| In knowledge economy, which technology is regarded as the core competition factor, the function of venture capital (hereinafter referred to as VC), played in the process of transformation from science and technology to actual productivity, and its investment characteristic of high risk, high benefit and high growth potential receive the favors of people more and more. Considering the reality that our Hi-Tech industries are still on infancy, and difficult to strengthen because of the lack of huge funds, How utilize and develop the new mode (VC), combining for supporting innovative activities and developing Hi-Tech industries with capital, management and enterprising spirit, have already become and will continue being a subject more and more worth paying attention to and studying.First of all, this article has reviewed the origin and history of development of VC, has explained the status quo of development of VC in our country briefly. Focusing on the problem of the VC evolution of our country badly in need of solution at present, including the intension (the concept, characteristic and type), determinant criterion and decision of investment stages of VC, this article has clarified the fuzzy understanding of investment circles and academia of our country theoretically. Secondly, this article, in connection with the VC development reality of our country, carries on comparative analysis and case study for environment where VC should possess from the angles such as source and operation of VC, exertion of government action and others including the consciousness, strategy, talent and intermediaries of VC, investment structures and moral risks, etc. And have found the main disparity that our country exists in operation of VC. On the basis of this, uniting with the difficult problem of convict's predicament" in the VC development of our country, this article analyzes and structures the basic frame of VC development model of our country tentatively.First, the Intension of VCThe concept of VC has regional and developing quality. Considering the national conditions of China, the concept of VC should be defined as capital, which assumes higher risks than the conventional exterior financing methods do, projected into the Hi-Tech industries and new industries with good development potentiality, and its operational behavior. The so-called good development potentiality should include three following meaning of respects mainly: First, the market prospects of the technological project of a VC firm are good; Second, can carry on and expand briefly by a VC firm oneself; Third, the firm has perfect self-protection methods.The characteristic is expounded from six respects, including the investment object, strategy, ground, way, purpose and nature of VC. The essence of VC is a kind of market operation behavior.According to roll play of the government, VC can be sorted into Government Providing System (represented by USA & Great Britain), Government Booting & Guiding Model (represented by Germany and France), and Government Leading Model (represented by Japan & Korea). From the angle of the VC functions, VC can be divided into that of rights and interests, connecting link between the preceding and the following and leverage.Second, Decision of Investment Stages of VCIn investment circles and academia of our country, there are relatively old disputes in the issue of decision of VC investment stages, but which is regarded as by the author the result from weighing to a group of independent variables, showing with formula as: Y= fx(R/S,I,P,B,E). And then, the author choose E from the above-mentioned independent variables to carry on analysis and derivation of the issue of decision of VC investment stages, and can receive:among them:The above-mentioned formula can be described as with characters: The risks and incomes are in direct radio. According to marginal benefit invested, VC will lean the upper reaches of production more and more, namely Start-up Stage.Third, Determinant Criterion of VCConsidering the r... |
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