The Study On Organization Form And Governance Of Venture Capital

To the enterprises at-risk, Venture Capital as an innovative achievement is a kind of investment behavior of expert-management-capital. Venture Capital is a financial capital with specific form, which is to provide capital support to risk enterprises especially high-tech enterprises, and to nurture or guide to the enterprises of investment through the capital business services. After the enterprise grows mature, the venture capital withdrawal from it in order to achieve its own target, which is value-added. Venture Capital benefits the development of the small and medium enterprises especially hi-tech business, and help to the innovation of the entire national scientific and technology. The development of Venture Capital bases on venture capital institutions and its organizational model, while governance structure is related to the operational efficiency of venture capital institution. So the organizational model and governance structure of venture capital institution appears particularly important.From the 1980s China begins the development of Venture Capital in order to promote the growth of China's high-tech enterprises and the development of high-tech industries. However, an indisputable fact is that the development of Venture Capital in China has been relatively slow. Based on this reality, this paper thinks about the organizational model and governance structure of Venture Capital.This article first elaborates the situation of present pattern of our country venture capital organization and analyzes its reason to cause this condition, then the paper reviews development of the US venture capital and its institutional vicissitude and conclude its reason on the one hand is the subject of investment of US venture capital and the external environment suits the survive and development of limited partnership system, on the other hand is that the efficiency of limited partnership system operation is higher than the corporate system. So we can not simply transplant the form of Venture Capital in developed countries; Then this paper conclude that under the condition that China's market-economy system has not yet improving Venture Capital in China have to have characteristics of this stage through the practical experience of foreign countries and China. At present Venture Capital in China should adopt the corporate system. As China's market-economy continues to develop and improve the economic system and the credit system, the limited-partnership system eventually will become the main model of Venture Capital. Finally, this paper tries to improve efficiency of Venture Capital in order to promote development of Venture Capital through respectively effective arranging on governance structure of the corporate system and the limited-partnership system.