基于绿色金融背景下的中国风险投资分析
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摘要
绿色金融是近几年来逐渐在国内兴起的一个概念,绿色金融(Green Finance)又称环境金融(environmental Finance)或可持续性融资(sustainable Finance),是指研究如何使用多样化的金融工具来保护环境,减少对环境的破坏,维持生物多样性。绿色金融是在全球气候变暖,生态遭到破坏,、能源快速消耗,人类生存面临一定危机的趋势下诞生的,对于人类和环境的可持续发展具有重要意义。绿色金融概念自上个世纪90年代在国外提出以来,已经受到越来越多的国家和组织的重视,并在金融领域进行了广泛的实践,取得了一定的成果,对改善环境、控制污染、开发新的清洁能源起到了积极的作用。例如2003年的赤道原则即是绿色金融理念在银行业的具体体现。中国作为一个发展中大国,人口基数大,人均资源贫乏,资源利用率低,在经济快速发展的过程中,环保问题日渐突出,甚至由于人们对资源的无序掠夺式开采,而对于环境污染的轻视导致部分地区的人口生存和发展受到极大威胁,例如中国的产煤大市山西省临汾市已经连续数年被国际环境机构明确指明为不适合人类居住的地区。在这种严峻的情况下,对环境的保护已经提上国家发展的战略议程,这也是我国倡导科学发展观,构建和谐社会的重要部分。2007年中,国家环保总局联合央行、银监会联合发文要求严控信贷资金,加强节能减排,这是国内推绿色金融的先声；在同年9月召开的“金融产业促进节能减排目标实现”研讨会上则明确提出了我国必须逐步建立绿色金融体系；2008年则是中国全面倡导绿色金融的一年,推出了“绿色信贷”、“绿色保险”和“绿色证券”的三位一体的构架,2009年4月在国内召开了首届绿色金融论坛,可见我国已经开始在金融领域为环保行业提供多种融资手段,扩展融资渠道,帮助环保产业的发展,同时无论在世界范围内还是我国,环保产业本身都是一个朝阳产业,在政府扶持下行业发展很快,市场潜力巨大,近年来,我国环保投资力度不断增加,投资总额不断创出新高,“八五”期间中国环保投资约为2000亿元,“九五”期间增至3600亿元。“十五”期间环保投资总额达到7000多亿元。“十一五”期间预计环保总投入将达到15000亿元人民币,将比十五期间翻一番。十多年的时间里我国环保产品的生产以年均23%的速度增长,年产品产值将从1997的173亿元上升为2001年的472亿元,远远高于国民生产总值的年均增长速度,因此在环保行业投资是符合国家产业导向并且是大有可为的。
但是也应该看到中国的环保产业仍然是一个竞争力不强,缺乏规模优势的新兴产业,虽然环保业在近几年发展很快,从事环保产品和服务的企业数量众多,全国已有一万多家企事业单位专营或兼营环保产业,但是企业规模小,行业内90%的企业为资产规模在100万人民币以下的中小企业,高端产品少,企业的自主创新能力不强,企业经营风险大,对政策依赖性强而抗风性能力差,易受国外大型环保集团冲击。而由于银行的信贷管理注重安全性,偏好国有大中企业而忽视民营企业,信贷资金对环保企业供给严重不足影响了众多中小民营企业的发展,因此有必要引入新的融资途径。
笔者建议在“绿色信贷”、“绿色保险”和“绿色证券”之外增加一个“绿色投资”,构建一个更加完善的四位一体的融投资体系,而“绿色投资”应该作为核心部分和绿色信贷并重、共同发展。绿色投资主体就是风险投资,具体涵盖风险投资家、风险投资公司(基金)、天使投资人、大型公司附属的风险投资机构；方式通常是直接购买股权,也可以为企业提供贷款担保；投资形式主要有四种：一是传统型风险投资常用于种子期投资,通过IPO退出、二是风险租赁、三是麦泽恩投资(也称夹层融资),是一种介于股权融资和债权融资之间的融资方式,四是风险杠杆并购(venture-backed leveraged buyout)和风险兼并(venture-backed mergers and acquisities),通常是通过财务杠杆帮助企业完成并购活动即M&A。常用的方式是传统风险投资和M&A,并且在国外已经形成了规模庞大的并购基金；对于风险投资对目标企业的投资阶段,我国通常划分为种子期、创业期、成长期、扩张期、成熟期五个阶段,传统的西方风险投资理论通常划分为种子期、创业期、扩张期和成熟期四个生命周期阶段。根据国内的统计显示,外资风险投资公司在国内进行的投资主要投资阶段是企业的种子期和起步期,而国内风险投资公司更偏好于在企业扩张期进行投资,以期在较短的时间内获得退出；风险投资完成一项投资最终是通过退出,良好的退出能够实现收益最大化,通常的退出方式主要是上市退出、并购兼并、股权转让、管理层收购(MBI)、清算,其中IPO因其收益较高成为风险投资最理想的退出方式,通常可以获得相对初始投资金额数倍甚至数十倍的资本增值,而清算是风险投资最不愿意看到的结果。
我国的风险投资自1998年民建中央“一号提案”提出以来,在国内得到了较快的发展,从早期各地的创业服务中心到创投公司,大型的创投基金,现在已经形成了内资、外资、合资共同发展的局面,管理的资本规模迅速扩大,在早期的风险投资中,软件业、IT业、生物科技、信息业等成为风险投资集中的领域,而近年来清洁行业则得到了更多风险投资的关注,国内已经有专注于投资环保行业的风险投资公司,并且取得了较好的收益。我国的环保投入机制基本是延续计划经济体制,政府预算资金和预算外资金是环保投资的主渠道,然而财政资金投入不足,存在很大的缺口,同时财政资金优先供给国有企业,而这些企业往往并不缺乏流动资金；在间接融资领域里银行信贷部门重视大客户而忽略中小企业,重视国有企业而忽略民营企业,同时银行贷款三性的要求对于广大中小环保企业来说难以满足,处于种子期或者初创期的企业无稳定现金流、缺乏盈利保证、.经营风险大,这些特征使得其很难获得银行贷款,能够获得贷款的通常是国有大中型的环保企业,真正缺乏资金的中小民营企业却很难获得银行支持,即便在推行绿色信贷后,由于开展的规模小,很多中小企业并不能从中受益；虽然我国已经开闸创业板,；但是无论主板还是二板市场,其上市要求对于绝大多数环保企业还是难以满足的,在种种情况下专门从事高风险投资的VC机构就成为环保行业最佳的融资方式。风险投资亲睐民营企业,并且能够推动科技成果产业化,利用各种社会资源帮助被投资企业做大做强,推动企业上市。
从外部环境来看,风险投资参与环保业的政策、法律、税收、市场等环境都已得到很大改善,《合伙企业法》的推行极大的促进风险投资的热情,税收的减免优惠措施分担了投资风险,退出机制日益完善。笔者建议大力发展投资于环保产业的风险投资,同时参照国外例如美国、以色列的成熟经验,建立中国的环保产业基金和创业投资引导基金,发展企业孵化器,吸引民间资本,畅通风险投资退出渠道,并且提出风险投资也面临着创新的要求,要结合我国实际情况,改善投资效率
最后笔者对风险投资在环保行业的发展做了一个简单的展望,提出政策建议,即政府的大力扶持是首要的,通过政府补助或者担保,以及正确的产业引导措施,来为风险投资分担风险,吸引VC进入；其次要发挥资本市场的作用,特别是要发展证券市场和产权市场。相关法律法规的完善也是必不可少的。
