创业资本、金融创新与新经济
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摘要
20世纪90年代尤其是90年代下半期美国经济取得了骄人业绩，出现了一些过去未曾有过的新现象，针对这种现象，1996年底，美国的《商业周刊》就曾发表文章，提出了“新经济”概念。从那时起，有关“新经济”问题受到美国和其他国家以及中国学术界、企业界、政界的极大重视，成为广泛研究和热烈讨论的重点问题。新经济的核心是创新。创新成为推动科技进步的关键力量，催生了一批又一批的新经济企业，如IBM、英特尔、微软、苹果、雅虎等都是在创新的理念支配下，依赖资本市场的支持而成功的，尤其是依赖一种与过去融资关系截然不同的新型融资关系——创业资本的支持而发展起来的。甚至有经济学家一针见血地指出，在美国，90％的高科技新经济企业就是按照创业资本模式发展起来的。可以说，创业资本是推动美国新经济企业发展的功臣。它通过推动新经济企业的蓬勃发展，进而带动了整个经济的发展。创业资本被称为“创业企业的助推器”、“新经济的催化剂”，其作用和意义是显著的。然而，走进新世纪，当新经济步入大调整，创业资本的发展也随之遭遇冷峰，告别激情燃烧的岁月，进入了发展的低迷期。
正是在这样的背景下，本文从金融创新和新经济的角度对创业资本的产生与成长问题展开研究。本文的核心主题是创业资本、金融创新与新经济，对这一核心主题的分析构成本文的逻辑主线：从金融创新的角度揭示创业资本的生成机理——指出单纯用金融创新理论分析创业资本的不完善性，自然地把创业资本放置于新经济的大背景下探讨创业资本与新经济的共生共荣关系——从制度创新的角度对创业资本进行绩效评价与缺陷分析——引发对发展我国创业资本业的几点思考。无论是对创业资本的研究，还是对金融创新的研究，抑或是对新经济的研究；无论是在国内，还是在国外，都已相当丰富，也相当深入。但把创业资本和金融创新和新经济结合起来，表明创业资本与新经济的共生共荣关系的研究还不多。所以在导师的指导下，本文作了尝试，期望能丰富这一领域的研究内容，这也正是本文的创新之处。
论文共分五个部分：
第一部分分析创业资本的金融创新。从创业资本的定义入手，探讨创业资本的创新内涵，然后用金融创新理论解释创业资本产生的必然性，并分析用金融
创新理论解释创业资本存在的局限性，指出新经济理论能够更好地说明创业资本
的出现。
第二部分探讨新经济规律。从消费和生产两个角度对新经济规律作了介
绍，指出新经济是正反馈经济，并分析了正反馈经济下的企业成长模式和企业行
为。
第三部分研究新经济与创业资本的关系。从与新经济企业的成长与发展休
戚相关的人力资本、资金、风险三方面展开分析，进而揭示出创业资本与新经济
是联系在一起的。
第四部分着眼于创业资本的制度创新与绩效评价。从新制度经济学的角度
对创业资本的制度创新机理进行深入探讨，并评价创业资本这一制度商品的制度
绩效，同时剖析创业资本的制度缺陷，指出创业资本只是应对新经济发展的一种
权宜之计，其自身仍存在着许多不足之处，出现了类似于“市场失灵”或“政府失
灵”的问题。
第五部分引发对我国发展创业资本的几点思考。通过借鉴国外发展创业资本
的经验教训，对我国创业资本业的发展战略提出若干建议和对策。
The U.S. made glorious economic achievements in the 1990s , especially in later 1990s and there emerged many new phenomena having never been perceived before, which led to discussion in Business Week at the end of 1996 and the introduction of the notion of "New Economy". From then on, the U.S. and other countries, including circles of academy, business and government in China have attached great importance to issues related to "New Economy", which have become key issues widely studied and heatedly discussed. As is known to us all, innovation is the core of New Economy and it is the key power of technological progress. Many New Economy ventures such as IBM, Microsoft, Intel, Apple, Yahoo and so on are the very results of innovational idea, relying on the support of capital market, especially on the assistance of a completely different new pattern of finance relation -venture capital. To a great degree, we can say that venture capital is a hero in spurring American New Economy ventures on to growth. By giving
an impetus to the vigorous growth of the ventures, venture capital further powers the development of the whole economy; therefore venture capital is regarded as "driving force of venture businesses", "catalyst of New Economy", whose role and importance are self-evident. However, venture capital has subsequently met with misfortune as the New Economy is under great adjustment in the overlapping period of two centuries, saying goodbye to enthusiastic days and getting into its phase of downturn.
