中国风险投资中的制度安排现状与对策
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摘要
我国的风险投资业发展较晚，由于观念及体制上的障碍，科技改革与经济发展未能保持同步，长期以来融资渠道的不通畅、契约关系的不健全、分配制度的不合理、知识产权不明确等原因，致使我国风险投资事业举步维艰，有些公司甚至误入歧途，最终破产关闭。我国风险投资要成为高新技术产业的“孵化器”，首先要解决的就是制约其顺利发展的“瓶颈问题”——风险投资的制度安排。
本论文针对这一问题，对我国风险投资制度安排的现状和问题展开了详细的阐述，并对制度安排中影响风险投资迅速发展的主要因素进行了细致的分析和论证。从风险投资的支持机制、组织形式、需求主体、准入机制和退出机制五个方面阐述了解决的方法和对策：发展我国的风险投资业必须建立以机构投资者为主的资金准入制度机制、以有限合伙制为主要形式的组织制度、培育以民营科技型企业为需求主体的风险资本体系、建立以二板市场为主的风险投资退出机制和良好的政策支持机制。
The risk investment developed late in our country. Due to the barrier of idea and institution, technology reform and economic development are not synchronous. For a long period of time, because of the unconnected financing channels, unsound contractual relationships, unreasonable distribution system and the undefined intellectual property rights, risk investment developed difficultly in our country. Some corporations have even gone wrong and gone bankrupt at last. In our country, in order to turn the risk investment into the brooder of high technology industry, the problem needed to be solved first is the bottleneck problem which restricts the shaping up of risk investment, that is the system arrangement of risk investment.
To the question, the status and problems of the risk investment in our country are discussed in detail, and the main factors which effect the development of risk investment are analyzed and demonstrated particularly in this thesis. The system arrangement methods and countermeasures of risk investment development in our country are discussed in the following aspects respectively: the support mechanisms, the configuration of organization, the demand principal part, the admittance mechanisms and the withdraw mechanisms of risk investment. It is proposed that in order to develop risk investment in our country, we must establish capital admittance mechanism which give priority to institutional investor, establish organizational institution whose main form is limited partnership institution, cultivate risk capital system whose demand principal part is private enterprise, establish risk investment withdraw mechanism whose main partnership is secondary securities market and sound policy support mechanism.
本论文针对这一问题，对我国风险投资制度安排的现状和问题展开了详细的阐述，并对制度安排中影响风险投资迅速发展的主要因素进行了细致的分析和论证。从风险投资的支持机制、组织形式、需求主体、准入机制和退出机制五个方面阐述了解决的方法和对策：发展我国的风险投资业必须建立以机构投资者为主的资金准入制度机制、以有限合伙制为主要形式的组织制度、培育以民营科技型企业为需求主体的风险资本体系、建立以二板市场为主的风险投资退出机制和良好的政策支持机制。
The risk investment developed late in our country. Due to the barrier of idea and institution, technology reform and economic development are not synchronous. For a long period of time, because of the unconnected financing channels, unsound contractual relationships, unreasonable distribution system and the undefined intellectual property rights, risk investment developed difficultly in our country. Some corporations have even gone wrong and gone bankrupt at last. In our country, in order to turn the risk investment into the brooder of high technology industry, the problem needed to be solved first is the bottleneck problem which restricts the shaping up of risk investment, that is the system arrangement of risk investment.
To the question, the status and problems of the risk investment in our country are discussed in detail, and the main factors which effect the development of risk investment are analyzed and demonstrated particularly in this thesis. The system arrangement methods and countermeasures of risk investment development in our country are discussed in the following aspects respectively: the support mechanisms, the configuration of organization, the demand principal part, the admittance mechanisms and the withdraw mechanisms of risk investment. It is proposed that in order to develop risk investment in our country, we must establish capital admittance mechanism which give priority to institutional investor, establish organizational institution whose main form is limited partnership institution, cultivate risk capital system whose demand principal part is private enterprise, establish risk investment withdraw mechanism whose main partnership is secondary securities market and sound policy support mechanism.
