| Venture Capital is conducive for the growth of start-up enterprises and the development of newly-emerging industries, which would further improve the innovation level of the whole society and accelerate the steps of economic development and social advancement. Putting forward the development of venture capital has undoubtedly been recognized by all social circles. People unanimously agree with the point that the development of venture capital investment is dependent on the innovation of venture capital institution. The domestic and international academic circles have done a systematic and effective research on the systematic structure and innovative objectives of venture capital institution. Unfortunately, the academic circle still lacks of the research on innovative mechanism of the venture capital institution. This paper hopes to do some exploring research in this field, which must be a "throw a sprat to catch a whale" action. Hopefully, it could provide the academic world with some inspiration.This paper summarizes our relative research on the innovation of venture capital institution, and finds that most scholars mainly focus their research on the innovating objective of venture capital institution's systematic structure and innovation objectives. They hold the connotative hypothesis of the government's imposed innovating venture capital institution, and ignore the research on innovating mechanism of venture capital institution and the dynamics of the innovating mechanism. This paper aims at catering for the needs of the innovation of China's venture capital institution, giving some exploring research on the innovating mechanism of venture capital institution. This paper analyzes the problems within the innovation mechanism of venture capital institution, including discussion about the motivation, route, and time lag, and summarizes an innovation mechanism model of venture capital institution, which provides a clear structure for understanding our country venture capital institution innovation mechanism.Firstly, this paper points out that the direct motive of the innovation of venture capital institution is because of the unbalance of the demand and supply of venture capital institution, and then summarizes the cause of this demand and supply unbalance emphasized in the institution developing theory. What's more important, based on the specialty of venture capital institution, this paper analyzes two specific reasons giving rise to the changes in venture capital institution needs. One reason is that the rise of the importance of human capital is the main cause of the unbalance of traditional financial institution, which further brings forward the introduction of venture capital institution. Another reason is that the unique reason causing venture capital institution developing from balance to unbalance includes the specialty characterized by venture capital activity itself, the development of venture capital and the innovation of other institutions.Secondly, this article put its emphasis on the route problem of venture capital institution innovation. based on the specialty of venture capital institution innovation, this paper make some necessary and meaningful supplement and amendment to the route conclusion in institution change theory : (1) The classification of the inner and outer circle of venture capital institution, the latter that is imposed is on government level, while the former can be on government level or voluntary cooperation level, and can be imposed or induced. (2) In accordance with the inner circle venture capital institution innovation, this paper put forward two brand new concepts, namely choosing innovation and set innovation. Choosing innovation is inner circle venture capital institution innovation on voluntary cooperation level, which is a problem of choice under the limit of the laws and regulations of the government (namely inner circle venture capital institution on government level K), while the set innovation is an innovation about K, which can be induced or imposed. Combined with important amendments with these two aspects, this paper put forward altogether four innovation routes, namely outer circle venture capital institution innovation, choosing innovation, induced set innovation and imposed set innovation.Moreover, based on the research of the time lag in institution change theory, this paper makes an exploring extension on the time lag of venture capital institution innovation, compares and analyzes the difference of imposed set innovation and induced set innovation in terms of cognition and organization time lag, invention time lag, menu selective time lag and start-up time lag. What's more important, this paper brings forward the concept of work time lag with a consideration of the specialty of the set innovation.In the end, this article puts forward a model of venture capital institution innovation mechanism, and briefly summarizes the problems within China's venture capital institution innovation mechanism, and brings forward some suggestion for the flawlessness of China's venture capital institution innovation mechanism. |
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