The concept of Green Finance was risen increasingly in recent years, also known as the Environmental Finance or the sustainable Finance.It's connotation contains the study of how to use the variety of financial instruments to protect the environment and reduce damage to the environment, maintaining biological diversity. Green finance was born to against the situation of Global warming, ecological destruction, energy crisis and the survival crisis to human。It is very important to the Sustainable Development of human and ecology。Green Finance was introduced from abroad in the last century nineties, now more and more countries and international organizations have pay attention to it, making widely practice, having made great progress to solve the problems of environment, pollution control, development of new clean energy。For example, the Equator principle which was brought in 2003 is a concrete manifestation of Green Finance in banker area。China is a Large developing country with large population, low per capita resource, low resource utilization, in the process of rapid economic development, environmental issues become increasingly prominent,Even in some areas, people's normal living and development was greatly threatening because of the orderless use。For example, the City of Linfen in Shanxi Province, which was rich in coal, has been identified clearly as not suitable for human habitation areas by the international environmental agencies for several years.In this tough situation, we have to put the protection of environment on the agenda, which is also a important part of the building of Scientific concept of development and building a Scientific Outlook on Development and harmonious society。In 2007,Ministry of environmental protection of China unites the People's bank of China and the China Banking Regulatory Commission to control the cerdit funds, Strengthen energy-saving emission reduction,this is the first time we begin to introduce the Green Finance。In September the same year, the Seminar of "financial industry to achieve emission reduction targets for energy conservation" made it more clear that we must build the Green Finance System step by step。The year of 2008 is a important year in which China has advocated the Green Finance widely, with the introduction of "Green Loan" "Green insurance"and"Green securities", The first China's Green Finance forum was held in April,2009.it implys that our country are now providing variety of Financing methods for the environment in finance sector, expanding financing channel, helping the development of environment protection。The environment protection itself is a Sunrise industry all over the world, it developed very quickly with the support of government, expanding its market。China's environment financing raised very quickly in recent years, the total amount of investment made a new record continuous, the total amount of environment investment of China is 200 billion Yuan during "the eighth five-years Project" period,360 billion Yuan in "the ninth five-years Project" period,700 billion Yuan in "the tenth five-years Project" period, and probably 1500 billion Yuan in "the eleventh five-years Project" period, twice of the amount of the previous five years, recent tens years our environment products rise at a 23% rates, Gross products Values rise from 17.3 billion in 1997 to 47.2 billion in 2001,Much higher than the average annual GNP growth rate。As we say that the investment to environment is a potential industry In line with national industry Revitalization plans。
