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我国风险投资机构组织模式研究

A Study on Organization form of Venture Capital in China

【作者】 路蕾

【导师】 王满仓;

【作者基本信息】 西北大学 , 国民经济学, 2004, 硕士

【摘要】 虽然近几年来,我国科技事业和高新技术产业得到了迅速发展,但总的来看,我国科技成果转化水平仍然很低。导致这一结果的主要原因是资本支持不足,尤其是其中重要的资金来源——风险投资的支持力度不够。与发达国家相比,我国风险投资起步较晚,许多从事风险投资的机构在实际运作中面临着很多问题和困难,尤其是我国风险投资机构的组织模式不完善、缺少健全的治理机制,从而影响了我国风险投资业的发展。因此研究我国现阶段风险投资机构的组织模式就成为本文研究的重点。 本文首先将风险投资机构的契约机制基础——委托-代理关系模型和美国风险投资机构组织模式的治理机制分析相结合,推出符合风险投资机构契约机制的最优组织模式是有限合伙制。然后分析了我国风险投资机构组织模式的现状及其存在的问题与缺陷。最后本文提出现阶段我国风险投资机构组织模式的改进不是直接照搬有限合伙制模式,而应在借鉴有限合伙制治理模式的基础上,结合我国现实情况,建立符合我国实际的新型公司制风险投资机构,希望对我国风险投资机构的建立与发展提供有益的启示。

【Abstract】 In recent years, scientific and technology of China and high-tech industry have developed fast, but achievement transforms of China’s scientific and technical were still very low. The main reason is that the capital supported is insufficiently, especially venture capital is not enough among it. Compared with developed country, the venture capital of our country started relatively late. The venture capital organization are facing a lot of problems and difficulties during operation, especially the organization form of venture capital in China is not perfect, lacking sound govern structure, Thus it influence the development of venture capital in China. So the study on organization form of venture capital in China is the focal point of this paper.The thesis begins with the analysis about contract mechanism of venture capital organization, and compared with organization form of venture capital in American, I infer venture capital partnership has become a dominant organization form in the venture capital industry. Then I analyze the current situation and problems of organization form of venture capital in China. At the end of this test, I suggest we should set up the new organization form of corporation that accord with China’s current situation, hoping to offer helpful suggestion to the setting-up and development of the organization form of venture capital in China.Name: Lu Lei ( National Economy ) Directed by Professor Wang Mancang

  • 【网络出版投稿人】 西北大学
  • 【网络出版年期】2004年 04期
  • 【分类号】F832.48
  • 【被引频次】1
  • 【下载频次】177
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