Under the very setting, the thesis works on the origin and growth of venture capital in terms of financial innovation and New Economy. Its core subjects are venture capital, financial innovation and New Economy.
The thesis is organized as follows:
Section One discusses financial innovation of venture capital. Starting with the definitions of venture capital, it explores its innovational connotation , explains the necessity of venture capital by means of financial innovation theory afterwards, discusses the limitations of the theory in this regard, and finally points out that the
New Economy theory can better demonstrate the emergence of venture capital.
Section Two addresses New Economy rules. It looks into the New Economy rules from the perspective of consumption and production, comes to the conclusion that the New Economy is positive feedback economy, and analyzes business growth pattern and business behavior in this kind of economy.
Section Three surveys the relationship between New Economy and venture capital. It proceeds in terms of human capital, financial capital and risks and then reveals that venture capital is mutually related with New Economy.
Section Four focuses on institutional innovation and performance evaluation of venture capital. From the angle of new institutional economics, it investigates the principle of venture capital's institutional innovation, evaluates its institutional performance, analyzes its institutional faults, and at last suggests that venture capital is not necessarily the best choice but an expedient in the new situation and there may exist a few imperfectness in itself and thus failure appears similar to "market failure" or "government failure".
Section Five triggers some views on the development of China's venture capital industry. It gives some suggestions on the growth of China's venture capital industry by using the experience of other countries for reference.
The thesis has some contributions and innovations. It attempts to explain the theory of venture capital from a new standpoint. The existing researches on financial innovation, venture capital and New Economy are independent from one another, or at least, we may say they are not so closely related. In the presence of venture capital, financial innovation and New Economy, the thesis discusses the symbiosis between venture capital and New Economy in the long run.
正是在这样的背景下，本文从金融创新和新经济的角度对创业资本的产生与成长问题展开研究。本文的核心主题是创业资本、金融创新与新经济，对这一核心主题的分析构成本文的逻辑主线：从金融创新的角度揭示创业资本的生成机理——指出单纯用金融创新理论分析创业资本的不完善性，自然地把创业资本放置于新经济的大背景下探讨创业资本与新经济的共生共荣关系——从制度创新的角度对创业资本进行绩效评价与缺陷分析——引发对发展我国创业资本业的几点思考。无论是对创业资本的研究，还是对金融创新的研究，抑或是对新经济的研究；无论是在国内，还是在国外，都已相当丰富，也相当深入。但把创业资本和金融创新和新经济结合起来，表明创业资本与新经济的共生共荣关系的研究还不多。所以在导师的指导下，本文作了尝试，期望能丰富这一领域的研究内容，这也正是本文的创新之处。
论文共分五个部分：
第一部分分析创业资本的金融创新。从创业资本的定义入手，探讨创业资本的创新内涵，然后用金融创新理论解释创业资本产生的必然性，并分析用金融
创新理论解释创业资本存在的局限性，指出新经济理论能够更好地说明创业资本
的出现。
第二部分探讨新经济规律。从消费和生产两个角度对新经济规律作了介
绍，指出新经济是正反馈经济，并分析了正反馈经济下的企业成长模式和企业行
为。
第三部分研究新经济与创业资本的关系。从与新经济企业的成长与发展休
戚相关的人力资本、资金、风险三方面展开分析，进而揭示出创业资本与新经济
是联系在一起的。
第四部分着眼于创业资本的制度创新与绩效评价。从新制度经济学的角度
对创业资本的制度创新机理进行深入探讨，并评价创业资本这一制度商品的制度
绩效，同时剖析创业资本的制度缺陷，指出创业资本只是应对新经济发展的一种
权宜之计，其自身仍存在着许多不足之处，出现了类似于“市场失灵”或“政府失
灵”的问题。
第五部分引发对我国发展创业资本的几点思考。通过借鉴国外发展创业资本
的经验教训，对我国创业资本业的发展战略提出若干建议和对策。