The environmental protection industry in China is still an emerging industry, which is less competitive and short of scale advantage. There are numerous companies in China engaging in environmental protection products selling and services, in which more than ten thousand enterprises are specialized or sidelined in environmental protection industry. Though growing rapidly in recent years, the company scale is very small, about ninety percent in this industry are companies whose asset sizes are below one million yuan SMEs. Because they lack high-end products and capability of independent innovation, they always face business risk, rely on policy supports and are poor in resist on risk, they are susceptible to be impact by big foreign companies. Compared to private-owned enterprises, banks are more likely financing to large and medium-sized state-owned enterprises due to the security principle of loan management, the shortage in money supply in this industry has influenced the development of many private-owned enterprises, thus it is essential to introduce new way of financing.
I advise that we should build a investment-financing system contains "green invest" besides"green credit"、"green insurance"and "green security", the "green invest" would become the most important part to be pay more attention to develop like green credit. The main part of green invest is venture capital, which contains risk investor, venture capital firm, angel investors, venture organizations affiliate of some big companies. They can buy the equity directly or offer loan guarantee for the companies. There are four form of investment:the first is the traditional one mainly used in seed financing by withdrawing IPO, the second is venture lease, the third is Mezzanine Finance which is between equity financing and debt financing, the fourth is venture-based leverage buyout and venture-backed mergers and acquisitions, which always help firms complete mergers and acquisitions (M&A) through financial leverage. Among the four forms, the traditional one and M&A are common and have emerged in huge scale of buy-out funds. The investment stage of venture capital to the target firm in China is divided into seed financing, pioneering period, growth period, expansion period and mature period, while in western countries, it is divided into four period:seed financing, pioneering period,, expansion period and mature period. According to statistics data manifestation, the major investment phases of foreign venture capital firm's investment in China to invest are seed financing and start-up stage, while the domestic ones are inclined to invest on the expansion stage in the hope of get returns in a short term then exit.. In the end, a venture capital completed an investment through exiting, A well-behaved exiting mechanism will maximize the return.. The main methods of exiting are IPO, M&A, equity transfer, MBI, liquidation and the perfect exit method is IPO because its high return, usually it can gain ten or more capital appreciation relative to the original investment, the liquidation is the last method they'd like to see.
