Exploration, Development Path Based On The Theory Of Institutional Change Of China's State-owned Venture Capital Institutions

The Institutional Change Theory of New Institutional Economics is based on three foundations, Property Right Theory, Ideology Theory and Nation Theory. It uses the Cost and Benefit Analysis as the tool, to analyze the real economic phenomena. This theory loosens the assumptions of Traditional Economics, which completely deviates the real world, and because of its assumption close to the reality, it has great ability to explain the real issues. Especially for the institutional change happening in the developing countries that are transferring into Market Economy, this theory can goes further than any other western economic theory.On the base of the summery of Institutional Change Theory and related conceptions, the thesis redefines the Venture Capital, and constrains it into the frame of institutional. By analyzing the ways chosen by State-owned Venture Capital Company in different period of development, it validates the ability of New Institutional Economics to explain the real economic phenomena.Through the analysis of State-owned Venture Capital Company in different phases, thesis herein gets the conclusion: at the beginning of Company's development, the government took the compulsory change, later, because of the defect existing in the institutional design, and the conditions that Venture Capital needs were not satisfied, the development slow down. After the correction of previously designed institution, the State-owned Venture Capital Companies change the way to develop, and make a good foundation for its guiding role.Finally, according to the conclusion above, provide several suggestions for the future development of State-owned Venture Capital Company: Canceling the restriction on the location of investment, improving the property right market and forming effective inspiration and restriction.