On The Innovation Of China's High-tech Industry Investment And Financing Mechanism - The Establishment Of Risk Investment Mechanism

Since mid 20th Century ,with the appearing and development of new technology group symbolized by computer such as micro-electronic technology ,information technology ,bio-engineering ,new material ,new energy resources and space exploration technology ,human society has gradually stepped from the era of industrial economy to that of knowledge economy up to the break of this century ,compared to agricultural economy and industrial economy, knowledge economy is an entirely new economic form ,which base itself on creative human resources and is pillared by high-tech industry .not only an entrance but also a pillar industry to knowledge economy ,high-tech industry as well as its development of the future economy in a country or an area. Great gap exists here between china's high-tech industry and that of the western developed countries , the reason for which being the in-consistence of china's current investing and financing mechanism of high-tech industry with the demand of high-tech industrialization . therefore ,measures must be taken to reform and innovate china's current investing and financing mechanism ,that is ,establishing a mature risk investment mechanism. This paper first scientifically defines its research subject-----high-tech and high-tech industry , following that is a profound discuss on the process of high-tech industrialization with an emphasis on the change of risk and capital demand in its different stages. The above-mentioned provides a concrete theoretical base for the introduction of risk investment mechanism . the core content of this paper is presented as how china can establish a mature risk investment mechanism . This part is divided into 3 important sections , the first being the establishment of investing mechanism in risk investment ; the second, the organizing form of establishing risk investment mechanism ; the third , the establishment of the withdrawing mechanism in risk investment . here many economic theories are adopted flexibly , among which the theory of buyer financing , a significant proof for elaboration , threads each step of establishing risk investment mechanism . as regards to the methods of arguing , comparative arguing approach is widely need to contrast and analyze the investing and financing mechanism of high-tech industry in western countries and from their success and failure summarizes the experiences and lessons to learn. There are four chapters in this paper. Chapter1: high-tech industry-----the pillar of china's knowledge economy in the 21st century. This chapter introduces and explains the definition of knowledge economy with a focus on the necessity of developing high-tech industry. Chapter2: define high-tech and high-tech industry. This chapter offers a scientific definition of high-tech and high-tech industry , which together with chapter3.set up a concrete theoretical base for this paper. Chapter3: the process of high-tech industrialization and research on the subject of investing and financing. This chapter ,first , theortically expounds the process of high-tech industrialization ,with a focus on the change of risk and capital demand in different stages. The conclusion is naturally brought that the subjects of investing and financing also vary in the process of high-tech industrialization .by comparing china's investing and financing subject with the multi-subjects in American high-tech industry , it tells the necessity of establishing a mature investing and financing mechanism in china. Chapter4: establishing a mature risk investing mechanism.