高技术风险投资市场研究

During the development of venture capital in the world, great fluctuations have appeared several times, no matter in the US or in other countries. Why such high tides and low tides appeared? Which facts cause such fluctuations? What impacts the development of venture capital greatly? What should a government do to advance the industry of venture capital? All these problems catch the eyes of specialists and scholars in the world. In China, since venture capital is a new thing, it is quite important for the government to build a proper condition for it..Venture capital is conducted through the market. Institutes concerning venture capital may grow fast or close down under a certain condition. What make such great differences, and how to manage a venture capital institute in the given condition in China?.To answer these questions, our group carry on a great deal of research. We compare the history and status quo of venture capital in 11countries, including the US and UK. Especially, we study the key factors that affect the development of venture capital greatly; and the subjects include the reason why venture capital appeared in the US, the course of its development, the difficulties that have encountered, the key factors that affect the development of venture capital in the US, the act that the government played. As a result, we present a model, composing of qualitative analysis and quantitative analysis, which describe the factors that mark the track of venture capital. The conclusion is that, the difficulties in developing venture capital are totally different according to the difference of stage and country. To make venture capital growing in China, we present a dynamic process and policy research for different stages, which may be a basis of future policy of Chinese government for venture capital.Another result of our research is that on reguarding the internal rule of venture capital market, we advance a model forward target and the developing tactic of the venture capital market for China. To get the conclusion, we study on the price mechanism, supply and demand mechanism, commission and agency mechanism, mechanism of the formation of venture capital market, the evolution of venture capital market, the efficiency of venture capital market, the state of the demand and the supply in the venture capital market and its development, the sustaining environment of venture capital market, the particularity of Chinese venture capital market for high-tech, etc. Our work presents a reference for government policy and participant's behavior.While carrying on our research, our group seek the result by way of practice as well as academic research, which make us possible to conclude the characteristics of venture capital in China, obtain an operating model for venture capital institutes, a correlative model of investors and venture capital institutes, the way of fund raising in China, a model for investment administration and a structural program of due diligence. Besides, our research also covers the topic of small business financing and gives some proposal. Most achievements of our research have been put into practice, especially in some venture capital institutes, such as Shanghai Peaks Investment Management Co. Ltd., Shenzhen Venture Capital Co. Ltd., Shenzhen Zhongxin Venture Capital Management Co. Ltd., Venture Capital Co. Ltd of Zhejiang University, Shanxi Yinhe Scientific and Technological Investment Co. Ltd., Anhui Scientific and Technological Investment Co. Ltd., and Beijing New Guoke Investment Co. Ltd..

通过国际比较、国情分析、理论与案例经验研究，研究：1.从政府的立场，在保证金融秩序和市场稳定等国家利益的前提下，如何引导、培育和发展国家的风险投资业的问题。2.风险投资资本市场的内在规律、政府行为与市场行为的关系。3.从投资者、创业家和创业公司等三个角度立场的行为模式。对于促进我国科技成果转化和发展高技术产业具有重要的意义。