The Research On Operating Mode Of The Leading Fund To Support The Development Of Strategic Emerging Industry

During the “Twelfth Five-year Plan”, the cultivating, developing and upgrading problems of thestrategic emerging industry have become the important strategic objectives of China’s economicand social development. The strategic emerging industry tend to be the hi–tech industry, accordingto the law development of industry, the organization form of hi-tech industry has a small to largeprocess and active innovation period. From the perspective of the institutional environment ofChina’s industry development, the system is still not perfect, that is, when the hi-tech enterprisesoccupies the growing stage, despite the hi–tech emerging industry, it is still hard to obtain variousaspects of financial support, but basically could get fund support is the mature enterprise, which hasbeen bigger and stronger. Experience from abroad has demonstrated that, Venture Capital System issuch an efficient supporting system that propels the marketization and industrialization of hi–techproducts.Venture capital (VC) is a new kind investment vehicle, which provides capital support andmanagement services to venture company, and becomes an important power to promote technologyinnovation and economic development. VC in China has been a certain scale for more than20years,but it is still in the preliminary stage and develops slowly. Compared with developed countries suchas the USA, Israel and Australia, the number of VC, investment volume and the number of portfolioare smaller. VC is an investment which exists high risk, asymmetry rights and obligations, so mostinvestors tend to be daunting to it. Relying solely on market allocation of VC is faced with marketfailure. At present, there is a phenomenon called “red apple” effect in our country, and that meansVC mainly invests into entrepreneurs, which are in later stage or maturity. As a result, theseed-stage and start-ups cannot achieve enough VC, thus preventing the conversion anddevelopment of hi-tech industry. However, developed countries and regions establish the leadingfund of VC to resolve the problem, to attract private sector invest into the seed-stage and start-ups.Therefore, drawing on the experience of overseas, deep-studying the leading fund of VC has veryimportant theoretical and practical significance.There exists uncertainty in the market, technology and industrial development of strategicemerging industry, with high-risk, high-yield characteristics, therefore, only depends on traditionalmeans of debt financing is far from being able to meet the needs of the enterprises. Thegovernmental leading fund of VC is a new financing way when the new economic era appears.Discussed as a starting point to the leading fund how to support the development of strategicemerging industry, the text is divided into two parts:The first part includes chapters2and3, mainly uses the economic theory to analyze the formation of VC, the classification of PE, the concept of leading fund as well as the financingdemands and supplies of strategic emerging industry, to carry on the massive table and caseanalysis and lay the theoretical foundation.The second part consists of chapters4,5,6and7, on the foundation of the successful experienceof foreign leading fund, with emphasis on the development necessity, the policy environment, thedevelopment course and the latest progress in China, as well as discusses suitable operation mode,finally guide some relevant policy recommendations of how to well support the development ofstrategic emerging industry.