中国开展风险投资业务研究
摘要
1985年中国有了第一家风险投资公司—中国新技术创业投资公司，但在1992年小
平同志南巡之前，即大量的高新技术企业出现之前，中国的风险投资业务几乎处于停滞
不前的状况。1994年，国外著名的风险投资公司陆续来我国建立分公司并相继开展实质
性业务，很大程度上带动了中国风险投资业务的发展。
本文根据我国目前的市场经济条件，根据目前风险投资业务的发展状况，根据与
此相关的法律、法规的完善情况，根据创业企业家对资本市场的需求与依赖及他们对风
险投资业务的了解、掌握程度，针对风险投资业务的全过程，以风险投资业务的各个主
要步骤为主线索，由浅到深地进行了论述。明确说明了风险投资工程每一步骤的基本含
义和主要内容，也基本系统地说明了每一阶段的操作方法。目的在于能进一步推动刚刚
起步的中国风险投资业的发展，让更多的人了解风险投资业务，让风险投资业务为中国
的经济发展起更大的推动作用。
论文的一、二、三部分从宏观角度论述了风险投资业务的现状、本质含义及市场
机制应如何建立；风险投资业务的发展与政府的密切关系和所需要政府给予的支持；关
于风险投资业务法律、法规的现状及无法可依时的现实策略、解决方法等。四、五、六、
七、八部分就风险投资业务的主要步骤、内容及操作方法进行了简洁而全面的介绍。每
一个部分就是风险投资业务的一个主要步骤。第九部分告诉创业企业家应如何去获得风
险投资，如何编写商业计划书。
In 1985, the first venture capital corporation was established in China, before
Mr. Dengxiaoping made a round of inspection on the south of China in 1992hat is before large
amount of new technology companies arising in China, Chinese venture capital business was
not developed well. In 1994 or so. the famous foreign venture capital companies established
their branches in China and developed business really. Anyway the developing of foreign company
promote the developing of Chinese venture capital business.
According to the condition of Chinese market economy, the status of Chinese venture
capital business, the relevant laws, the requirement of enterpriser to capital market, the
thesis discusses the whole concept by describes every step of venture capital business. It
discusses the basic and main content and the operating method of venture capital. It purpose
is to promote the developing of Chinese venture capital business, let more people know venture
capital, let venture capital to do more contribution to the developing of Chinese economy.
The l, 2, and section of this thesis discuss the current status of Chinese venture
capital, the character and contents of venture capital, and how to build the market mechanism.
It also discusses the relationship between venture capital and the government, the de3nded
support from the government. The current status of law about venture capital is also discussed
in the first three sections. The, and 8u section discuss every procedure and it
contents, proceeding method. Every section describes a main step of venture capital business.
The 9tI section tells the enterpriser how to get venture capital and how to make out business
plan.
The section of onclusion?describes the degree of the thesis and the direction for
author to work to.
Postgraduate: Lang fengxi
Supervisor: Prof.Li youhua
平同志南巡之前，即大量的高新技术企业出现之前，中国的风险投资业务几乎处于停滞
不前的状况。1994年，国外著名的风险投资公司陆续来我国建立分公司并相继开展实质
性业务，很大程度上带动了中国风险投资业务的发展。
本文根据我国目前的市场经济条件，根据目前风险投资业务的发展状况，根据与
此相关的法律、法规的完善情况，根据创业企业家对资本市场的需求与依赖及他们对风
险投资业务的了解、掌握程度，针对风险投资业务的全过程，以风险投资业务的各个主
要步骤为主线索，由浅到深地进行了论述。明确说明了风险投资工程每一步骤的基本含
义和主要内容，也基本系统地说明了每一阶段的操作方法。目的在于能进一步推动刚刚
起步的中国风险投资业的发展，让更多的人了解风险投资业务，让风险投资业务为中国
的经济发展起更大的推动作用。
论文的一、二、三部分从宏观角度论述了风险投资业务的现状、本质含义及市场
机制应如何建立；风险投资业务的发展与政府的密切关系和所需要政府给予的支持；关
于风险投资业务法律、法规的现状及无法可依时的现实策略、解决方法等。四、五、六、
七、八部分就风险投资业务的主要步骤、内容及操作方法进行了简洁而全面的介绍。每
一个部分就是风险投资业务的一个主要步骤。第九部分告诉创业企业家应如何去获得风
险投资，如何编写商业计划书。
In 1985, the first venture capital corporation was established in China, before
Mr. Dengxiaoping made a round of inspection on the south of China in 1992hat is before large
amount of new technology companies arising in China, Chinese venture capital business was
not developed well. In 1994 or so. the famous foreign venture capital companies established
their branches in China and developed business really. Anyway the developing of foreign company
promote the developing of Chinese venture capital business.