Since "The First Proposal" proposed by the Democratic National Construction Association Central in 1998, venture capital has been growing rapidly in China. It has been experienced its entrepreneurship services center, VC firms, large scale venture capital, and now it has became the situation of co-development with domestic foreign joint venture capital, it manages a rapidly expanding scale of capital. Software, IT, biological, information industry and etc are the main area of venture capital in the early period and in recent years the cleaning industry has been received more attention, some venture capital companies in China concentrate on the environmental protection industry and received some benefits. The input mechanism is basically the continuation of the planned economy system in China, the major channel of environmental protection funds are from the government budget and extra-budget, but there are huge gap because of the lack of financial fund, in the meantime, financial fund are always preferred to be provided to the state-owned company, which doesn't actually lack liquidity. In the indirect financing market banks always pay more attention to the heavy buyer and state-owned company and ignore SMEs. Most environmental protection company can't meet the three requirements of bank loans, the companies which are in the seed or start-up period have no steady cash flow, have no guarantee of profit potential and great business risk are difficult to obtain bank loans, the big and medium sized state-owned companies are more easier to get the loan while the truly needed SMEs can't find support from the banks. Even after the green credit policy, the SMEs can't get benefit from it because of its small scale. We have opened the GEM, but both of the boards or the second board market, the listing requirements for the vast majority of the environmental protection firms are still hard to satisfy. In this situation, the VC which focus on high risk investment becomes the perfect financing method for the environmental protection firms. The private-owned companies are preferable to VC, which helps to promote the industrialization of scientific and technological achievements, and to utilize various resources to make the invested company bigger and stronger, to promote enterprises to go public.
From the external environment, the policy, law, tax environment and etc on VC engaging on environmental protection have been improved. The practice of Partnership Law has greatly stimulated the VC's passion on it. The reduction and exemption on tax disperse the investment risk and the exit mechanism progressed day by day. We suggest our government put vigorous expansion of VC and takes America, Israel for example, setting up the environmental protection industry fund and introduce fund of venture investment, developing enterprise incubator, attracting private capital, making the exit of VC smoothly, and above all we propose that the VC has been faced innovation requirements, it has to be attached to the actual situation to promote the investment efficiency.
At last I make a outlook and advise that The government's great support is of the first importance, we can help the VC disperse risk and attract VC by means of government's financial subsidy or guarantee and the right industry introduction. Secondly, taking advantage of the capital market, especially, the equity market and property right market.
但是也应该看到中国的环保产业仍然是一个竞争力不强,缺乏规模优势的新兴产业,虽然环保业在近几年发展很快,从事环保产品和服务的企业数量众多,全国已有一万多家企事业单位专营或兼营环保产业,但是企业规模小,行业内90%的企业为资产规模在100万人民币以下的中小企业,高端产品少,企业的自主创新能力不强,企业经营风险大,对政策依赖性强而抗风性能力差,易受国外大型环保集团冲击。而由于银行的信贷管理注重安全性,偏好国有大中企业而忽视民营企业,信贷资金对环保企业供给严重不足影响了众多中小民营企业的发展,因此有必要引入新的融资途径。
