摘要
风险资本市场是资本市场培育高新技术企业的一种创新的制度安排,它是适应高新技术企业发展特点的。我国风险资本市场相比美国等国家还处于起步期。本文结合风险资本市场的运行机制和模式分析,以高新技术企业的融资瓶颈问题为切入口,从理论上探讨了风险资本市场对高新技术企业培育的有效性。在此基础上,通过总结国内外风险资本市场发展的经验教训,对发展适合我国国情的风险资本市场提出了建议。
本文首先对风险资本市场的概念进行界定,并论述了风险资本市场具有的特征,从几个方面对风险资本市场内容进行阐述,明确风险资本市场的运作方式。其次,本文讨论了高新技术、高新技术企业等概念,了解了他们各自的特征,并通过引入高新技术企业的标准对高新技术企业的概念进一步明确。接下来讨论了影响风险资本市场发展的因素,通过建立模型,进行实证分析,证明了各个因素之间相关关系,为下一步的讨论打好基础。
在第四部分我们就证券模式、以及在该模式下风险资本市场对高新技术企业的有效性进行阐述,通过对比、分析,我们认为在同质情况下,证券模式是要优于以银行为中心的模式。然后以融资有效性为例,引用案例进行分析。
最后,根据前面的理论研究和实证研究,讨论了我国风险资本市场在培育高新技术企业上存在的问题,并提出相应的解决措施及建议。我们都祈盼中国能够及早地建立一个适合国情的、高效率的风险资本市场,为新世纪的民族复兴创造条件。
Venture capital market is an innovative system arrangement of capital markets in the way of fostering high and new technology enterprise, it can adapt the development characteristics of high-tech enterprises.China's venture capital market is still in the initial stage compared of the United States and other countries. As one kind of exploration of China's venture capital market development on the basis of summarizing the domestic and foreign venture capital market development experience,we put forward proposals for China's venture capital market,
At first, the paper defines the venture capital market concept,and discusses the characteristics of venture capital market, from some aspects to discuss the venture capital market content in this paper,and we know how to operate the venture capital markets.Secondly the paper has discussed the high technology and the high-tech enterprise concept,let us understand their respective characteristics.By introducing the standard of high-tech enterprise to know it better.Then discusses the influencing factors of the venture capital market's development, through the establishment model to make empirical analysis,to know the relationship of those factors,it is useful for the next discussion.
In the fourth part we talk about securities mode and the effectiveness of high-tech enterprises by the mode.Through the comparison and analysis we think the situation that securities model is superior to the model for the center with the bank in homogeneous.For example the financing effectiveness, I explain it in case.
At last, according to the theoretical study and the empirical research,we discuss the problems of cultivating the high-tech enterprise of China's venture capital market,and put forward the corresponding solutions.We all pray that China can build a suitable venture capital market with the high efficiency which will create conditions for our national rejuvenation.
引文
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