The Research On Venture Capital Of High-Tech Enterprises

The venture capital (VC), as a kind of creative financing style, hasplayed the profound influence on the economy development in worldsince it came into being in the middle of last century. By its special andvivid financing method, capital,technique and management are unitedclosely. It stands up for the development of the high and new techniqueindustry and plays an important role in the advance of modern economy.In order to achieve the development in both technology and economy,many governments established lots of policies promoting VC industry.Although China has made high progress in economy, creativity inscience and technology is still very poor, this is because Chinesehigh-tech enterprises are not strong. Thus it is very important for VCdevelopment to make policies.Firstly, this paper discusses relations of high-tech enterprises andVC, policy and VC, dissertates the fact that venture capital is very important to high-tech enterprises; Secondly, this paper analyses ways offinancing, helps of finance, helps of revenue, and paths of exit etc.,compares the policies of China and foreign countries and find outdisadvantages of Chinese policy, especially in some recent laws;Finally, this paper gives some advices: set up many ways of financing,give favorable policies of finance, build the second board and propertyright market, carry out various paths of exit, constitute laws ofenterprise,market and venture capital and so on.Also I propose some my own views on some recent laws andindependently suggest we set up the VC government apparatus, the VCbank, draw up Venture capital Development Law and so on. I make theexploration endeavor in order to consummate our VC policy, promoteour country science and technology development and sharpen the nationalinnovation ability.