笔者建议在“绿色信贷”、“绿色保险”和“绿色证券”之外增加一个“绿色投资”,构建一个更加完善的四位一体的融投资体系,而“绿色投资”应该作为核心部分和绿色信贷并重、共同发展。绿色投资主体就是风险投资,具体涵盖风险投资家、风险投资公司(基金)、天使投资人、大型公司附属的风险投资机构；方式通常是直接购买股权,也可以为企业提供贷款担保；投资形式主要有四种：一是传统型风险投资常用于种子期投资,通过IPO退出、二是风险租赁、三是麦泽恩投资(也称夹层融资),是一种介于股权融资和债权融资之间的融资方式,四是风险杠杆并购(venture-backed leveraged buyout)和风险兼并(venture-backed mergers and acquisities),通常是通过财务杠杆帮助企业完成并购活动即M&A。常用的方式是传统风险投资和M&A,并且在国外已经形成了规模庞大的并购基金；对于风险投资对目标企业的投资阶段,我国通常划分为种子期、创业期、成长期、扩张期、成熟期五个阶段,传统的西方风险投资理论通常划分为种子期、创业期、扩张期和成熟期四个生命周期阶段。根据国内的统计显示,外资风险投资公司在国内进行的投资主要投资阶段是企业的种子期和起步期,而国内风险投资公司更偏好于在企业扩张期进行投资,以期在较短的时间内获得退出；风险投资完成一项投资最终是通过退出,良好的退出能够实现收益最大化,通常的退出方式主要是上市退出、并购兼并、股权转让、管理层收购(MBI)、清算,其中IPO因其收益较高成为风险投资最理想的退出方式,通常可以获得相对初始投资金额数倍甚至数十倍的资本增值,而清算是风险投资最不愿意看到的结果。
我国的风险投资自1998年民建中央“一号提案”提出以来,在国内得到了较快的发展,从早期各地的创业服务中心到创投公司,大型的创投基金,现在已经形成了内资、外资、合资共同发展的局面,管理的资本规模迅速扩大,在早期的风险投资中,软件业、IT业、生物科技、信息业等成为风险投资集中的领域,而近年来清洁行业则得到了更多风险投资的关注,国内已经有专注于投资环保行业的风险投资公司,并且取得了较好的收益。我国的环保投入机制基本是延续计划经济体制,政府预算资金和预算外资金是环保投资的主渠道,然而财政资金投入不足,存在很大的缺口,同时财政资金优先供给国有企业,而这些企业往往并不缺乏流动资金；在间接融资领域里银行信贷部门重视大客户而忽略中小企业,重视国有企业而忽略民营企业,同时银行贷款三性的要求对于广大中小环保企业来说难以满足,处于种子期或者初创期的企业无稳定现金流、缺乏盈利保证、.经营风险大,这些特征使得其很难获得银行贷款,能够获得贷款的通常是国有大中型的环保企业,真正缺乏资金的中小民营企业却很难获得银行支持,即便在推行绿色信贷后,由于开展的规模小,很多中小企业并不能从中受益；虽然我国已经开闸创业板,；但是无论主板还是二板市场,其上市要求对于绝大多数环保企业还是难以满足的,在种种情况下专门从事高风险投资的VC机构就成为环保行业最佳的融资方式。风险投资亲睐民营企业,并且能够推动科技成果产业化,利用各种社会资源帮助被投资企业做大做强,推动企业上市。
从外部环境来看,风险投资参与环保业的政策、法律、税收、市场等环境都已得到很大改善,《合伙企业法》的推行极大的促进风险投资的热情,税收的减免优惠措施分担了投资风险,退出机制日益完善。笔者建议大力发展投资于环保产业的风险投资,同时参照国外例如美国、以色列的成熟经验,建立中国的环保产业基金和创业投资引导基金,发展企业孵化器,吸引民间资本,畅通风险投资退出渠道,并且提出风险投资也面临着创新的要求,要结合我国实际情况,改善投资效率
最后笔者对风险投资在环保行业的发展做了一个简单的展望,提出政策建议,即政府的大力扶持是首要的,通过政府补助或者担保,以及正确的产业引导措施,来为风险投资分担风险,吸引VC进入；其次要发挥资本市场的作用,特别是要发展证券市场和产权市场。相关法律法规的完善也是必不可少的。
The concept of Green Finance was risen increasingly in recent years, also known as the Environmental Finance or the sustainable Finance.It's connotation contains the study of how to use the variety of financial instruments to protect the environment and reduce damage to the environment, maintaining biological diversity. Green finance was born to against the situation of Global warming, ecological destruction, energy crisis and the survival crisis to human。It is very important to the Sustainable Development of human and ecology。Green Finance was introduced from abroad in the last century nineties, now more and more countries and international organizations have pay attention to it, making widely practice, having made great progress to solve the problems of environment, pollution control, development of new clean energy。For example, the Equator principle which was brought in 2003 is a concrete manifestation of Green Finance in banker area。China is a Large developing country with large population, low per capita resource, low resource utilization, in the process of rapid economic development, environmental issues become increasingly prominent,Even in some areas, people's normal living and development was greatly threatening because of the orderless use。For example, the City of Linfen in Shanxi Province, which was rich in coal, has been identified clearly as not suitable for human habitation areas by the international environmental agencies for several years.In this tough situation, we have to put the protection of environment on the agenda, which is also a important part of the building of Scientific concept of development and building a Scientific Outlook on Development and harmonious society。In 2007,Ministry of environmental protection of China unites the People's bank of China and the China Banking Regulatory Commission to control the cerdit funds, Strengthen energy-saving emission reduction,this is the first time we begin to introduce the Green Finance。In September the same year, the Seminar of "financial industry to achieve emission reduction targets for energy conservation" made it more clear that we must build the Green Finance System step by step。The year of 2008 is a important year in which China has advocated the Green Finance widely, with the introduction of "Green Loan" "Green insurance"and"Green securities", The first China's Green Finance forum was held in April,2009.it implys that our country are now providing variety of Financing methods for the environment in finance sector, expanding financing channel, helping the development of environment protection。