The U.S. made glorious economic achievements in the 1990s , especially in later 1990s and there emerged many new phenomena having never been perceived before, which led to discussion in Business Week at the end of 1996 and the introduction of the notion of "New Economy". From then on, the U.S. and other countries, including circles of academy, business and government in China have attached great importance to issues related to "New Economy", which have become key issues widely studied and heatedly discussed. As is known to us all, innovation is the core of New Economy and it is the key power of technological progress. Many New Economy ventures such as IBM, Microsoft, Intel, Apple, Yahoo and so on are the very results of innovational idea, relying on the support of capital market, especially on the assistance of a completely different new pattern of finance relation -venture capital. To a great degree, we can say that venture capital is a hero in spurring American New Economy ventures on to growth. By giving
an impetus to the vigorous growth of the ventures, venture capital further powers the development of the whole economy; therefore venture capital is regarded as "driving force of venture businesses", "catalyst of New Economy", whose role and importance are self-evident. However, venture capital has subsequently met with misfortune as the New Economy is under great adjustment in the overlapping period of two centuries, saying goodbye to enthusiastic days and getting into its phase of downturn.
Under the very setting, the thesis works on the origin and growth of venture capital in terms of financial innovation and New Economy. Its core subjects are venture capital, financial innovation and New Economy.
The thesis is organized as follows:
Section One discusses financial innovation of venture capital. Starting with the definitions of venture capital, it explores its innovational connotation , explains the necessity of venture capital by means of financial innovation theory afterwards, discusses the limitations of the theory in this regard, and finally points out that the
New Economy theory can better demonstrate the emergence of venture capital.
Section Two addresses New Economy rules. It looks into the New Economy rules from the perspective of consumption and production, comes to the conclusion that the New Economy is positive feedback economy, and analyzes business growth pattern and business behavior in this kind of economy.
Section Three surveys the relationship between New Economy and venture capital. It proceeds in terms of human capital, financial capital and risks and then reveals that venture capital is mutually related with New Economy.
Section Four focuses on institutional innovation and performance evaluation of venture capital. From the angle of new institutional economics, it investigates the principle of venture capital's institutional innovation, evaluates its institutional performance, analyzes its institutional faults, and at last suggests that venture capital is not necessarily the best choice but an expedient in the new situation and there may exist a few imperfectness in itself and thus failure appears similar to "market failure" or "government failure".
Section Five triggers some views on the development of China's venture capital industry. It gives some suggestions on the growth of China's venture capital industry by using the experience of other countries for reference.
The thesis has some contributions and innovations. It attempts to explain the theory of venture capital from a new standpoint. The existing researches on financial innovation, venture capital and New Economy are independent from one another, or at least, we may say they are not so closely related. In the presence of venture capital, financial innovation and New Economy, the thesis discusses the symbiosis between venture capital and New Economy in the long run.
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[77]．倪云虎 徐忠海 陈方中《试论网络经济对金融支持系统的制度需求》中国工业经济，2001，6 P31～35
[78]．倪云虎 吕临华《新经济企业的成长模型》，经济问题2002，9 P34～37
[79]．李建国《新经济与金融市场的互动》，金融时报2000年9月7日
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