论中国风险投资发展的金融环境

【作者】 王永梅；

【导师】 俞梅珍；

【作者基本信息】 华南师范大学 ， 政治经济学， 2003， 硕士

【摘要】 风险投资作为一种金融制度创新，对我国发展高新技术产业、调整产业结构有着重要的战略意义，如何发展我国的风险投资业，是重要而急迫的问题。作为一项投融资制度，风险投资离不开其所在的金融环境，构建适合我国风险投资发展的金融环境则成为首先应加以考虑并解决的问题。 二次世界大战以来，新技术的进步日新月异，技术的发展呈现出加速状态，但是伴随新技术的是高度的不确定性和严重的不对称信息，传统的金融市场不能为其提供资金。在其空缺中，通过风险投资者——风险资本家——风险企业的双重代理，具有特有的规避风险的特点的风险投资出现在金融市场，经过几十年的发展，风险投资日益成熟。风险投资反过来又引导了金融创新，丰富了金融市场。这一过程体现了经济体内部矛盾运动的均衡过程，也是人类不断选择、创新的结果。 我国发展风险投资有一定的有利条件，同时也有着不少的阻力，其中最重要的是我国的金融环境存在许多阻碍风险投资发展的因素，如金融机构的分业经营使风险投资缺乏充裕的资金、金融市场的不完善和证券市场的不规范无限期地推迟着二板市场的设立、金融中介单一和不成熟、金融监管不力、法律法规还有待完备等等。通过对照风险投资发达国家，本文提出了在国内风险投资发展的现实情况下，如何构建适合风险投资发展的金融环境，促进风险投资发展的一些建议。更多还原

【Abstract】 As a kind of innovation for financial system, Venture Capital has an important strategic significance in developing high and new technology industry and adjusting industrial structure. How to develop the VC industry in our country is an imperative question. As an investment system, VC cannot break away from the finance environment whereabouts. What should be taken into first consideration and be solved is that hoe to establish the finance environment which is suitable to the development of the VC in our country.Ever since the Second World War, the development of the high and new technology changes with every passing day, and it has taken on a speeding development. However, altitudinal uncertainty and severe asymmetric information also come along with the coming of the high and new technology. The traditional financial market cannotProvide fund for it. In the vacancy, via the double agency of the VC investors-VC capitalistsVC enterprises, the VC ,which is with its own characteristic of evading risks, comes up in the financial market. The VC is becoming more mature after the development for tens of years. On the contrary, VC has also led the innovation of the finance and enriched the financial market. This process has incarnated the equilibrium process of the inside antinomy movement in economy system, and it is also the result of non-stop selection and innovation of human beings.We have got some definite advantages in developing VC, but resistance also exists. The most important one is that there exists many factors which block the development of VC in our financial environment. For example, department has led to the short of the fund in VC, the faultiness of the financial market, the non-criterion of the securities business, the postponing of the establishment of the two-board market without no limitation, together with the singularity of the financial agency, lack of powerful financial supervision and the maturity of the rules and laws still remains strengthened. Compared with VC in developed countries, the text puts forward someadvice on how to establish the suitable financial environment for the development and promotion of VC ,under the realism of the development of VC in our country.更多还原