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Discussion On Issues Related To The Establishment Of China's Venture Capital System

Posted on:2002-09-28Degree:MasterType:Thesis
Country:ChinaCandidate:J HuangFull Text:PDF
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Venture Investment refers to the capital lending to areas of research and development of high technologies and its products,to facilitate the commercialization of the latest research results,and achieve high rate of return. Large quantities of theoretical studies have indicated that In the long term point of view,the crucial power for the sustainable economic growth shall be .the technological development rather than the increase in capital and labor inputs. In the conversion of technological progresses into productivity,the most crucial aspect is the commercialization and industrialization of the high technological products. This will be a lengthy process of market evaluation and testing.The successful accomplishment of this process depends upon a decisive supporting system,which is crucial in transforming the technological development to productivity. Foreign experiences have full proven that the venture investment system is such aneffective supporting system.Starting by analyzing the nature of venture investment,the thesis describes the function ofthe venture investment and the features of its operating mechanism,and emphasizes thenecessity and urgency of establishing the national venture investment system by drawingcomparisons between venture investment business of the US,Europe,Japan and china.At the same time,thesis provided comprehensive description and narration of the maininstitutions,the exit channels and the intermediary institutions of the venture investment.White studying the main Institutions of the venture investment,the thesis providesrecommendations on the establishment of venture investment companies in China,andthrough the analysis of the source and financing channels of the venture capital at thecurrent stage in China,further recommends the establishment of venture capital financing:system in China. In studying the exit channel of venture investment,the thesis analyzedthe possible problems and risks of the setting up the second board market in china,andgives detailed recommendations on the design of the second board market. In theintroductions to the intermediary institutions,the thesis focuses on the specialintermediary institutions set up to monitor venture investment activities. Lastly,the thesispresents introductions and analysis on the outer environment of venture investment,studies the position of the Chinese government In the venture investment activities,andraised recommendations to the government on the policy support and legislation for theventure investment.The thesis has 7 parts:Part IFirst,the thesis states the nature of venture investment,indicating that venture investment is a method of capital operation by investing on unlisted newly emerged small and medium sized enterprises,high technology enterprises I particular,through setting up companies,etc.,to achieve high return white undertaking high risks. Based on the unique concept of the knowledge economy,high risk and high risk of return of the ventureinvestment embodied the integration of capital,management and high-tech. Furthermore,the thesis analyses the function of the venture investment which involves the following aspects:(1) venture investment is an important financing source for research and development;(2) venture investment plays and important role in optimizing the allocation of resources. In concludes that venture investment is the only reliable way integrating capital management and development of high technology,in the purpose to promote the healthy development of the world economy.Part IIIntroductions are made to the present status and experiences of venture investment business of the United States,Europe and Japan. The US venture investment mechanism is based upon its developed capital market,where the civil capital is the main force,and major intermediary institutions are private or independent venture investment companies;it is a multi-level system supported by high profitability,with very little government involvement in the dir...
Keywords/Search Tags:Venture Investment, System, Establishment
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