创业投资支持高新技术企业发展的融资问题研究

【作者】 吴海霞；

【导师】 王立国；

【作者基本信息】 东北财经大学 ， 国民经济学， 2002， 硕士

【摘要】 几十年来，高新技术产业发展的经验已经证明：技术进步转化为生产力的关键在于高科技成果的市场化、产业化。这一过程是否成功不仅依赖于高新技术成果本身的市场价值，而且依赖于客观上是否存在一个能对技术进步转化为生产力起决定性作用的支持系统。国外经验已充分证明：创业投资体系就是行之有效的高新技术成果市场化、产业化的支持系统。创业资本市场是资本市场培育高新技术产业的一种创新的制度安排，它是适应高新技术产业发展特点，在技术创新和金融创新相互作用过程中逐步形成的一种创新的资本市场形态。我国创业投资业的发展历程还较短，我们应该在全面总结国内外创业资本市场发展的经验和教训的基础上，培育出一个适合中国国情的高效率的创业资本市场，以促进我国高新技术产业的发展。高新技术企业高风险、高收益的特点及其特殊的发展规律，导致传统的融资方式无法满足其发展的需要，而创业投资正是新经济时代出现的一种新的融资方式。本文围绕创业投资如何支持高新技术企业的融资展开论述，全文共分为四个部分：第一部分简要介绍我国高新技术与创业资本的对接状况。第二部分分析了高新技术企业在融资需求和供给方面的特性，并阐述了我国创业资本的主要来源问题。第三部分重点论述高新技术企业通过创业投资融资的交易设计问题。第四部分在上述分析的基础上，探讨我国创业资本支持高新技术企业融资的对策问题。更多还原

【Abstract】 For decades, the experiences of the development of hi-tech industry have shown that the transformation of technological advances to productivity lies essentially in the marketization and industralization of hi-tech products. The success of the transformation process depends on the existence of a supporting system that determines the process. Experiences from abroad has demonstrated that Venture Capital System (VCS) is such an efficient supporting system that propels the marketization and industralization of hi-tech products.Venture Capital Market (VCM) is an innovational institution arrangement through which capital markets foster hi-tech industry. VCM is a new kind of capital market formation in the process of the interplay between technological innovation and financial innovation. China should be exerted to cultivate an efficient VCM suitable for her own national conditions, the accomplishment of which needs the summarization of both experiences and lessons from the development of VCM in foreign countries.Focusing on how venture capital gives support to hi-tech enterprises in financing, this thesis is divided into four parts:In the first part, a brief introduction of how hi-tech industry and venture capital are combined in China is made.In the second part, the characteristics of supply and demand of hi-tech enterprises’ financing are analyzed. The source of venture capital of China is also discussed in this part.The third part focuses on how hi-tech industry enterprises accomplish the job of transaction design to finance through venture capital.In the fourth part, on the basis of the above analysis, some countermeasures are given on how China’s venture capital should support hi-tech enterprises’ financing.更多还原