风险投资运行机制研究
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摘要
风险投资是指由风险投资组织通过一定的方式向投资者筹集风险资本，然后将风险资本投向创新型风险企业，主动地参与风险企业管理，并为其提供增值服务，做大做强风险企业后通过一定的方式撤出投资，取得投资回报，并将收回的投资投入到下一个风险企业的商业行为和特殊的投融资方式。风险投资是一种集资金、技术、管理等资源的金融创新工具，也是以转移风险、提高资本运作效率为特征的资本运营方式。风险投资业在全球迅速崛起，已成为一个国家科技成果转化及产业化的有效手段、经济发展及结构调整的重要支撑力量。随着我国风险投资业的发展，风险投资与资金配置效率、公司治理机制的关系日益凸现，研究风险投资，特别是把风险投资作为一种新的资金配置方式，分析其对投融资体制改革的影响具有很强的现实意义。
本文把风险投资看成是一种特殊的投融资方式，以风险资本的筹集、运用及回收为主线，站在风险投资家的角度将风险投资运行机制化分为融资机制、投资机制和退出机制三部分。在阐述国外成熟的理论及模式的同时，分析我国风险投资实际运行的特殊性和阶段性，探讨如何建立我国的风险投资运行机制。本文共分为五个部分：第一部分重点介绍了国内外关于本问题的研究现状，说明本文的研究思路、研究方法和基本框架等；第二部分在分析国外风险资本来源的基础上，结合我国风险投资的特点，从可能性和可行性两方面来分析我国风险资本的来源；第二部分通过对风险投资机构的三种主要组织形式进行比较分析，阐明了最适合于我国风险投资的发展的风险投资组织形式，并提出我国风险投资组织形式分阶段发展的建议；第四部分构建出了具有一般意义的风险投资家投资决策体系，并对风险投资者如何规避逆向选择问题进行了探讨。第五部分详细地分析了我国风险投资退出机制的现状及存在问题，对我国风险资本退出的主要渠道和我国风险投资退出机制的形成及完善提出了自己的见解。
本文的主要观点有：在融资机制部分，指出以上市公司为代表的大企业和大公司等产业资本是增加我国风险投资有效供给的最重要的供给主体；在风险投资组织形式部分，提出我国风险投资组织形式分阶段发展的建议，指出有限合伙制是最佳的、最先进高效的风险投资组织形态，我国最终应该建立以有限合伙制为核心的风险投资机构；在投资机制部分，与现有其它定性与案例决策研究不同，本文从一般理论出发，结合风险投资实际，逻辑地推断与构建出具有一般意义的风险投资家投资决策体系。在风险投资者决策问题上，本文所采用的投资决策机制，可以有效地使风险投资家主动揭示自己的能力水平，可规避逆向选择的问题；在退出机制部分，本文认为构造我国风险投资退出机制，既要吸收国外成熟的风险投资退出机制的合理内核，更要从我国现实的制度架构、法制状况和资本市场的发展现状出发，据此提出构建以企业并购为我国风险投资退出主渠道，逐步以二板市场、风险企业回购、破产清算为辅形成和完善我国风险投资退出机制的总框架。
The venture capital is a special commercial behavior of investing and financing, which refers to a venture capital organization' s collecting venture capital from investors by certain ways, investing it in a venture enterprise with the enterprising spirit, attending to the business management of the enterprise and providing services to increase in value. After making the venture enterprise larger and stronger, the venture capital organization withdraws the capital, pockets the profits and turns to another venture enterprise. The venture capital is an innovational tool of financing which takes fully use of the resources such as fund, technology and management as well as a way of the capital operation with the characteristics of transferring risks and increasing the efficiency of the capital operation. Rising abruptly and promptly in the world, the industry of the venture capital has become an effective means of the transformation and industrialization of the scientific and technological achievements in a country and an important factor ensuring the economic development and the structure adjustment in a smooth way. With the development of the industry of venture capital in China, the venture capital, the efficiency of capital allocation and the mechanism of corporate governance get more and more important. Therefore, it is of great significance to make studies on the venture capital, especially on its aspect of being the key mode of capital allocation, and to analyze its influence on the investing and financing structural reform.
