Research On Venture Investment Policy Of High-tech Zones In China

Since the Second World War,Western countries,especially the United States,have established a science park around the campus of Stanford University in order to develop the national defense industry.The establishment of the park has continuously attracted other research institutions,universities and high-tech enterprises to gather,gradually forming a scale.The huge high-tech industrial zone that integrates functions of industry,academia and research has formed a "Silicon Valley model" that has affected the present and still has a high development speed.The success of the Silicon Valley model is not only the agglomeration of high-tech industries,but also its mature venture capital mechanism and sound investment system.Since its establishment in the 1980 s,China's high-tech zones have exerted great results in promoting high-tech research and development and achieving high-quality development of regional economy.In some parts of China,the high-tech zone has gradually become the main contributor to the economic development of the city and the main contributor to the economic aggregate.The development of high-tech zones is inseparable from the risk investment policy.Venture capital can not only provide the necessary R&D funds for SMEs in the initial stage,but also provide more substantial guarantees for the realization of the productization and internationalization of scientific and technological achievements in the middle and later stages of the enterp rise.In addition,venture capital also plays a positive role in providing professional supporting functions such as management and consulting services for venture companies.Based on the definition of high-tech zone and risk investment policy concepts,this paper reviews the literature in this field at home and abroad.After the definition of the concept is clear,through the theoretical basis of the risk investment policy of the high-tech zone,the theory of growth pole theory,industrial cluster theory,non-traditional security research,policy process theory and investment and financing theory are clarified for the improvement of risk investment policy in high-tech zones.After the conclusion of the theoretical part,this paper sorts out the development history of China's high-tech zone risk investment policy,and introduces the development status of this policy.It finds that China's current high-tech zone risk investment policy has a weak support system,incomplete operational mechanism,and government supervision capability.Mismatching and other issues,for the emergence of policy issues,this paper analyzes its internal reasons,that the high-tech zone risk investment subject risk prevention awareness is insufficient,the supporting legal system is no t perfect,the fault-tolerant error correction mechanism is not scientific,etc.,resulting in the current policy dilemma.While solving the problems of public policy in China,we can learn from the successful experiences of other countries.The fourth pa rt expounds the practice of the risk investment policy of high-tech zones in the United States,Britain,Japan and Singapore,and extracts the relevant enlightenment to China's high-tech zone risk investment policy.Finally,this paper puts forward the fol lowing suggestions for the development of China's future high-tech zone risk investment policy: first of all,we must improve basic policy formulation,and pay attention to the participation of multiple entities in the policy formulation process.Secondly,we must handle the relationship between the government and the market in the policy implementation process,and maximize the functions of market and social forces to assist policy implementation;Finally,it is necessary to strengthen the mid-to-late evaluation of the risk investment policy by government agencies and third-party evaluation agencies,and ensure that the risk investment policy operates in accordance with the established policy objectives.At the same time,it is necessary to smooth the entry and exit channels of venture capital to provide guarantee for the end of policy.