| In the economic life of Chinese people in recent years, one of the most popular topics is Knowledge Economy, which mainly means the production, distribution and utilization of knowledge and information. As an entirely new economic formation comparing with agricultural economy and industrial economy, knowledge economy distinguishes itself form its high technology intensive industry.Beginning with the financing methods in high-tech industry, the dissertation tries to introduce a new financing method for high-tech enterprises-Venture Capital, and then discuss the main aspects in establishing venture capital system in China by expounding on capital operation.The dissertation is made up of three chapters.Chapter one is on high-tech enterprises and venture capital. The first section begins with the current financing status of high-tech enterprises, analyzes the difficult positions Chinese enterprises are now in, and then comes to the innovation of financing patterns, i.e. venture capital system-a critical task at present for those enterprises. The second section focuses on the following questions: what is venture capital, what is venture capital fund, the development of venture capital and its current status in China. The last two questions are explicitly exposed in this Chapter.The main subject of Chapter Two is on the source and management of venture capital. The author introduces on the source structure abroad and explains the ideas on selecting capital sources for China. The qualified sources include: insurance funds, which are made up of life insurance funds and property insurance funds; industry capital, which largely come from listed companies; and venture capital abroad. There are certain requirements and standards for the second kind of capital-industry capital-to be involved in venture capital. As the leading forces in Chinese enterprises, the listed companies have begun to touch in this field.A discussion on the managing venture capitals is in the second section. A general managing pattern abroad is Limited partnership, which is based on partnership agreement. Compared with-corporation, Limited partnership can control and cut down the agency cost and running cost more efficiently, maximize profits, and have advantages in tax.Chapter Three focuses on establishing second board market and improving the quit mechanism for venture capitals. The author discusses the necessity of establishing second board in China and the establishment of regulations for transactions. IPO(initial public offering) is the most profitable one among all kinds of quit mechanisms. Yet its realization depends on the establishment of second board market.The author also discusses the establishment of transaction regulations in this Chapter. The chief purpose to draw up such regulations is to ensure liquidity, openness and stability during transactions. As a newly emerging market, second board has to struggle for existence first. Therefore, liquidity comes the first in deciding the regulations. The Market Maker System of Nasdaq is a good example in ensuring the market's liquidity. To show the importance of Market Maker System the liquidity of second board, the dissertation tries to explain the relationship between Market Maker System and the three chief purposes.Deducing from the operation of venture capital, the dissertation intends to draw a complete outline for the venture capital system for China. It also has the following distinguishing features: 1. It deduces the urgency of establishing venture capitals in China from the current difficulties high-tech enterprises are facing. Its most outstanding characteristic is to illustrate the conformity of high-tech enterprises with venture capitals, by analyzing the conflicts between traditional financing method and the special features of high-tech enterprises, such as Three High and financing in different phrases.2. The definition of venture capitals in this dissertation is explicit and complete.3. According to the reality of China, it provides some fe... |
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