引文
[1] 世界经济合作组织科技政策委员会．创业投资与创新，1996
[2] Http://www.co-win.com/venture.html
[3] 刘常勇等．创业投资评估决策程序．中外科技政策与管理，1996(12)
[4] 任天元．风险投资的运作与评估．中国经济出版社，2000
[5] 成思危．科技风险投资论文集．民主与建设出版社，1998
[6] 王浩，王杰等．技术创新：企业和政府各自的职责．软科学，1998(4)
[7] 辜胜阻，徐绪松．政府与风险投资．2001
[8] 陈晓悦，孙爱军．风险投资机制分析．中国软科学，1999(1)
[9] 张维迎．关于逆选择问题．博弈论和信息经济学，第二篇第七章
[10] Gladstone, David. Venture Capital Handbook. Englewool Cliffs, N.J:PrenticeHall, 1988
[11] 张维迎．关于道德风险问题．博弈论和信息经济学，第二篇第五章
[12] 辜胜阻，徐绪松．政府与风险投资．2001，第十章第一节
[13] 曾怡祯．创业投资事业发展之探讨”．台湾经济研究月刊，1997(1)
[14] 刘红，唐元虎．当前中国发展风险投资宜慎行．上海综合经济，1999(11)
[15] 张景安．我国风险投资回顾与展望．科学投资,2001(3)
[16] 李建良．风险投资操作指南．1999,第四部分第三节
[17] 郭励弘．风险投资的制度建设．中国软科学，1999年(11)
[18] 黄一丁．风险投资在中国发展艰难．中国科技信息，1999(2)
[19] 范柏乃等．风险投资运行机制及其法律框架的设计．证券市场导报,2000(8)
[20] 财政部、劳动部1994年11月22日颁行的《关于加强企业职工社会保险基金投资管理的暂行规定》第二条以及财政部996年12月5日颁发的《关于企业职工基本养老保险基金和企业职工失业保险基金纳入财政专户管理有关具体事项的通知》第3条、第4条
[21] 《证券法》第32条
[22] 《破产法》第2条
[23] 《外商投资企业和外国企业所得税法》第8条
[24] 李峰．高科技园的发展现状与未来．科技日报，2000(3)
[25] 戴继拥．高科技发展与人力资源管理．工商经济管理,2000(6)
[26] EVCA Yearbook and Asian Venture Capital Journal 1995卷
[27] 杨小柳．国外的政府采购与高科技企业．经济管理文摘，1998(6)
[2] Http://www.co-win.com/venture.html
[3] 刘常勇等．创业投资评估决策程序．中外科技政策与管理，1996(12)
[4] 任天元．风险投资的运作与评估．中国经济出版社，2000
[5] 成思危．科技风险投资论文集．民主与建设出版社，1998
[6] 王浩，王杰等．技术创新：企业和政府各自的职责．软科学，1998(4)
[7] 辜胜阻，徐绪松．政府与风险投资．2001
[8] 陈晓悦，孙爱军．风险投资机制分析．中国软科学，1999(1)
[9] 张维迎．关于逆选择问题．博弈论和信息经济学，第二篇第七章
[10] Gladstone, David. Venture Capital Handbook. Englewool Cliffs, N.J:PrenticeHall, 1988
[11] 张维迎．关于道德风险问题．博弈论和信息经济学，第二篇第五章
[12] 辜胜阻，徐绪松．政府与风险投资．2001，第十章第一节
[13] 曾怡祯．创业投资事业发展之探讨”．台湾经济研究月刊，1997(1)
[14] 刘红，唐元虎．当前中国发展风险投资宜慎行．上海综合经济，1999(11)
[15] 张景安．我国风险投资回顾与展望．科学投资,2001(3)
[16] 李建良．风险投资操作指南．1999,第四部分第三节
[17] 郭励弘．风险投资的制度建设．中国软科学，1999年(11)
[18] 黄一丁．风险投资在中国发展艰难．中国科技信息，1999(2)
[19] 范柏乃等．风险投资运行机制及其法律框架的设计．证券市场导报,2000(8)
[20] 财政部、劳动部1994年11月22日颁行的《关于加强企业职工社会保险基金投资管理的暂行规定》第二条以及财政部996年12月5日颁发的《关于企业职工基本养老保险基金和企业职工失业保险基金纳入财政专户管理有关具体事项的通知》第3条、第4条
[21] 《证券法》第32条
[22] 《破产法》第2条
[23] 《外商投资企业和外国企业所得税法》第8条
[24] 李峰．高科技园的发展现状与未来．科技日报，2000(3)
[25] 戴继拥．高科技发展与人力资源管理．工商经济管理,2000(6)
[26] EVCA Yearbook and Asian Venture Capital Journal 1995卷
[27] 杨小柳．国外的政府采购与高科技企业．经济管理文摘，1998(6)