The environment protection itself is a Sunrise industry all over the world, it developed very quickly with the support of government, expanding its market。China's environment financing raised very quickly in recent years, the total amount of investment made a new record continuous, the total amount of environment investment of China is 200 billion Yuan during "the eighth five-years Project" period,360 billion Yuan in "the ninth five-years Project" period,700 billion Yuan in "the tenth five-years Project" period, and probably 1500 billion Yuan in "the eleventh five-years Project" period, twice of the amount of the previous five years, recent tens years our environment products rise at a 23% rates, Gross products Values rise from 17.3 billion in 1997 to 47.2 billion in 2001,Much higher than the average annual GNP growth rate。As we say that the investment to environment is a potential industry In line with national industry Revitalization plans。
The environmental protection industry in China is still an emerging industry, which is less competitive and short of scale advantage. There are numerous companies in China engaging in environmental protection products selling and services, in which more than ten thousand enterprises are specialized or sidelined in environmental protection industry. Though growing rapidly in recent years, the company scale is very small, about ninety percent in this industry are companies whose asset sizes are below one million yuan SMEs. Because they lack high-end products and capability of independent innovation, they always face business risk, rely on policy supports and are poor in resist on risk, they are susceptible to be impact by big foreign companies. Compared to private-owned enterprises, banks are more likely financing to large and medium-sized state-owned enterprises due to the security principle of loan management, the shortage in money supply in this industry has influenced the development of many private-owned enterprises, thus it is essential to introduce new way of financing.
I advise that we should build a investment-financing system contains "green invest" besides"green credit"、"green insurance"and "green security", the "green invest" would become the most important part to be pay more attention to develop like green credit. The main part of green invest is venture capital, which contains risk investor, venture capital firm, angel investors, venture organizations affiliate of some big companies. They can buy the equity directly or offer loan guarantee for the companies. There are four form of investment:the first is the traditional one mainly used in seed financing by withdrawing IPO, the second is venture lease, the third is Mezzanine Finance which is between equity financing and debt financing, the fourth is venture-based leverage buyout and venture-backed mergers and acquisitions, which always help firms complete mergers and acquisitions (M&A) through financial leverage. Among the four forms, the traditional one and M&A are common and have emerged in huge scale of buy-out funds. The investment stage of venture capital to the target firm in China is divided into seed financing, pioneering period, growth period, expansion period and mature period, while in western countries, it is divided into four period:seed financing, pioneering period,, expansion period and mature period. According to statistics data manifestation, the major investment phases of foreign venture capital firm's investment in China to invest are seed financing and start-up stage, while the domestic ones are inclined to invest on the expansion stage in the hope of get returns in a short term then exit.. In the end, a venture capital completed an investment through exiting, A well-behaved exiting mechanism will maximize the return.. The main methods of exiting are IPO, M&A, equity transfer, MBI, liquidation and the perfect exit method is IPO because its high return, usually it can gain ten or more capital appreciation relative to the original investment, the liquidation is the last method they'd like to see.
