Venture Capital To Support The Development Of High-tech Enterprise Financing Problem

For decades, the experiences of the development of hi-tech industry have shown that the transformation of technological advances to productivity lies essentially in the marketization and industralization of hi-tech products. The success of the transformation process depends on the existence of a supporting system that determines the process. Experiences from abroad has demonstrated that Venture Capital System (VCS) is such an efficient supporting system that propels the marketization and industralization of hi-tech products.Venture Capital Market (VCM) is an innovational institution arrangement through which capital markets foster hi-tech industry. VCM is a new kind of capital market formation in the process of the interplay between technological innovation and financial innovation. China should be exerted to cultivate an efficient VCM suitable for her own national conditions, the accomplishment of which needs the summarization of both experiences and lessons from the development of VCM in foreign countries.Focusing on how venture capital gives support to hi-tech enterprises in financing, this thesis is divided into four parts:In the first part, a brief introduction of how hi-tech industry and venture capital are combined in China is made.In the second part, the characteristics of supply and demand of hi-tech enterprises' financing are analyzed. The source of venture capital of China is also discussed in this part.The third part focuses on how hi-tech industry enterprises accomplish the job of transaction design to finance through venture capital.In the fourth part, on the basis of the above analysis, some countermeasures are given on how China's venture capital should support hi-tech enterprises' financing.