【摘要】 文章通过2 0世纪80年代来美国风险资本投资阶段后移的实证分析,指出美国风险投资阶段后移是风险投资主体构成变化、资本市场持续高涨及有限合伙的企业制度共同作用的结果。美国风险投资的投资阶段后移或商业化资本运作,不仅弱化了风险投资孵化高技术产业的产业培育功能,加剧了与传统投资方式的不公平竞争,而且催生或助长了美国新世纪伊始的经济泡沫和泡沫经济的形成。更多还原

【Abstract】 On the basis of empirical analysis of American venture capital investment stage moving backward since 1980s,the author points out that it is result from the cha nge of venture capital investment structure,the capital market running high cont inuously and the enterprise system of limited partnership.The investment stage o f American venture capital moving backward or commercialized capital operation h as not merely weakened the fostering function of hatching the high-tech industry by venture capital,aggravated the unfair competition with the traditional way o f investment,but also expedited or encouraged the emergence of economic foam and the bubble economy at the beginning of the new century of U.S.A.更多还原