天使投资参与创业投资之内在逻辑与制度供给研究

天使投资作为一种非正式创业投资形式，目前在北关和欧洲等发达国家极为流行，在我国的发展却相对滞后。本文从理论上阐述了天使投资作为创业投资的始作俑者和雄厚资金来源对完善创业投资体系和推动创业型经济发展的内在逻辑。并从立法、财税、信用、退出、风险约束等方面对如何发挥政府作用促使天使投资快速发展提出了相关制度供给建议。

Internal Logic and Institution Supply Research that Angel Investment Takes Part in Venture Capital

As a form of informal venture capital, angel investment is extremely popular in North America and Europe and other developed countries at present, however, the development is lagging behind in China. This paper expounds inherent logic which angel investment improves the venture capital system and promotes the innovative economic development as the initiator of venture capital and abundant sources of funding in theory. Furthermore, it puts forward legislation, taxation, credit, risk - constrained, some proposals which relate to the supply system from withdrawal and so forth on how to play the role of government in promoting the rapid development of angel investment.