The Comparative Studies Of China's And The United States' Venture Capital Investment

Venture capital investment is "incubator" and "booster" of high-technology industries' development.The development of venture capital investment is related to the development of high-technology in both developing and developed countries.The United States had succeeded in promoting economic restructuring by developing the high-technology and venture capital investment.Comparing to the United States started in the mid 20 century,venture capital industry in our country started up late,in September 1985,Chinese new-technology venture capital company stood for starting of China's venture capital investment.Although it had achieved remarkable achievement,there was a big gap between U.S.and China.Compared with the United States,nowadays China's source of venture capital stayed in the lower level,and main components are from government and companies.The government capital played a guiding role in the venture capital market,but it also had lots of limitations:its social-oriented management styles and weak competitive effects.That was hard to meet inherent nature of venture capital investment development that are high risk and yield.In addition,China's venture capital investment focused on traditional industries rather than high-technology industries,and invested later part of projects instead of early part of projects.This paper makes empirical analysis about how venture capital affects the economic growth,and makes comparative analysis between U.S.and China's current venture capital investment's situation through industries,areas,stages,rounds and quit and so on.Then this paper finds some existing problems in the China's venture capital investment.For example,the gross of China's venture capital investment is low;the structure of China's venture capital investment is not optimal;the efficiency of our government-oriental fund is low;the quite channels of China's venture capital investment are also rare;related laws and regulations of venture capital investment are imperfect.After that,this paper also gives some suggestions to solve that problems:reforming the fund guided by government and improve the efficiency of government-oriental fund;developing the angle investment;developing the quite channels of the China's venture capital investment;improving the systems of the related laws and regulations of venture capital;training the innovative people.