风险投资组织形式研究

【作者】 范浩伟；

【导师】 卢代富；

【作者基本信息】 西南政法大学 ， 法律， 2003， 硕士

【摘要】 自20世纪40年代美国成立第一家风险投资公司——美国研究与发展公司(ARD)开创现代风险投资的序幕以来，风险投资创造了一个又一个经济巨人。美国从20世纪80年代以来能够保持经济的持续增长，在很大程度上得益于风险投资的飞速发展。我国的风险投资事业始于20世纪80年代，经过近20年的发展取得了一定的成绩，但从总的方面来说，我国风险投资业才刚刚起步，急需建立风险投资业健康快速发展的促进机制。 风险投资有多种组织形式，不同组织形式有不同的运作机制，对风险投资运作规律的适宜程度也有很大差别。本文专门对风险投资组织形式进行探讨。文章采用了历史分析、比较分析和结构分析的研究方法，对风险投资组织形式进行了讨论，探求了不同组织形式对风险投资运作规律的适应程度，并对我国风险投资组织体系的完善提出了粗浅看法。全文大约四万字，除引言外共分三个部分。 第一部分，风险投资与风险投资组织形式。该部分简要交代了风险投资的定义和特征；对世界主要发达国家(以美国为主)的风险投资业的发展进行了考察，并在此基础上介绍了风险投资主要组织形式——风险投资公司(包括政府主导的风险投资公司、附属型风险投资公司和独立的风险投资公司)、合伙制风险投资机构(包括普通合伙，有限合伙和有限责任合伙)、公司型风险投资基金和契约型风险投资基金的发展历史及特点。 第二部分，风险投资主要组织形式比较分析。这一部分对风险投资几种主要组织形式(包括有限合伙制、风险投资公司、公司型风险投资基金和契约型风险投资基金)在运营成本、代理成本(即约束机制)和激励机制三方面进行了比较分析。通过分析得出这样的结论：有限合伙制风险投资机构拥有激励相容的机制，能够最大限度地激励风险资本家(普通合伙人)努力工作，又能够有效地约束其行为，把风险资本家的利益与一般投资者的利益紧密地捆在一起，把代理人的人为风险降低到最低限度，同时有限合伙制能使风险投资的运营费用大大降低，较好地满足了风险投资对高素质人才及资金的需求，在风险投资诸形式中最适宜风险投资运作规律，是风险投资机构的最佳组织形式；相反，风险投资公司对风险资本家既不能提供强有力的激励，也不能提供有效的约束，其运营成本又非常高，其运作效率是风险投资诸组织形式中最差的，它最不适合风险投资的运作规律;两种风险投资基金(公司型和契约型)的运作效率介于有限合伙和风险投资公司之间，至于这两种形式的投资基金哪一种更适宜风险投资的运作规律，笔者倾向于选择对于投资者来说相对较为安全(即约束机制较为有效)的公司型风险投资基金. 第三部分，我国风险投资组织形式及其制度构建.在这一部分中，作者对我国风险投资机构的组织形式的现状进行了考察与评价，指出:在我国，风险投资机构几乎无一例外地选择了风险投资公司的形式，并且多数为由政府直接出资建立或是政府占绝对控股地位的有限责任公司，少数为非上市的股份有限公司，这些由政府直接出资或政府占绝对控股地位的风险投资公司在本质上属于国有风险投资公司，而国有风险投资公司运作效率低下，运作机制不健全，存在很多弊端，我国风险投资组织体系急需进一步完善。接着分析了造成我国风险投资组织形式单一及运作效率不高的制度原因，即:我国虽然已经有了规定有限合伙法律制度的地功.性法规和规章，但直到现在还没有有限合伙法律制度的全国性立法，地功.性法规和规章只在较小的范围内适用，并且其中一些具体制度还不健全，所以有限创火对我国风险投资业产生的积极效应很小;我国公司法实行的法定资本制度及对公司对外投资对象及投资额的限制性规定等，都不利于风险投资公司的运作;公司型风险投资基金的运作机制与绷于公司法的基本原则不符，也限制了我国风险投资对公司型风险投资基金的采用等。针对上述问题，作者在最后对完善我国风险投资组织体系提出了自己的建议，如通过全国性的立法建立有限剖火法律制度，完善相关具体制度，大力发展有限刽火制风险投资机构，把有限合伙作为我国风险投资机构的主要组织形式;建立折衷资本制度，放松对公司对外投资对象和投资额的限制，完善风险投资公司的治理机制;解决公司型风险投资基金的法律依据问题，鼓励发展公司型风险投资基金;适度发展契约型风险投资基金等。更多还原

【Abstract】 Venture capital has created a lot of economic giants since American Research and Development Corporation established in 1946, which opened the prologue of modern venture capital industry. The continued growth of economy in America since the 1980s has benefited, to a great extent, from the rapid development of venture capital industry. The venture capital industry in China began in the!980s and after almost twenty year’s development it has made some progress. But on the whole the venture capital industry in China can’t satisfy the demands of society, so nowadays China need urgently healthy and rapidly-developed venture capital.There are many forms of organizat ion as for the venture capi tal organizations and they have different operating mechanisms, which affect adaptability to the operating law of risk investment. This dissertation studies specially the organizing forms of the venture capital organizations and it is divided into three parts in addition to the introduction, which has about 42,000 words.Part I ,venture capital and the organizing forms of venture capital organization. This section firstly introduces the definition, investment object and character of venture capital. Then the forms of the organization of venture capital organization of venture capital organization in the main developed countries all over the world are inspected and based on it the dissertation introduces the developing process and character of the main organizing forms of venture capital organizations, which include venture capital company, partnership organization going in for venture capital, corporation venture capital fund, trust venture capital fund.Part II, comparative analysis of the main organizing forms of venture capital organization. In this section the operation mechanisms of the main organizing forms of venture capitalorganizations are analyzed and compared from the three aspects of operating cost, mechanisms of restraint and stimulating mechanisms. From analysis above a conclusion has been reached. Limited partnership organization going in for venture capital not only has very strong stimulating mechanism which can stimulate venture capitalists to work hard furthest, but also has very effective mechanisms of restraint which can reduce, to the largest degree, the artificial risk of venture capitalists. Besides limited partnership can reduce greatly the operating cost of the venture capital organizations. So limited partnership is the most suitable for the operating law of venture capital and the most appropriate form of organization of venture capital organizations. On the contrary, venture capital company is unsuitable for venture capital which not only can not stimulate and restrain effectively venture capitalists, but also can not reduce the operating cost. The operating efficiency of two investment funds for venture capital is between limited partnership organization for venture capital and venture capital company. However which of corporation venture capital and trust venture capital fund is better for venture capital? The author is prone to choose corporation venture capital fund that is safer for the investors in comparison.Part III, the exploration to the organizing forms of venture capital organizations in China and suggestions to our legislations. In this section the organizing forms of venture capital organizations are estimated. In China almost all the venture capital organizations adopt the form of venture capital company without exception and the majority are company of limited liability which are founded by the government as the direct subsidiary or in which the government hold the most shares and the minority are unlisted company limited by shares. The companies are in essence state-owned ones which have a low operating efficiency. Nowadays limited partnerships are hardly adopted by venturecapital organizations. Then, the author analyzes the institutional reason for singularity of organizing form and low operating efficiency of the venture capital organizations of China. Although China更多还原