【摘要】 围绕政府创业引导基金在推动创新型企业发展中的运作、作用及效率问题。本文基于政府参股基金运作,并成功造就了"第二硅谷"的以色列YOZMA基金的案例分析,着重观察出资阶段、投资阶段、退出阶段的运作模式,深入解析了既纠正市场失灵、又避免政府失灵的相关设计,在此基础上,我们提炼出适宜中国借鉴的关于政府定位、运作管理、产业投向及退出安排的若干建议。更多还原

【Abstract】 This paper discusses the function of governmental venture capital leading fund in promoting the development of innovative enterprises. The paper takes the Israeli YOZMA which use the operation mode of government getting equity in fund and which created "the second Silicon Valley "successfully as an example,analyzes the operation mode of its capital raising stage,investing stage and exiting stage,studies its related design of correcting market failures and avoiding government failure.Based on this,this paper put forwards some suggestions such as government orientation,operation management,industry orientation and exiting arrangements which suitable for China.更多还原