Investment And Financing System And The Risk Of Investment In Innovation

The investment and financing system is an organized form, method to the investment and finance, with the general name that manage the way. It was born inside the economy increasing, and had got the important function for the development of one country' s national economy. Since the reformed and opening up 25 years ago, China has obtained the economic achievements that ream people of this world pay attention to it, but, facing the development of the new economic age in 21 centuries, do we get ready? The Chinese investment and financing system faces the serious efficiency problem, particularly to the high-tech business enterprises, can't provide valid financing outlet, affect the technology business enterprises getting strong, and obstruct the national technology economic power. The venture capital is a kind of newly arisen investment and financing mechanism, it is a kind of rights investment that professional financiers invest to newly arisen, quickly developing business enterprises which contain big competition. To speak radically, this kind of mechanism fast promoted the marketing of the technology results, but because of the whole reason on the system, the venture capital in Chinese faces obstacle layer after layer.This text intends to set out from the comparison of America' s and China' s financing methods, explain that venture capital mechanism' s creation is inevitable, through analyzing actual efficiency problem in the system to ask for the development of venture capital, develop the important function of agency organization, finally according to these problems put forward our country' s reform methods. It includes five parts: the first one, introducing the Investment and Financing System of America and that of China, defining and describing it, explaining thefinancing methods in America which has a developed capital market and that in China which has a developing capital market; the second part, introducing the Venture Capital from the point of innovation, analyzing Venture Capital and Venture Capital Mechanism, analyzing Venture Capital and high-technology companies, getting the conclusion that the Venture Capital is needed by the system; the third part, combining the Investment and Financing System and the Venture Capital, comparing the efficiency of different financing methods, indicating improving the Agency Organization for venture capital; the forth part, pointing out that there has a big gap between deposits and loans as little companies are difficult to finance, showing the obstacle and limitation in our Investment and Financing System to develop venture capital, stressing the problems in the Agency Organization for venture capital; the last part, pointing out the measures of reforming the Investment and Financing System to develop the Venture Capital in China which include macrocosmic and microcosmic methods, the former is government' s system innovation, the latter needs to reduce the venture by technical methods and to set up a healthy Agency Organization system for venture capital.