Study On The Operation Mechanisms Of The Investment Intermediary For Defense R&D Of Civil-military Integration

Undoubtedly, it is a crucial part of civil-military integration that encouraging and guiding excellent private enterprises participate in weaponry and equipment research and production. During the process, private enterprises are faced with shortage of funds, narrow field and lack of information. In order to solve these problems, we should enhance the support of government and use market forces to establish the operation mechanisms of the investment intermediary for defense R&D of civil-military integration.It is inseparable from the comprehensive and efficient institutional mechanism that an organization needs to perform well, thus the paper focus on how to build the operation mechanisms of the investment intermediary for defense R&D of civil-military integration. According to the American experience, Chapter IV constructs four kinds of operation mechanisms. Screening evaluation mechanism shows that the rate of Return on Investment should be the core standard; investment dividends mechanism points out that staging investment and convertible security have innate advantages in investment of equipment R&D; supervision incentives mechanism analyzes the means of regulation, and gets the best proportion of supervision and incentives structure; project exit mechanism expounds the investment intermediary exit timing and alternative ways. In order to clear the way of building the operation mechanisms of the investment intermediary, Chapter V brings six relevant suggestions about improving the internal system and external environment.