清洁技术产业风险投资的研究进展与中国策略
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摘要
作为环保产业的高级阶段和政策支持型高新技术,清洁技术产业为风险投资开辟出迅速扩张的市场空间,风险资本又为清洁技术产业化与规模化提供必不可少的金融支持。为此,文章基于相关资料的归纳梳理,采用文献回顾与归纳分析法,明确国内外清洁技术领域风险投资的研究进展与演化路径,理顺风险资本与清洁技术的交互动态响应机制,形成促进我国清洁技术领域资金支持、实现绿色发展的研究方向与理论框架。
Being advanced environmental protection and policy-based high-tech industry,cleantech opens up the rapid expansion of market for venture capital,while the venture capital gives necessary financial aids for cleantech's industrialization and large scale.This paper,by means of literature review and induction analysis,attempts to identify the research progress and evolution path of venture capital in cleantech at home and abroad,learn about the interactive and dynamic mechanism between capital and cleantech,and come up with the research direction and theoretical frame so as to promote the financial support for China's cleantech industry and realize its green development.
Being advanced environmental protection and policy-based high-tech industry,cleantech opens up the rapid expansion of market for venture capital,while the venture capital gives necessary financial aids for cleantech's industrialization and large scale.This paper,by means of literature review and induction analysis,attempts to identify the research progress and evolution path of venture capital in cleantech at home and abroad,learn about the interactive and dynamic mechanism between capital and cleantech,and come up with the research direction and theoretical frame so as to promote the financial support for China's cleantech industry and realize its green development.
引文
[1]WWF.Clean Economy,Living Planet:The Race to the Top of Global Clean Energy Technology Manufacturing 2012[M].
[2]United Nations.Glossary of Environment Statistis[M].Newyork:United Nations Publication,1996:15.
[3]OECD.OECD Glossary of Statistical Terms[M].Paris:OECD Publications,2008:77.
[4]ICTSD.Patents and Clean Energy:Bridging the Gap between Evidence and Policy,Summary of the Report[EB/OL].http://www.epo.org/clean-energy,2011-01-11.
[5]James Stack.Cleantech Venture Capital:How Public Policy Has Stimulated Private Investment[R].Aztec Venture Network LLC,2007.
[6]Cleantech Group(2009).About us—Cleantech definition,Retrieved8/29/09 World Wide Web[M/OL].http://cleantech.com/about/cleantechdefinition.cfm.
[7]黄国平,孔欣欣.金融促进科技创新政策和制度分析[J].中国软科学,2009(2):28-37.
[8]Tykvova T.Venture capital in Germany and its impact on innovation[R].Soeial Science Researeh Net Work Working Paper,2000.
[9]Kortum S.,J.Lerner.Assessing the Contribution of Venture Capital to Innovation[J].RAND Journal of Eeonomies,2000,31(4):674–692.
[10]Engel D.,M.Keilbaeh.Firm Level Implications of Early Stage Venture Capita Investment[R].ZEW Diseussion PaPer,2002.
[11]KaplanS.N.,P.Stromberg.Financial Contracting Theory Meets the Real World[J].Review of Economic Studies,2003,70(2):281-315.
[12]Romain A.,Bruno van Pottelsberghe de la potterie.The Economic Impact of Venture Capital[R].Universite libre de Bruxelles,2004.
[13]Wall Street Journal.Green-technology investments rise[Z].2008,pp.A15,Feb 29.
[14]Cheng,J.China nurtures a“Clean Tech”hub;As pollution woes weigh,industrial park seeks eco-friendly projects[J].Wall Street Journal,2007,pp.B3.
[15]Felicity Carus.VC Cleantech Investments Rise despite Global Economic Slowdown[R].AOL Energy,2012.
[16]International Energy Agency(IEA)(2003)World Energy Investment Outlook,Paris[Z].
[17]WWF.Coming Clean:The Cleantech Global Innovation Index 2012[R].Sydeny,2012.
[18]WWF,Roland Berger(2012).Clean Economy,Living Planet:The Race to the Top of Global Clean Energy Technology Manufacturing[Z].