The paper analyzes the venture capital in a comprehensive way. Threading along the collection, taking use and withdraw of the venture capital and from the eyes of the venture capital organization, the paper argues that the venture capital is a special means of financing and investing and divides the mechanism of the operation of venture capital into three parts, e.g. financing mechanism, investing mechanism and withdrawal mechanism. The paper expounds the mature theories and models abroad and analyses the peculiarity of the operation of Chinese venture capital in practice in order to probe into how to establish Chinese mechanism of the operation of the venture capital. The paper is divided into five parts: The first part is an introduction of its theoretical and realistic significance. Meanwhile, it briefly introduces the statement of the studies on the venture capital at home and abroad. Finally, the author sketches clues, method and basic structure of the study; Part Two: Financing Mechanism. On the basis of listing all the sources of the overseas venture capital and taking the China's features into consideration, this part analyzes the sources of China's venture capital from two aspects: possibility and feasibility. All in all, at present, the venture capital in China is still on the beginning stage with the characteristics of simplicity of suppliers of the venture capital, the frequent interference of the government, the low passion of non-governmental groups in
investment and the fact that the total supply volume of the venture capital, especially the
available volume, is far behind the vast demand of the transformation of scientific and technological achievements and the development of hi-tech industry. Thus, in order to overcome the above-mentioned contradictions, it is necessary to adopt a series of powerful measures to guide and encourage listed companies, securities companies and overseas capital to participate in investing and to form the diverse supply subjects of the venture capital with listed companies as their main body. Part Three: Organizational Forms of the Venture Capital. This part makes a comparative analysis on three main organizational patterns of the venture capital organizations
from the points of the tax cost, the daily management cost and the incentive and confining mechanism, and the author points out the limited tied up corporate is the ideal style for the development of the venture capital. Then, the part introduces the statement of the venture ca
本文把风险投资看成是一种特殊的投融资方式，以风险资本的筹集、运用及回收为主线，站在风险投资家的角度将风险投资运行机制化分为融资机制、投资机制和退出机制三部分。在阐述国外成熟的理论及模式的同时，分析我国风险投资实际运行的特殊性和阶段性，探讨如何建立我国的风险投资运行机制。本文共分为五个部分：第一部分重点介绍了国内外关于本问题的研究现状，说明本文的研究思路、研究方法和基本框架等；第二部分在分析国外风险资本来源的基础上，结合我国风险投资的特点，从可能性和可行性两方面来分析我国风险资本的来源；第二部分通过对风险投资机构的三种主要组织形式进行比较分析，阐明了最适合于我国风险投资的发展的风险投资组织形式，并提出我国风险投资组织形式分阶段发展的建议；第四部分构建出了具有一般意义的风险投资家投资决策体系，并对风险投资者如何规避逆向选择问题进行了探讨。第五部分详细地分析了我国风险投资退出机制的现状及存在问题，对我国风险资本退出的主要渠道和我国风险投资退出机制的形成及完善提出了自己的见解。
本文的主要观点有：在融资机制部分，指出以上市公司为代表的大企业和大公司等产业资本是增加我国风险投资有效供给的最重要的供给主体；在风险投资组织形式部分，提出我国风险投资组织形式分阶段发展的建议，指出有限合伙制是最佳的、最先进高效的风险投资组织形态，我国最终应该建立以有限合伙制为核心的风险投资机构；在投资机制部分，与现有其它定性与案例决策研究不同，本文从一般理论出发，结合风险投资实际，逻辑地推断与构建出具有一般意义的风险投资家投资决策体系。在风险投资者决策问题上，本文所采用的投资决策机制，可以有效地使风险投资家主动揭示自己的能力水平，可规避逆向选择的问题；在退出机制部分，本文认为构造我国风险投资退出机制，既要吸收国外成熟的风险投资退出机制的合理内核，更要从我国现实的制度架构、法制状况和资本市场的发展现状出发，据此提出构建以企业并购为我国风险投资退出主渠道，逐步以二板市场、风险企业回购、破产清算为辅形成和完善我国风险投资退出机制的总框架。
The venture capital is a special commercial behavior of investing and financing, which refers to a venture capital organization' s collecting venture capital from investors by certain ways, investing it in a venture enterprise with the enterprising spirit, attending to the business management of the enterprise and providing services to increase in value. After making the venture enterprise larger and stronger, the venture capital organization withdraws the capital, pockets the profits and turns to another venture enterprise. The venture capital is an innovational tool of financing which takes fully use of the resources such as fund, technology and management as well as a way of the capital operation with the characteristics of transferring risks and increasing the efficiency of the capital