产业结构、文化因素与我国风险投资“保险化”

我国风险投资业存在初创期（种子期和起步期）投资不足、投资传统行业和低端环节较多的现象。文章从产业结构和文化因素的角度解释了这一现象的形成机制，即产业结构决定了默会知识类型，从而导致大多数投资者放弃风险投资，进而造成我国风险投资总量不足，而文化因素锁定了这一过程。因此，文章建议减少初创期和高科技行业投资的机会成本，充分发挥特定默会知识在风险投资决策中的作用，以及大力发展天使投资来阻止我国风险投资“保险化”倾向。

Industrial Structure, Culture and Secure Investment of Venture Capital in China

At the initial stages（seed and early stages） in Chinese venture capital mctustry, investment is insufficient and investment on traditional industries and low-end segments is excessive. From a comprehensive perspective of industrial structure and culture, this paper provides an explanation of the formation mechanism of this phenomenon： industrial structure determines the type of tacit knowledge, leading to most investors＇ abandonment of venture capital as an investment way and accounting for the lack of venture capital in China, and cul- ture locks this process. Therefore, it suggests that the reduction in the investment opportuni- ty costs of initial stages and high-tech industry, a full role of special tacit knowledge in ven- ture capital decision-making, and the vigorous development of angel investment are Beneficial to the prevention of the secure investment tendency of venture capital in China.