[19]Paul A.,Gompers Josh Lerner.What Drives Venture Capital Fund Raising[C].Brookings Papers on Economic Activity:Microeconomics,1998:149-192.
[20]Leslie A.Jeng,Philippe C.Wells.The Determinants of Venture Capital Funding:Evidence Across Countries[J].Journal of Corporate Finance,2000,6(3):241-289.
[21]Burer,M.J.,Wustenhagen,R.Which renewable energy policy is a venture capitalist’s bestfriend?Empirical evidence from a survey of international cleantech investors[J].EnergyPolicy,2009,37:4997-5006.
[22]David Tokea,Volkmar Lauber.Anglo-Saxon and German Approaches to Neoliberalism and Environmental Policy:The Case of Financing Renewable Energy[J].Geoforum,2007,38(4):677-687.
[23]Daniel Weisser,Mark Howells,Hans-Holger Rogner.Nuclear Power and Post-2012 Energy and Climate Change Policies[J].Environmental science&policy,2008(11):467-477.
[24]Radowitz,B.,Hromako,J.,Moloney,L.,2010.Renewableinvestorsfearwithdrawal of subsidies,URL[Z/OL]./http://online.wsj.com/article/SB100014240527487036490 04575437131517120738.htmlS.
[25]Held A.,Haas R.,Ragwitz M.On the Success of Policy Strategies for the Promotion of Electricity from Renewable Energy Sources in the EU[R].Report produced for DG TREN,2006.
[26]UNEP SEFI.Communique from Creating the Climate for Change[EB/OL].http://www.sefi.unep.org.
[27]Semida Silveira.Promoting Bioenergy Through the Clean Development Mechanism[J].Biomass and Bioenergy,2005(28):107–117.
[28]Bei Chen.Prospects for CleanTech Venture Capital Investment in China:A Third Wave?[C].PICMET,2009.
[29]Agi Kiss,Gonzalo Castro,Kenneth Newcombe.The role of multilateral institutions[J].The Royal Sociaty,2002,360:1641-1652.
[30]牛衍亮,黄如宝,常惠斌.基于学习曲线的能源技术成本变化[J].管理工程学报,2013,27(3):74-80.
[31]Kramer G.J.,M.Haigh.No Quick Switch to Low-carbon Energy[J].Nature,2009,462(293):568-569.
[32]Berglund C,Sderholm P.Modelling Technical Change in Energy System Analysis:Analyzing the Introduction of Learning-bydoing in Bottom-up Energy Models[J].Energy policy,2006(34):1344-1356.
[33]Kristina EK,Patrik Soderholm.Technology Learning the Presence of Public R&D:the Case of European Windpower[J].Ecological Economics,2010(69):2356-2362.
[34]Gillingham K.,Newell R.G,Pizer W.G.Modeling Endogenous Technological Change for Climate Policy Analysis[J].Energy Economics,2008,30(6):2734-2753.
[35]郑照宁,刘德顺.中国风电投资成本预测[J].中国电力,2004(7):77-79.
[36]McDonald A.,L.Schrattenhoolzer.Learning Rate for Energy Technologies[J].Energy Policy,2001(29):255-261.
[37]Kuemmel B..Wind Power Econometrics[J].Energy Policy,1999(27):941-942.
[38]Ibenholt K.Explaining Learning Curves for Wind Power[J].Energy Policy,2002(30):1181-1189.
[39]Grubler A.,S.Messner.Technological Change and the Timing of Mitigation Measures[J].Energy Economics,1998(20):495-512.
[40]Sderholm P.,Sundqvist T.Empirical Challenges in the Use of Learning Curves for Assessing the Economic Prospects of Renewable Energy Technologies[J].Renewable Energy,2007(32):2559-2578.
[41]Neij L.Use of Experience Curves to Analyze the Prospects for Diffusion and Adoption of Renewable Energy Technology[J].Energy Policy,1997(23):1099-1107.
[42]Neij L.Cost Dynamics of Wind Power[J].Energy,1999(5):375-389.
[43]Blyth W.,Bradley R.,Bunnc D,et al.Investment risks under uncertain climate change policy[J].Energy Policy,2007,35(11):5766-5773.