Since "The First Proposal" proposed by the Democratic National Construction Association Central in 1998, venture capital has been growing rapidly in China. It has been experienced its entrepreneurship services center, VC firms, large scale venture capital, and now it has became the situation of co-development with domestic foreign joint venture capital, it manages a rapidly expanding scale of capital. Software, IT, biological, information industry and etc are the main area of venture capital in the early period and in recent years the cleaning industry has been received more attention, some venture capital companies in China concentrate on the environmental protection industry and received some benefits. The input mechanism is basically the continuation of the planned economy system in China, the major channel of environmental protection funds are from the government budget and extra-budget, but there are huge gap because of the lack of financial fund, in the meantime, financial fund are always preferred to be provided to the state-owned company, which doesn't actually lack liquidity. In the indirect financing market banks always pay more attention to the heavy buyer and state-owned company and ignore SMEs. Most environmental protection company can't meet the three requirements of bank loans, the companies which are in the seed or start-up period have no steady cash flow, have no guarantee of profit potential and great business risk are difficult to obtain bank loans, the big and medium sized state-owned companies are more easier to get the loan while the truly needed SMEs can't find support from the banks. Even after the green credit policy, the SMEs can't get benefit from it because of its small scale. We have opened the GEM, but both of the boards or the second board market, the listing requirements for the vast majority of the environmental protection firms are still hard to satisfy. In this situation, the VC which focus on high risk investment becomes the perfect financing method for the environmental protection firms. The private-owned companies are preferable to VC, which helps to promote the industrialization of scientific and technological achievements, and to utilize various resources to make the invested company bigger and stronger, to promote enterprises to go public.
From the external environment, the policy, law, tax environment and etc on VC engaging on environmental protection have been improved. The practice of Partnership Law has greatly stimulated the VC's passion on it. The reduction and exemption on tax disperse the investment risk and the exit mechanism progressed day by day. We suggest our government put vigorous expansion of VC and takes America, Israel for example, setting up the environmental protection industry fund and introduce fund of venture investment, developing enterprise incubator, attracting private capital, making the exit of VC smoothly, and above all we propose that the VC has been faced innovation requirements, it has to be attached to the actual situation to promote the investment efficiency.
