【作者】 韩爱华；

【导师】 秦放鸣；

【作者基本信息】 新疆大学 ， 政治经济学， 2004， 硕士

【摘要】 风险投资是我国资本市场中的一个新生事物，在西方风险投资发达的国家有几十年的发展历史，各国在风险投资的发展中也积累了丰富的经验。风险投资在资本市场中发挥着越来越重要的作用，当今以创新为主题的“新经济”尤其需要风险投资的支持。与风险投资的发展相适应，西方发达国家早在1946年就开始了风险投资的研究，至今已形成相对完整的理论体系。而我国的风险投资研究仍处于探索阶段 ，本文写作搜集资料过程中从中国期刊网上共搜集到183篇相关的文章，通过阅读分析，发现已有的关于风险投资的研究文章，大多只侧重于某一个方面来研究分析我国资本市场中的风险投资，缺乏系统性和概括性，而且对新经济形势下风险投资中的产权制度、项目市场等没有涉及。本论文试图从各国及我国风险投资发展轨迹中找出我国发展风险投资的薄弱环节和现实障碍，从宏观运行环境和微观运行机制两个方面来研究在我国资本市场中发展风险投资的有效途径。全文分为三个部分进行阐述。引言介绍了风险投资的含义，引出本文的论题。第一部分 风险投资在各国实践的实证分析。主要阐述了风险投资在美国、欧洲、亚洲各国的实践，通过对各国实践的实证分析得出了风险投资的特点。风险投资的特点决定其在经济中发挥着重要的作用，这些作用的发挥使得风险投资在各国得到迅速发展，各国的发展实践为我国风险投资的发展提供了经验。第二部分 我国资本市场风险投资的现状。首先回顾了我国风险投资近二十年的发展历史，运用历史资料和数据阐述了风险投资在我国资本市场的不同发展阶段。接着从风险投资在我国的实践中，本文对我国风险投资发展中现存的问题进行了详尽的分析，从风险资本的来源、风险投资机构组织形式、风险资本退出渠道、项目市场、风险企业的培育、风险企业制度、风险投资人才、风险投资中介机构、科技创新、政策支持和激励机制十个方面分析了我国风险投资发展的障碍。 第三部分 我国风险投资宏观运行环境、微观运行机制建设的对策建议。本部分内容是本文重点论述的内容。风险投资的宏观运行环境建设是一个系统工程，包含广泛的内容。作者首先阐述了我国风险投资宏观运行环境建设的原则，然后利用投资、产权等相关理论及经济法、公司法相关法规对我国风险投资宏观<WP=3>运行环境提出了建设性意见，包括建设多元化的风险资本来源渠道、多元化的风险投资机构组织形式、多元化的风险资本退出方式；构建促进风险投资的法律法规和政策扶植体系、中介服务机构体系、风险投资人才培养机制等。有了良好的宏观运行环境，还需要相应的有效微观机制来保证风险投资的成功运作。本文从风险投资的产权制度、风险企业的评价、风险投资过程中风险防范机制的建立三个方面着重讨论了风险投资微观运行机制的建设问题。通过本文的分析，会使我们对今后风险投资发展中重点要解决的问题有一个较为清晰的认识，同时本文的分析也将对我国风险投资发展具有一定的指导和借鉴作用。更多还原

【Abstract】 Venture capital is a new thing in the capital market of China, it has several years history in the West where it is flourishing, every country has accumulated plentiful experiences with the development of venture capital. Venture capital develops more and more functions in capital market, today, new economic especially need the support from it. Corresponding with the development of venture capital, the developed countries in the West had studied it since 1946,and have relative intact theories now. But the study of venture capital is still in explored stage in China, and I collected 183 articles that correspond with this article from CNKI, I find some articles about venture capital only emphasis on one facet of it, lacking system and summary, having no touch upon property right and the market of project in venture capital in the new economical situation. This article tries hard to find the weak segments and practical obstacle in the development of venture capital in China through studying the development of it in every country, studies the affective ways of developing venture capital in the capital market of China from macroscopic circumstances and microcosmic mechanism.This article consists of three chapters.The earlier introduces the meaning of venture capital and draws forth the thesis of this article.Chapter one analyses the practice of venture capital in every country. Expounds the practice of venture capital in U.S.A, Europe, Asia, and gains the characters of it from the analysis of practice. The characters of venture capital determine its important functions in economics. Venture capital develops rapidly because of these functions .The practice supply many experiences for Chinese venture capital.Chapter two analyses the present conditions of Chinese venture capital. Firstly, reviews the history of Chinese venture capital, expounding the different stages of Chinese venture capital by historic materials and data. Next details the questions in the development of Chinese venture capital today, analyses the obstacles of Chinese venture capital from the sources of venture capital, the types of venture capital organization, the venture capital withdrawing, the market of projects, the cultivation of venture capital enterprise, the system of venture enterprise, the venture capital talents, the venture capital intermediaries, new science and technology, the supporting <WP=5>policy system and excitation system.Chapter three supplies the suggestions for Chinese venture capital. This chapter is the most important substance in this article. The construction of macroscopic circumstances in venture capital is a system, including extensive substance. Firstly expounds the principle of the construction of macroscopic circumstances in Chinese venture capital, then supplies the constructive suggestions about macroscopic circumstances in Chinese venture capital by theories of investment, property rights and economic laws, corporation laws, including building up diversified venture capital sources, diversified venture capital organizations, diversified venture capital withdrawing, and building up laws, policies, intermediaries mechanism of talents for venture capital, and etc. Need effective microcosmic mechanism that guarantees the victory of venture capital when there is good macroscopic circumstance. This article discusses microcosmic mechanism of venture capital from property rights system, evaluation of venture enterprise and avoiding venture in venture capital. We will have a distinct understanding about the important questions that will be solved in the development of Chinese venture capital by the article’s analysis, and these are some helps and advices for Chinese venture capital.更多还原