Economic Analysis Of The U.s. Venture Capital And Its Reference To China

In the 1990s, U.S.A. created the miracle of 'New Economy'. Why has only U.S.A. obtained such an economic miracle? Why have Europe countries and Japan with very nearly the same scientific research standard not obtained the equal outcome from the development of science and technology? A wildly-acknowledged view is that U.S.A.'s venture capital system plays an important role in the development of U.S.A.'s economy. As one of the developing countries, if China wants to realize the 'crossing-span development', we must work hard at science and technology. On one hand, we must catch up with and surpass the advanced trend in theory, and the more important thing is that we should turn science and technology into realistic productivity, bringing about an economic advance. Venture capital will be important to our country. The disparity between Chinese and American's venture capital reflects on the technological aspect, but the origin lies in arranging in design of property institution. This thesis exactly attempts to proceed from this perspective, announces the successful place of the U.S. venture capital, and offer some reference for the developing of China's venture capital industry.The main train of thought of this thesis is: At first it introduces history in the U.S. venture capital and current situation, Secondly it introduces the theoretical tools that the brief introduction will use, especially Barzel's theory of the property right. Then, the author plans to analyze the property right of each link of the U.S. venture capital respectively and draw the conclusion: Rational property right arrangement for U.S. venture capital industry is the reason that it is so successful. Finally, with introduction of Chinese venture capital, the author comes up with some suggestions.Following the above-mentioned trains of thought, this thesis is divided into four chapters according to the logic structure, the main content per seal and conclusion are as follows:Chapter One introduced the U.S. venture capital, carrying on foreshadowing for the analysis for the future. Section One defines the intension of venture capital, pointing out venture capital is a kind of rights capital that professional financier put into a quickly developing enterprise which has enormous competition and venture. Section Two introduces the developing history of the U.S. venture capital, pointing out the development of the venture capital is influenced by a lot of factors, such as policy, capital market, investment environment, etc. In Section Three, the author introduces the operation procedure of the U.S. venture capital, especially the establishment of the risk fund and the venture capital firm.Chapter Two introduce the theoretical tools that will be used. Section One is the brief explanation of Coase's property right theory. Section Two introduces Barzel's property right theory in detail, pointing out 'the property right is not absolute, and able to change with individual behavior'. Rational property right arrangement should meet the demand 'rising with the impact on value of the output, this side should bear more output changing '. Section Three introduces the complete agreement and non-complete agreement theory briefly.Chapter Three carries out the analysis of the property right of each link of the U.S. venture capital respectively. Section One analyzes the organizational form of several kinds of enterprises of the risk investment funds and points out limited partnership is most effective. Section Two is the economic analysis of the venture capital firm. The conclusion is the same: limited partnership is most effective. Section Three and Section Four concentrate on discussing the arrangements in property right in venture-backed firms. Section Three introduces the factors of production of venture-backed firms. Section Four analyzes several characteristics of venture-backed firms. The analysis on these questions let authors draw the following conclusions: The flexible and effective property right institu...