中国创业投资业的产业组织研究——基于SCP范式的中美创投业比较分析

本文运用现代产业组织中的SCP范式,从创业投资机构角度具体测算了中美两国市场集中度、进入与退出壁垒、产品差异化、组织结构等因素对创业投资业市场结构的影响,并通过中美两国创业投资管理运作行为、投资行业和阶段的选择、产品定价行为的比较,得出其对市场绩效的影响以及结构、行为、绩效之间的互动关系。结果表明,现阶段我国创业投资业未获得较高的报酬水平,尚未形成垄断竞争的市场格局。短期内制约了市场行为,又决定了市场绩效。长期中三者应是双向因果关系。美国创业投资业在市场结构的培育、市场行为的规范中确有众多值得我国学习之处。

Industrial Organization Analysis of Chinese Venture Capital Industry--A Comparative Analysis between China and US Using SCP Paradigm

This thesis analyzes venture capital industry in China and Us using SCP paradigm of Harvard school. We cal-culate the concentration ratio of China and US venture capital industry and analyze entry barriers and exit barriers and so on. Through comparing the management and operating system of venture capital, the type of industry and stage to invest in, as well as the pricing of products in both countries, we analyze the relationship between market structure, market conduct and per-formance. The results show that we don't acquire sound profits in Chinese venture capital industry and the market structure is not a form of monopolistic competition now. In the short-run, venture capital market structure restricts market conduct and in-fluences the market performance further. In the long-run, the above three influence each other. We have a lot to learn from US venture capital industry in the way of market development and conduct regulation.