【作者】 赵明；

【导师】 杨宏进；

【作者基本信息】 华中科技大学 ， 技术经济及管理， 2008， 硕士

【摘要】 作为高技术产业发展的“催化剂”和经济增长的“发动机”,创业投资对国家经济发展起着举足轻重的作用。创业投资运作机制是指创业投资机构运作过程中存在的各种关系和制度安排,它影响着创业投资机构的运作效率和行业发展进程。虽然在创业投资和技术创新这两大领域中有很多研究,但有关创业投资与技术创新联系的系统研究还较少,基于此,在借鉴已有国内外研究成果的基础上,本文尝试着在这方面作些探索。本文首先分析了美国创业投资业基本的运作机制,包括筹资、决策、管理、退出形式,将中美两国创业投资产业特点进行了比较;同时也阐述了美国创业投资业的发展历程,也将与中国情况相结合考察了两者特点及变化的原因。美国创业投资在高技术产业融资、科技成果转化方面作出了重要贡献,同时它也促进了技术创新。在资源配置观下,技术创新是生产要素与生产条件的重新组合,本质是资源的整合,即技术资源、金融资源和企业家资源的有机结合。企业家资源是核心,它将前两种资源联接在一起,有利的推动了技术创新。本文以协整理论为基础,收集了美国1980年到2001年的创业投资额、R&D经费支出和技术专利申请数的数据以及我国从1995到2005年相关数据做了实证研究,结果显示中美两国创业投资与技术创新这两者间存在长期稳定的均衡关系,但作用大小有所差异,并对该结论进行解释与支撑。本文对美国创业投资业发展进行了总结,以对我国发展创业投资产生一些有益的启示。更多还原

【Abstract】 As an activator of development in hi-tech industry and engine of economy growth, venture capital (VC) plays an important role in national economy development. Definition of operation mechanism in VC is a relationship and system arrangement in process in VC institutions,and it influences the efficiency and development in these institutions. Although much research in either VC or technology innovation have been taken, systematic research linking both is rare. For this,basing on study results in previous papers both at home and aboard,we try to make some progress in this aspect.Starting with analyzing basic VC operational mechanism, which consists of financing,decision-making,management,exiting forms, it makes some comparisons of VC industry difference between China and U.S.. Meanwhile,this article analysis the VC development phrase and reasons to the changes between the two countries.VC in U.S. has made great contribution to financing of hi-tech industry and technology transfer as well as technology innovation. In the viewpoint of resource integration , technology innovation is recombination of production elements and production condition and its nature is integration of resource,i.e. technology resource, financial and entrepreneur resource. Entrepreneur is the core, and it links the former two, then impulses innovation positively.Basing on serial data from1980 to 2001 about VC disbursement,R&D expenditure and patents in U.S. and corresponding data from1995 to 2005 in China, this article makes empirical study using cointegration theory,and get a conclusion which indicates that a long-term steady equilibrium relationship exists between VC and technology innovation,although it has some difference. Some reasons are also listed to support the conclusion.What we learn from its lessons will be useful for us to develop VC well in China.更多还原