[44]Kjaerland F.A real option analysis of investments in hydropower:the case of Norway[J].Energy Policy,2007,35(11):5901-5908.
[45]Moreira A,Rocha K,David P.Thermopower generation investment in Brazil economic conditions[J].Energy Policy,2004,32(1):91-100.
[46]刘敏,吴复立.基于实物期权理论的风电投资决策[J].电力系统自动化,2009,33(21):19-23.
[47]Florida,R.,&Davison,D.Gaining from green management[J].California Management Review,2001,3(Spring):64-84.
[48]CNN.com.Google pushes“green”power initiative.Retrieved 12/16/07 World Wide Web[Z/OL].http://m.cnn.com/cnn/ne/business_tech/detail/42270/full,2007.
[49]Bansal,P.,&Roth,K.Why companies go green:A model of ecological responsiveness[J].Academy of Management Journal,2000,43(4),717-736.
[50]Rene Kemp.Environmental Policy and Technical Change[M].Cheltenham:Edward Elgar,1997,1,46.
[51]Hart S.L.A natural resource-based view of the firm[J].Academy of Management Review,1995,20(4):986-1014.
[52]焦俊,李垣.基于联盟的企业绿色战略导向与绿色创新[J].研究与发展管理,2011,23(1):84-89.
[53]Lerner,J.The Syndication of Venture Capital Investments[J].Financial Management,1994,23(3):16-27.
[54]Hochberg,Y.V.,Ljungqvist,A.,Lu,Y..Whom You Know Matters?Venture Capital Networks and Investment Performance[J].Journal of Finance,2007,62(1):251-301.
[55]Abell,P.,Nisar,T.M..Performance Effects of Venture Capital Firm Networks[J].Management Decision.2007,45(5):923-936.
[56]Hochberg,Y.V.,Ljungqvist,A.,Lu,Y..Networking as a Barrier to Entry and the Competitive Supply of Venture Capital[J].Journal of Finance,2010,65(3):829-859.
[57]党兴华,董建卫,吴红超.风险投资机构的网络位置与成功退出:来自中国风险投资业的经验证据[J].南开管理评论,2011,14(2):82-91,101.
[58]王续琨,刘洋,侯剑华.论战略性新兴技术[J].科学学研究,2011,29(11):1601-1606.
[59]刘茜,刘多敏.新能源投资与银行信贷风险防范[J].西南金融,2007(6):26-27.
[60]陈晓鹏,仝允桓.基于语义网的技术监测方法研究[J].科学学研究,2010,28(6):829-836.
①WWF.Coming Clean:The Cleantech Global Innovation Index2012.
②WWF.Coming Clean:The Cleantech Global Innovation Index2012.
③The 2013 Canadian Clean Technology Industry Report(2013Report).
④WWF.Coming Clean:The Cleantech Global Innovation Index2012.
[2]United Nations.Glossary of Environment Statistis[M].Newyork:United Nations Publication,1996:15.
[3]OECD.OECD Glossary of Statistical Terms[M].Paris:OECD Publications,2008:77.
[4]ICTSD.Patents and Clean Energy:Bridging the Gap between Evidence and Policy,Summary of the Report[EB/OL].http://www.epo.org/clean-energy,2011-01-11.
[5]James Stack.Cleantech Venture Capital:How Public Policy Has Stimulated Private Investment[R].Aztec Venture Network LLC,2007.
[6]Cleantech Group(2009).About us—Cleantech definition,Retrieved8/29/09 World Wide Web[M/OL].http://cleantech.com/about/cleantechdefinition.cfm.
[7]黄国平,孔欣欣.金融促进科技创新政策和制度分析[J].中国软科学,2009(2):28-37.
[8]Tykvova T.Venture capital in Germany and its impact on innovation[R].Soeial Science Researeh Net Work Working Paper,2000.
[9]Kortum S.,J.Lerner.Assessing the Contribution of Venture Capital to Innovation[J].RAND Journal of Eeonomies,2000,31(4):674–692.
