中日两国风险资本市场的比较研究/A comparative study on the venture capital markets in China and

2018-10-29 18:53:19

venture 日本 资本 风险 Japan



当今的金融世界是Private Equity主导的世界,其中的风险资本(Venture Capital)更是笼罩着一层神秘的面纱。60年代的日本依靠技术创新,实现了奇迹般的飞速发展,一举成为世界强国。大量的技术创新通过风险资本市场,由风险资本实现了市场化甚至国际化,使得日本的产业结构实现了优化,经济获得了持续的发展动力。当前的中国,处于产业结构的调整阶段,技术创新的必要性可见一斑。新的技术需要实现市场化才能变成促进经济发展的动力,但目前在我国要实现这一技术与市场之间的转换却有着很多的阻碍,最大的障碍则存在于我国落后的风险资本市场。
日本的风险投资发展虽然不如美国,但是由于中国和日本同为亚洲国家,社会经济和人文环境较为相似,再加上日本这几十年来积累了各种正反两面经验教训,所以笔者认为从日本身上的经验对中国而言更有借鉴意义。由于在本文的写作过程中,笔者有幸取得了和日本风险资本学界教授的合作机会,有机会接触到大量关于日本风险资本市场的资料和学术讨论。
本文的主旨正是从资本市场的研究角度入手解析我国的风险资本市场,具体而言,基于理论模型和事实数据两方面,主要通过对风险资本的融资渠道,融资工具的选择,退出机制等方面的比较研究来解答如何完善我国风险资本市场这一问题。




Undoubtedly, we have stepped into the era of knowledge economy. With the coming of it, knowledge and innovative capacity have become the main source of wealth growth, and technological improvement (the key impetus to sustainable development of knowledge economy in novation and the industrialization of high and new technology) are now the core of world economic competition and thus determine the long-term competitive edge of a country. In 1950s, Japan has realized a miracle of rapid development resulted from technological innovation, making it one of the strongest economies in the world. As great internationalization and marketization of new technologies have been achieved with the help of venture capitals, Japan has optimized its industrial structures and maintained a strong momentum in development, from which I can tell that thus nowadays in China, at the turning point of industrial restructure, the significancy of technology transitions is out of doubt, whereas there lie lots of obstacles in the way of this transition.
What in the earth are we supposed to do to help perfect our venture capital market? This is exactly the problem that we are going to answer in this paper. To be specific, from the aspect of capital market, this paper is going to deal with this problem by comparatively analyzing the fundraising channels, fundraising tools, withdrawal and juristic environments of venture capitals.
Even if the venture capitals in Japan are not as developed as those in the USA, the author believes that either the positive or negative experience of Japan is more valuable to China, because both countries have great similarities in the aspects of economy, society and culture.