【摘要】 发达的风险投资市场是美国科技创新体系中的重要基石,全球许多国家都试图学习美国经验,发展本国风险投资市场,但鲜有成功。中国经过三十多年的持续努力,成为成功发展起了本国风险投资市场的少数国家之一。本文应用协同演化理论分析了后发国家发展本国风险投资市场面临的困难,并结合中国风险投资的发展历程,分析了中国成功发展风险投资市场的原因,总结了可供其他国家借鉴的经验。研究表明,一个国家的风险投资市场发展与企业家创新创业及资本市场发展之间存在相互影响、互为因果的关系,即存在协同演化机制,风险投资本身并不能单兵突进,它需要配套建立有利于企业家进行创新创业的市场环境以及发达的多层次资本市场体系。更多还原

【Abstract】 A highly-developed venture capital market is the cornerstone in US technical innovation system, and many countries have been trying to develop local venture capital market, but seldom succeeded. However, after more than 30 years of consistent efforts, China has become one of the few countries that have successfully engineered their domestic venture capital markets. In the frame of the coevolution theory, this paper analyzes the dilemma that the catch-up countries faced when engineering their domestic venture capital markets. Our study is based on a review of the history of China’s venture capital development, and examines the reason why China can succeed in developing its domestic venuture capital market, and then summarizes useful lessons for other countries. It is shown that there is an interplay and interdependence among the three—venture capital market development, entrepreneurial innovation and capital market development—that can be characterized as a coevolutionary mechanism. Therefore, the venture capital market can’t develop by itself without simultaneous and coordinated development of prosperous entrepreneurial innovation activities and an integrated multilevel capital market.更多还原