摘要
美国创业投资的早期发展表明:第一,它属于典型的资金约束型发展模式;第二,作为一种制度变迁,它遵循的是“由下至上”的诱致性生成方式;第三,政府的作用不可或缺;第四,区域分布的非均衡性。我国的创业投资的发展应该借鉴美国早期阶段的经验,具体措施包括:建立私人权益资本市场,实现创业资本的顺畅循环;以北京、上海和深圳为中心加强区域性技术创新和创业投资活动;正确发挥政府的作用。
This paper describes the early evolvement of America's venture capital industry. The conclusions are: first, it was restrained by the fund supply; second, as an institutional innovation, it was initiated and accelerated by the market instead of by the government; third, the government played a pivotal role in the process; fourth, it showed highly geographical concentration. On the basis of above-mentioned conclusions, this paper then gives some suggestions on how to establish venture capital industry in China, which includes establishing private equity market for the recycling of venture capital, promoting technical innovation and venture capital activities in particular areas (such as Beijing, Shanghai and Shenzhen) and an appropriate role being played by the government.
出处
《财经科学》
CSSCI
北大核心
2005年第3期181-186,共6页
Finance & Economics
