, and gradually occupied the mainstream of government decision-making and business investment.However, it is seen that the development of the energy industry is facing capital difficulties. First of all, the ways to improve energy efficiency and transform traditional energy technologies are either transforming traditional technologies or developing alternative products. However, technical innovation has high-risk, long cycle and high-cost characteristics, which needs substantial financial support and continued training, especially like energy-efficiency technologies still in their infancy, difficult to maintain large-scale energy-efficiency technology research and development activities relying solely on government or corporate funds. Secondly, there is a huge funding gap in the energy industry development and technological innovation activities, to 2020, there is a total of at least 2 trillion Yuan of the funding gap to be filled in energy saving and new energy industry, creating the capital supply chain vacuum.Venture Capital as an innovative financial instrument is an important organization to cultivate technological innovation. In interests induction of the energy industry, venture capital enters into the energy-efficiency industry, with which jointly manages and controls the enterprises, can not only provide financial support, and increase the bargaining chip of technological innovation to the enterprise and hatching success to industrialization by its high level of R & D team and high quality management.The first part of this thesis describes the background and significance, the status of domestic and foreign research, defines relative concepts and develops a research framework and research methods; second part builds the theoretical basis of venture capital investing in energy-efficiency industry including stakeholders theory, theory of sustainable development, corporate social responsibility theory, ecological theory and externality theory, and discuss respectively from different angles the theoretical support of the venture capital industry for energy-efficiency industry; the third part discusses the mechanism of venture capital supporting the development of energy-efficiency industry, which firstly introduces the energy management contracting model and discuss its financing problems, and then compares the different financial sources of energy-saving and obtains the advantages of venture capital; the fourth part describes the status quos of venture capital and investment of venture capital in green technology industry indicating that green energy and environmental protection industries have been recognized by venture capital institutions. Then after the empirical study from a venture capital role in promoting technical innovation, from four aspects such as the money supply, management support, and cluster promotion and risk-sharing discuss the promotion mechanism of venture capital for energy technology innovation; the fifth part discusses the current problems venture capital investing in the energy-efficiency industry and proposes corresponding countermeasures, and finally proposes policy recommendations: set up venture capital model of public-private-foreign hybrid tripartite cooperation, combining guide role of government, the main role of private capital and supplemental role of foreign capital to promote the development of energy-efficiency industries.