At last I make a outlook and advise that The government's great support is of the first importance, we can help the VC disperse risk and attract VC by means of government's financial subsidy or guarantee and the right industry introduction. Secondly, taking advantage of the capital market, especially, the equity market and property right market.
引文
[1]袁明鹏,万君康,关于我国环保产业的定义及发展对策的思考,《中国环保产业》,2002.Z1期
[2]王静,我国中小民营企业境外上市融资策略研究,《投资与证券》,2009年第6期。
[3]成思危,中国风险投资实务运作与创新发展,2003中国风险投资论坛
[4]中国风险投资年鉴2007
[5]中国风险投资年鉴2008
[6]鲁育宗,产业投资基金导论——国际经验与中国发展战略选择,复旦大学出版社
[7]卢后盾,傅斌,中国高新技术风险投资运作与案例分析,中国税务出版社
[8]李素梅,中国产业投资基金综合绩效及发展战略研究,中国金融出版社
[9]施秉文、俞丹等,以色列风险投资发展模式
[10]田川,以色列风险投资产业的主要特点及经验,《全球科技经济瞭望》2001年07期
[11]徐双烨,王红梅,以色列风险投资业发展分析,《研究与发展管理》2000年第12卷第2期
[12]董方杰,韩彩云,我国产业投资基金的发展研究,《投资与证券》,2009年第四期
[13]Ernst&Young, Innovation:global venture capital insight report 2008
[14]Ernst&Young, acceleration:global venture capital insight report 2007
[15]2001年全球私人股权报告,普华永道,、3i集团
[16]中国创业投资发展报告2004
[17]刘健钧,《创业投资引导基金指导意见》解读, 《投资与证券》,2009 年第5期
[18]中国风险投资年鉴2003
[19]中国风险投资年鉴2005
[20]中国风险投资年鉴2006
[21]渤海产业基金：探索产业投资基金运行模式
[22]褚金蕊,试论产业投资基金建设中的政府作用,《时代金融》,2007/03总第340期
[23]王恺,冯卫华,宋岗新等,滨海新区产业投资基金运作模式研究,天津大学学报(社会科学版),2007年5月
[24]吉钠娜,熊丽敏,利用风险投资加快我国环保产业的发展,《湖北社会科学》,2004第1期
[25]刘达,我国环保产业风险投资评述,China Environmental Protection Industry,2005第11期
[26]陈小龙,环保：资本游移,《数字财富》,2202.3.10
[27]陈榕芝,中小型环保高新技术企业融资的法律保护,《林业经济问题》,2004年第一期
[28]张裴颖,风投独木难解环保企业融资困局,《中国企业报》,2007.11.22
[29]郑良芳,构筑绿色金融的思考和建议, 《武汉金融》,2008年第3期
[30]寿志敏,建立中国环保产业融资体系的探索, 《经济论坛》,2007.9
[31]郭珍,张维仰：环保掘金, 《当代经理人》,2003年第8期
[32]厉诗,创新投融资模式促进环保技术发展, 《国际融资》,2008.7
[2]王静,我国中小民营企业境外上市融资策略研究,《投资与证券》,2009年第6期。
[3]成思危,中国风险投资实务运作与创新发展,2003中国风险投资论坛
[4]中国风险投资年鉴2007
[5]中国风险投资年鉴2008
[6]鲁育宗,产业投资基金导论——国际经验与中国发展战略选择,复旦大学出版社
[7]卢后盾,傅斌,中国高新技术风险投资运作与案例分析,中国税务出版社
[8]李素梅,中国产业投资基金综合绩效及发展战略研究,中国金融出版社
[9]施秉文、俞丹等,以色列风险投资发展模式
[10]田川,以色列风险投资产业的主要特点及经验,《全球科技经济瞭望》2001年07期
[11]徐双烨,王红梅,以色列风险投资业发展分析,《研究与发展管理》2000年第12卷第2期
[12]董方杰,韩彩云,我国产业投资基金的发展研究,《投资与证券》,2009年第四期
[13]Ernst&Young, Innovation:global venture capital insight report 2008
[14]Ernst&Young, acceleration:global venture capital insight report 2007
[15]2001年全球私人股权报告,普华永道,、3i集团
[16]中国创业投资发展报告2004
[17]刘健钧,《创业投资引导基金指导意见》解读, 《投资与证券》,2009 年第5期
[18]中国风险投资年鉴2003
[19]中国风险投资年鉴2005
[20]中国风险投资年鉴2006
[21]渤海产业基金：探索产业投资基金运行模式
[22]褚金蕊,试论产业投资基金建设中的政府作用,《时代金融》,2007/03总第340期
[23]王恺,冯卫华,宋岗新等,滨海新区产业投资基金运作模式研究,天津大学学报(社会科学版),2007年5月
[24]吉钠娜,熊丽敏,利用风险投资加快我国环保产业的发展,《湖北社会科学》,2004第1期
[25]刘达,我国环保产业风险投资评述,China Environmental Protection Industry,2005第11期
[26]陈小龙,环保：资本游移,《数字财富》,2202.3.10
[27]陈榕芝,中小型环保高新技术企业融资的法律保护,《林业经济问题》,2004年第一期
[28]张裴颖,风投独木难解环保企业融资困局,《中国企业报》,2007.11.22
[29]郑良芳,构筑绿色金融的思考和建议, 《武汉金融》,2008年第3期
[30]寿志敏,建立中国环保产业融资体系的探索, 《经济论坛》,2007.9
[31]郭珍,张维仰：环保掘金, 《当代经理人》,2003年第8期
[32]厉诗,创新投融资模式促进环保技术发展, 《国际融资》,2008.7