[10]Engel D.,M.Keilbaeh.Firm Level Implications of Early Stage Venture Capita Investment[R].ZEW Diseussion PaPer,2002.
[11]KaplanS.N.,P.Stromberg.Financial Contracting Theory Meets the Real World[J].Review of Economic Studies,2003,70(2):281-315.
[12]Romain A.,Bruno van Pottelsberghe de la potterie.The Economic Impact of Venture Capital[R].Universite libre de Bruxelles,2004.
[13]Wall Street Journal.Green-technology investments rise[Z].2008,pp.A15,Feb 29.
[14]Cheng,J.China nurtures a“Clean Tech”hub;As pollution woes weigh,industrial park seeks eco-friendly projects[J].Wall Street Journal,2007,pp.B3.
[15]Felicity Carus.VC Cleantech Investments Rise despite Global Economic Slowdown[R].AOL Energy,2012.
[16]International Energy Agency(IEA)(2003)World Energy Investment Outlook,Paris[Z].
[17]WWF.Coming Clean:The Cleantech Global Innovation Index 2012[R].Sydeny,2012.
[18]WWF,Roland Berger(2012).Clean Economy,Living Planet:The Race to the Top of Global Clean Energy Technology Manufacturing[Z].
[19]Paul A.,Gompers Josh Lerner.What Drives Venture Capital Fund Raising[C].Brookings Papers on Economic Activity:Microeconomics,1998:149-192.
[20]Leslie A.Jeng,Philippe C.Wells.The Determinants of Venture Capital Funding:Evidence Across Countries[J].Journal of Corporate Finance,2000,6(3):241-289.
[21]Burer,M.J.,Wustenhagen,R.Which renewable energy policy is a venture capitalist’s bestfriend?Empirical evidence from a survey of international cleantech investors[J].EnergyPolicy,2009,37:4997-5006.
[22]David Tokea,Volkmar Lauber.Anglo-Saxon and German Approaches to Neoliberalism and Environmental Policy:The Case of Financing Renewable Energy[J].Geoforum,2007,38(4):677-687.
[23]Daniel Weisser,Mark Howells,Hans-Holger Rogner.Nuclear Power and Post-2012 Energy and Climate Change Policies[J].Environmental science&policy,2008(11):467-477.
[24]Radowitz,B.,Hromako,J.,Moloney,L.,2010.Renewableinvestorsfearwithdrawal of subsidies,URL[Z/OL]./http://online.wsj.com/article/SB100014240527487036490 04575437131517120738.htmlS.
[25]Held A.,Haas R.,Ragwitz M.On the Success of Policy Strategies for the Promotion of Electricity from Renewable Energy Sources in the EU[R].Report produced for DG TREN,2006.
[26]UNEP SEFI.Communique from Creating the Climate for Change[EB/OL].http://www.sefi.unep.org.
[27]Semida Silveira.Promoting Bioenergy Through the Clean Development Mechanism[J].Biomass and Bioenergy,2005(28):107–117.
[28]Bei Chen.Prospects for CleanTech Venture Capital Investment in China:A Third Wave?[C].PICMET,2009.
[29]Agi Kiss,Gonzalo Castro,Kenneth Newcombe.The role of multilateral institutions[J].The Royal Sociaty,2002,360:1641-1652.
[30]牛衍亮,黄如宝,常惠斌.基于学习曲线的能源技术成本变化[J].管理工程学报,2013,27(3):74-80.
[31]Kramer G.J.,M.Haigh.No Quick Switch to Low-carbon Energy[J].Nature,2009,462(293):568-569.
[32]Berglund C,Sderholm P.Modelling Technical Change in Energy System Analysis:Analyzing the Introduction of Learning-bydoing in Bottom-up Energy Models[J].Energy policy,2006(34):1344-1356.
[33]Kristina EK,Patrik Soderholm.Technology Learning the Presence of Public R&D:the Case of European Windpower[J].Ecological Economics,2010(69):2356-2362.
[34]Gillingham K.,Newell R.G,Pizer W.G.Modeling Endogenous Technological Change for Climate Policy Analysis[J].Energy Economics,2008,30(6):2734-2753.
