我国风险投资制度变迁的路径探析

【作者】 孙昂；

【导师】 傅康生；

【作者基本信息】 南京师范大学 ， 金融学， 2007， 硕士

【摘要】 本文借助新制度经济学的经典理论——制度变迁理论分析我国风险投资制度的产生和发展。首先，本文构建了制度变迁理论的分析框架，将制度变迁划分为制度变迁的起因、模式和路径三要素，并详细阐述了三要素的相关经典理论。然后，将制度变迁的路径又细分为利益集团、制度环境、制度安排三要素。详细分析了制度变迁的起因、模式、路径，以及路径中利益集团、制度环境、制度安排这六要素之间的关系，这样，就构建了一个关于风险投资的双层分析框架。接下来，根据这一分析框架，通过详细考察我国风险投资制度变迁起因和发达国家的显著不同，指出发达国家的风险投资制度变迁属“市场需求导向型”制度变迁，我国虽然也具备“市场需求导向型”的一些特点，但是是十分潜在的，更多地表现为“公共需求导向型”。这就决定了我国推行风险投资制度变迁的起点及基础和发达国家是不同的，虽然同属强制性制度变迁，发达国家只需提供具体的制度安排就够了，而我国不仅要提供制度安排，更为重要的任务是整合利益集团，完善制度环境。最后，在以上分析的基础上，本文对我国风险投资制度变迁进程中的利益集团问题、制度环境问题、制度安排问题——进行了详尽解析并提供了政策性建议。更多还原

【Abstract】 This thesis analyzes Chinese venture capital’s origin and development by means of the Theory of Institution Changes, which is the classical theory of the New Institutional Economics. First, this thesis establishes an analysis framework of the Theory of Institution Changes, and divides institution changes into three factors (origin, pattern and path) as well as illustrates classical theories related to the three factors. Then, this thesis also divides institution changes path into three factors, Interests Groups, Institution Environment and Institution Arrangements , and analyzes the relations between the six factors in detail. Then a dual-structure analysis framework is established. Second, according to the analysis framework, through analyzing the obvious difference of institution changes’ origins between developed countries and developing countries, this thesis points out that the venture capital institution changes of the developed countries are Market-need-oriented. Though the venture capital institution changes of China are something like Market-need-oriented changes, they are potential and more are Public-need-oriented, which determines that the beginning and foundation of our country s are different from the developed countries’ . They both belong to compelled institution changes, but it’s enough for developed countries to supply detailed institution arrangements only and for our country, it’s not only enough to supply institution arrangements, but also to organize interests groups, make better institution environment The latter two tasks are more imperative. Third, on the basis of above analysis, this thesis analyzes interests groups, institution environment and institution arrangements respectively during the routine of our country’s venture capital institution changes and supply innovation suggestions.更多还原