风险投资发展的跨国差异与理论解释

从世界范围来看,许多国家都将风险投资作为促进新企业特别是高科技企业成长的重要手段,并致力于从制度安排上推动风险投资的发展。然而风险投资在各国的发展不尽相同,存在着较大的差异。文章比较了风险投资发展的跨国差异,并从金融体系、组织与治理结构、法律、人力资本、文化等方面对上述差异进行解释。文章认为这些因素具有一定的解释力,通过比较分析并结合我国现状,对我国风险投资的发展提出政策建议。

Cross-country Differences and Theory Explanations of the Development of Venture Capital

Many countries have developed venture capital industry as an important way to spur the growth of new enterprises,especially high-technology enterprises.In this paper,the authors make a cross-country comparison on the VC industries from the industry size,function mode,and the rate of return,etc.And based on the review of the related literature,they offer theory explanations for these differences from the points of view of financial system,organization and corporate governance,law,human capital and culture.The paper argues that these are reasonable explanations for the cross-country differences,and our government can make effort on the creation of VC exits,legalization,and enterpriser culture to spur the development of venture capital industry in China.