operation. Rising abruptly and promptly in the world, the industry of the venture capital has become an effective means of the transformation and industrialization of the scientific and technological achievements in a country and an important factor ensuring the economic development and the structure adjustment in a smooth way. With the development of the industry of venture capital in China, the venture capital, the efficiency of capital allocation and the mechanism of corporate governance get more and more important. Therefore, it is of great significance to make studies on the venture capital, especially on its aspect of being the key mode of capital allocation, and to analyze its influence on the investing and financing structural reform.
The paper analyzes the venture capital in a comprehensive way. Threading along the collection, taking use and withdraw of the venture capital and from the eyes of the venture capital organization, the paper argues that the venture capital is a special means of financing and investing and divides the mechanism of the operation of venture capital into three parts, e.g. financing mechanism, investing mechanism and withdrawal mechanism. The paper expounds the mature theories and models abroad and analyses the peculiarity of the operation of Chinese venture capital in practice in order to probe into how to establish Chinese mechanism of the operation of the venture capital. The paper is divided into five parts: The first part is an introduction of its theoretical and realistic significance. Meanwhile, it briefly introduces the statement of the studies on the venture capital at home and abroad. Finally, the author sketches clues, method and basic structure of the study; Part Two: Financing Mechanism. On the basis of listing all the sources of the overseas venture capital and taking the China's features into consideration, this part analyzes the sources of China's venture capital from two aspects: possibility and feasibility. All in all, at present, the venture capital in China is still on the beginning stage with the characteristics of simplicity of suppliers of the venture capital, the frequent interference of the government, the low passion of non-governmental groups in
investment and the fact that the total supply volume of the venture capital, especially the
available volume, is far behind the vast demand of the transformation of scientific and technological achievements and the development of hi-tech industry. Thus, in order to overcome the above-mentioned contradictions, it is necessary to adopt a series of powerful measures to guide and encourage listed companies, securities companies and overseas capital to participate in investing and to form the diverse supply subjects of the venture capital with listed companies as their main body. Part Three: Organizational Forms of the Venture Capital. This part makes a comparative analysis on three main organizational patterns of the venture capital organizations
from the points of the tax cost, the daily management cost and the incentive and confining mechanism, and the author points out the limited tied up corporate is the ideal style for the development of the venture capital. Then, the part introduces the statement of the venture ca
引文
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[2] Dixon, R., Venture Capitalists and Appraisal of Investments. OMEGA Int. J. Mgmt Sci., 1991,19(5).
[3] Fried, V.H., and Hisrich, R.D., Toward a Model of Venture Capital Investment Decision—Making. Financial Management, 1994,23(3).
[4] Guild, P.D., and Bachher, J.S., Equity Investment Decision for Technology based Ventures. Int. J. Technology Management, 1996, 12(7/8).
[5] Manigart, S., Wright, and Robbie, K., et.al, Venture Capitalists'Appraisal of Investment Projects: An Empirical European Study. Entrepreneurship Theory and Practice, Summer 1997.
[6] Shepherd, D.A., Venture Capitalists'Assessment of New Venture Survival. Management Sci., 1999, 45(5).
[7] Roberts, E.B., High Stakes for High—Tech Entrepreneurs: Under—standing Venture Capital Decision Making. Sloan Management Rev., Winter 1991.
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