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At This Stage Of China's Venture Capital Supply The Main Analysis

Posted on:2005-12-12Degree:MasterType:Thesis
Country:ChinaCandidate:T WangFull Text:PDF
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Since the 1970s, the economic development of the world has already entered the era of the knowledge economy. The knowledge economy is the knowledge intensive economy based on modern new and high technology economy. So, it is significant for a country to develop new and high technology and new high-tech industry in the era of knowledge-driven economy.The development of the modern Hi-Tech industry cannot be separated from venture capital. The experience of the birthplace of modern Venture capital -- U.S.A. indicates that, venture capital can promote the organic integration of scientific technology and economy. Being the "driving engine" of the new high-tech industry, venture capital helps to foster new high-tech enterprise, to accelerate the mechanization and industrialization of universities' technological achievement, and to improve technological innovation.On the basis of the growth of the investment to new high-tech industry, the theory of venture capital also develops gradually, so, the theoretical research of venture capital, from its establishment to development, is closely connected with practice. Our country has great difference with other countries in the economic technical development, social and historical culture, and the development degree of the capital market. Our country should promote the research of venture capital theory on the basis of domestic reality.Our country introduced the concept of venture capital in the middle of the 80s, and has obtained certain achievement after nearly 20 years of development. But the development of the venture capital of our country is still restricted by a lot of factors, which include that the venture capital is small in scale, and the source channel is narrow. So to find and foster our country's investor of venture capital is important to the development of the venture capital in our country. This dissertation starts from the development state of venture capital in our country at present, consults the foreign experience in venture capital, and analyses the reality of all kinds of investor of venture capital in our country who participates in venture capital. Thus it confirms the leading position of listed companies in the present stage of our country's venture capital.This dissertation has four chapters and the main content is arranged as follows: Chapter 1 Profile of venture capitalThis chapter discusses the concept, characteristics and function of venture capital, and explains why our country needs to develop venture capital. This part supplies related theoretic foundation for the further research on venture capital.Chapter 2 The analysis of investor of venture capital at initial stageThis chapter is a key chapter of this dissertation.This chapter analyses the situation of different investor of venture capital in our country, in order to promote function of investor of venture capital in our country at initial stage. The first two parts introduce the classification and characteristics of different investor of venture capital, as well as the variety and replacement role of the subject. The third part analyses our country's reality and potential investor of venture capital. The government's status as the main body will be lowered gradually, but the government can still play an important role in the development of the venture capital industry through indirect and appropriate direct investment. For institutional investor, different treatment should be adopted, for the purpose of developing them into the main investor of venture capital. The foreign investor can't take the leading position. So, industrial capital should take the lead in the supply of venture capital. Chapter 3 Leading status of listed company in the development of our country's venture capital at the present stage. This chapter is also a key chapter of this dissertation.This chapter makes further discussion on the basis of the content of the former chapter. First of all, it analyses the characteristic of the listed company. Secondly, it discusses the rea...
Keywords/Search Tags:venture capital, capital supply, listed company, leading role
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