[35]郑照宁,刘德顺.中国风电投资成本预测[J].中国电力,2004(7):77-79.
[36]McDonald A.,L.Schrattenhoolzer.Learning Rate for Energy Technologies[J].Energy Policy,2001(29):255-261.
[37]Kuemmel B..Wind Power Econometrics[J].Energy Policy,1999(27):941-942.
[38]Ibenholt K.Explaining Learning Curves for Wind Power[J].Energy Policy,2002(30):1181-1189.
[39]Grubler A.,S.Messner.Technological Change and the Timing of Mitigation Measures[J].Energy Economics,1998(20):495-512.
[40]Sderholm P.,Sundqvist T.Empirical Challenges in the Use of Learning Curves for Assessing the Economic Prospects of Renewable Energy Technologies[J].Renewable Energy,2007(32):2559-2578.
[41]Neij L.Use of Experience Curves to Analyze the Prospects for Diffusion and Adoption of Renewable Energy Technology[J].Energy Policy,1997(23):1099-1107.
[42]Neij L.Cost Dynamics of Wind Power[J].Energy,1999(5):375-389.
[43]Blyth W.,Bradley R.,Bunnc D,et al.Investment risks under uncertain climate change policy[J].Energy Policy,2007,35(11):5766-5773.
[44]Kjaerland F.A real option analysis of investments in hydropower:the case of Norway[J].Energy Policy,2007,35(11):5901-5908.
[45]Moreira A,Rocha K,David P.Thermopower generation investment in Brazil economic conditions[J].Energy Policy,2004,32(1):91-100.
[46]刘敏,吴复立.基于实物期权理论的风电投资决策[J].电力系统自动化,2009,33(21):19-23.
[47]Florida,R.,&Davison,D.Gaining from green management[J].California Management Review,2001,3(Spring):64-84.
[48]CNN.com.Google pushes“green”power initiative.Retrieved 12/16/07 World Wide Web[Z/OL].http://m.cnn.com/cnn/ne/business_tech/detail/42270/full,2007.
[49]Bansal,P.,&Roth,K.Why companies go green:A model of ecological responsiveness[J].Academy of Management Journal,2000,43(4),717-736.
[50]Rene Kemp.Environmental Policy and Technical Change[M].Cheltenham:Edward Elgar,1997,1,46.
[51]Hart S.L.A natural resource-based view of the firm[J].Academy of Management Review,1995,20(4):986-1014.
[52]焦俊,李垣.基于联盟的企业绿色战略导向与绿色创新[J].研究与发展管理,2011,23(1):84-89.
[53]Lerner,J.The Syndication of Venture Capital Investments[J].Financial Management,1994,23(3):16-27.
[54]Hochberg,Y.V.,Ljungqvist,A.,Lu,Y..Whom You Know Matters?Venture Capital Networks and Investment Performance[J].Journal of Finance,2007,62(1):251-301.
[55]Abell,P.,Nisar,T.M..Performance Effects of Venture Capital Firm Networks[J].Management Decision.2007,45(5):923-936.
[56]Hochberg,Y.V.,Ljungqvist,A.,Lu,Y..Networking as a Barrier to Entry and the Competitive Supply of Venture Capital[J].Journal of Finance,2010,65(3):829-859.
[57]党兴华,董建卫,吴红超.风险投资机构的网络位置与成功退出:来自中国风险投资业的经验证据[J].南开管理评论,2011,14(2):82-91,101.
[58]王续琨,刘洋,侯剑华.论战略性新兴技术[J].科学学研究,2011,29(11):1601-1606.
[59]刘茜,刘多敏.新能源投资与银行信贷风险防范[J].西南金融,2007(6):26-27.
[60]陈晓鹏,仝允桓.基于语义网的技术监测方法研究[J].科学学研究,2010,28(6):829-836.
①WWF.Coming Clean:The Cleantech Global Innovation Index2012.
②WWF.Coming Clean:The Cleantech Global Innovation Index2012.
③The 2013 Canadian Clean Technology Industry Report(2013Report).
④WWF.Coming Clean:The Cleantech Global Innovation Index2012.