【作者】 张蕴中；

【导师】 李扬；

【作者基本信息】 四川大学 ， 国民经济学， 2003， 硕士

【摘要】 在知识经济时代中，高科技产业已经成为经济可持续发展的推进器，包括我国在内的各国纷纷把发展高科技产业作为本国经济发展的战略重点。但由于高科技产业在发展过程中尤其是早期阶段具有高风险性以及对资金需求的长期性，重在规避风险的传统融资模式难以对其进行有效的资金支持，这就形成了高科技成果产业进程中的融资障碍。要想跨越这一障碍，必须对传统融资模式进行创新，构建创新的资本市场。其中一项重要的创新活动即设立风险资本市场，发展风险投资，集融资创新、投资创新和管理创新为一体。风险投资成功运作的关键在于有一套良好的退出机制来保持风险资本的高度流动性，使其在不断流动中实现增殖并顺利流动的最佳场所，是对传统资本市场的创新。 从我国来看，高科技成果颇多，但由于风险投资不发达，难以对这些成果的产业化进行有效资金支持，高科技产业的发展已远远落后于美欧等发达国家。因此，有必要借鉴国际经验，以风险资本市场的构建为突破口，尽快发展我国的风险投资业，由于我国传统资本市场发育的特殊性，我国风险资本市场的构建不能是简单的模仿照搬，而必须有所创新和发展。 全文共分七章。第一章为序言，介绍了论文的主题、当前研究状况、论文的研究方法创新点。第二章分析了风险资本市场的内涵和服务对象及其运行特征；第三章分析了风险资木市场对创新型企业的培育机制；第四章分析了美国风险资本市场的发展，比较了其成功的经验和失败的教训；第五章论述了我国发展风险资本市场的现实意义；第六章分析我国风险资本市场的发展现状，提出未来发展的目标模式；第七章是论文的重点，探讨了我国风险资本市场设立的三个思路，即利用主板市场、设立场外交易市场和建立二板市场，形成功能完善、具有中国特色的风险资本市场体系。更多还原

【Abstract】 In the time of knowledge economy, high-tech industry has become the engine of economic sustainable development. As a result, many countries including China have turned to it when making economic developing strategy. However, due to the high risk and the constant demand for the fund during the period of its development, high-tech industry can hardly get sufficient financial support from traditional channels, which try to avoid various risks. Financial barrier has appeared in the development of high-tech industry. It can’t be cleared up unless some innovations are made. Venture capital market, which is one of the most notable innovations in finance, can eliminate the barrier and provide sufficient fund for the development of high-tech industry.Venture capital market is a whole market system. The success of venture capi tal market depends on an efficient exit mechanism, by which a high capital mobility can be maintained and the amount of venture capital can be multiplied. Venture capital market is the best place to fulfill it. The venture capital market has different levels to provide fund for high-tech enterprises in different stages.As for China, many achievements have been made in high-tech field, few of which can be put into large-scale production. Without an efficient support from venture capital, China’s high-tech industry has lagged far behind U.S.A. and European countries. It is imperative for us to develop our own venture capital. Most important of all, a perfect venture capital market should be established. Considering the special circumstances of China’s traditional stock market, China’s venture capital market can’t be established in full compliance with other countries.The dissertation consists of seven parts. The first part introduces the subject, actuality, method and tentative creation in the research. The second part describes function of venture capi tal market and explains relative theories. The third part analyzes the mechanism by which revolutionary firms grows in venture capital market. The forth part analyzes the success and failure in American venture capital market. Thefifth part discusses the purpose of the establishment of venture capital market in China .The sixth part analyzes the development of venture capital market in China, and makes out an model for development in future .The last part is the most important one in the dissertation. It points out three thoughts on how to establish China’ s venture capital market: one is to make full use of the main-board market; another is to set up over-the-counter market aimed at high-tech enterprises; the third is to build the second-board market. Only in this way, can a perfect venture capital market system with Chinese characteristics be established.更多还原