According to the condition of Chinese market economy, the status of Chinese venture
capital business, the relevant laws, the requirement of enterpriser to capital market, the
thesis discusses the whole concept by describes every step of venture capital business. It
discusses the basic and main content and the operating method of venture capital. It purpose
is to promote the developing of Chinese venture capital business, let more people know venture
capital, let venture capital to do more contribution to the developing of Chinese economy.
The l, 2, and section of this thesis discuss the current status of Chinese venture
capital, the character and contents of venture capital, and how to build the market mechanism.
It also discusses the relationship between venture capital and the government, the de3nded
support from the government. The current status of law about venture capital is also discussed
in the first three sections. The, and 8u section discuss every procedure and it
contents, proceeding method. Every section describes a main step of venture capital business.
The 9tI section tells the enterpriser how to get venture capital and how to make out business
plan.
The section of onclusion?describes the degree of the thesis and the direction for
author to work to.
Postgraduate: Lang fengxi
Supervisor: Prof.Li youhua
引文
1、ISBN 7-80613-934-6／F.327 盛立军 著《风险投资 操作、机制、策略》1999．9 上海远东出版社 上海
2、成思危 著《科技风险投资论文集》1997 民主与建设出版社
3、厉以宁著《中国资本市场的发展》1998
4、吴风霞 著〈香港发展创新科技的优势和方向〉〈设立第二板市场，协助创新企业〉1998<经济导报〉1998 第2597、2595期
5、辜胜祖著《中国发展风险投资的对策思考》〈管理现代化〉1998第二期
6、姚长辉、沙重九《我国发展风险投资潜在问题与相关策略分析》1998〈经济科学〉
7、王松奇、李扬、王国刚《中国创业投资体系研究》1999
8、向辉军〈投资基金与公司治理机制改革〉〈经济学动态〉1998第八期
9、Gavin C. reid 1998 New york: Routledy
10、William A. Sahlman 《The structure and governance of venture capital organization》 27 1990
11、Benard S. Blackand Ronald J. Gilson 《Venture capitaland structure of capital market: banks stock market》1998 47
12、Rita D. Kosnik and Debra L. Shapiro 《Agency conflicts between investment banks and corporate clients in merger and acquisition transactions: causes and remedies》 1997
13、Michael E. Porter "Journal of Applied Corporate Finance" 1993
14、OECD Reserch Committee "Financing Innovation and the Role of Venture Capital & Country Case: Study of Venture Capital and Innovation" OECD Working paper 1995
2、成思危 著《科技风险投资论文集》1997 民主与建设出版社
3、厉以宁著《中国资本市场的发展》1998
4、吴风霞 著〈香港发展创新科技的优势和方向〉〈设立第二板市场，协助创新企业〉1998<经济导报〉1998 第2597、2595期
5、辜胜祖著《中国发展风险投资的对策思考》〈管理现代化〉1998第二期
6、姚长辉、沙重九《我国发展风险投资潜在问题与相关策略分析》1998〈经济科学〉
7、王松奇、李扬、王国刚《中国创业投资体系研究》1999
8、向辉军〈投资基金与公司治理机制改革〉〈经济学动态〉1998第八期
9、Gavin C. reid
10、William A. Sahlman 《The structure and governance of venture capital organization》
11、Benard S. Blackand Ronald J. Gilson 《Venture capitaland structure of capital market: banks stock market》1998
12、Rita D. Kosnik and Debra L. Shapiro 《Agency conflicts between investment banks and corporate clients in merger and acquisition transactions: causes and remedies》 1997
13、Michael E. Porter
14、OECD Reserch Committee "Financing Innovation and the Role of Venture Capital & Country Case: Study of Venture Capital and Innovation" OECD Working paper 1995