| Venture capital is a kind of investment that invests in a new enterprise by means of stock's rights investment. The target of this investment is to sell the stock share when the enterprise enter mature or relatively mature stage, and earn added capital value. The construction of venture capital institution in China has left behind of the development of venture capital, and the current situation of venture capital is not consisting with the strategic goal of innovatory country. One of fundamental reason is that current institutions become restraint of venture capital. So to make venture capital develop faster, venture capital needs institutional innovations.The factors constitute institutional innovation of venture capital are approximate to induced institutional change and forced institutional change. Induced institutional innovation is precondition and foundation of forced institutional innovation, forced institutional innovation is implementation and guarantee of induced institutional innovation. These two kinds of innovation combine together, and compose a system of institutional innovation of venture capital. Analyzing Chinese venture capital situation with thinking of induced institutional innovation and forced institutional innovation, dividing two different types of institutional innovation of venture capital, considering the mutual function between types of institutional innovation, finding out the institutional handicap of venture capital, with study of other countries and area's experience, this is a new aspect to research policy advice for institutional innovation of venture capital. |
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