The Risk Of High-tech Industry Investment In Research - U.s. Venture Capital Experience And Learn From

Looking forward to the 21st century, we are entering the age of knowl? edge economy in all aspects. The high ?tech industry, as the prop industry of the age of knowledge economy, will I)lay a major role in the world?s economic stage. The development level of the high ?tech industry determines the inter- national competitive strength of a country. On account of the fact that the high ?tech industry is characterized by high concentration of technology, big investment, high risk and good reward, Traditional fiscal system can hardly provide positive surport for the develop- ment of the high ?tech industry. The establishment of the risk investment in- dustry and the risk capital market, which can widen tlte sources of the capital in the high ?tech industry, has become an important support in capital for the development of the high -- tech industry. The U. S. A. , as the origin of the risk investment, is the most developed country in risk investment. Its successful ex- perience has been set as an example for the development of the high ?tech in- dustry throughout the world. Therefore, studying and analyzing the main characteristics of the risk investment system is of practical significance and meaningful in drawing lessons from other countries. This thesis centres on two points: the first part reveals the importance of rhe risk investment in the process of the high - tech inc[ustrialization by analyz- rig the unique demand of the capital in the risk investment; the second part, uiresents several proposals on the risk investment system in our country by ana- ing the development process of the risk investment and the main characteris- tics of the risk investnlent system of our country in order to develop the high ? tech industry and improve the competitive standard of our country.