Researching Of High-tech Industry Venture Capital System

Venture Capital (the abbreviated is VC) originates from the circumstance of solving the rapture between the process of sobbing money and investment. Resort to its special advantages and ways of operation, it plays an important role that the conventional banks and financial institutions as well as public capital market couldn't substitute. The Venture Capital not only supports the high-tech companies and improves its development, but also give birth to effective systems that include capital allocation, capital using, and monitoring. In our country, despite the high-tech industry and the Venture Capital locate the strategic status, there are no such good environments that contains big scales, quick speed and good quality according to the reality. The Venture Capital in our country just mainly depends on the states capital and the credit money, this situation in turn determines the drawbacks of VC of our country and it can't satisfy the sound development of the VC as well.As the entrance of the Venture Capital which likes a boarding product to our country, the relevant theories have reached to a better level after about 20 years research. However, according to the economic development of our country, considering the performance of VC just initiates, the operation of the Venture Capital institutions are not regulate, manipulators lack of experiences, not enough data and so on. As a result, lots of papers about such topic in our country just pay attention to introduce foreign opinions or give some advices following some native cases. This thesis bases on micro-theories, mixing with the operation of the high-tech industry, comparing with the abroad actually situations, and finally suggest to set up a better functional system.The thesis consists of the following sections. Section one mainly discuss the sense of develop VC, which includes high-tech versus economic development, high-tech versus VC, the actual sense of VC; Section two will narrate the academic theories, which includes Yadam.Smith, Karl.Max, Xiongpiter, Romer and so on; Section three mainly introduce the abroad situations, which includes USA, Europe and Japanese VC system that contain the system of entrance, operation and retreating, and will also make a conclusion that is suitable to our country; Section four come to the mainland, elaborates the really situations and problems; Section five is the soul of this composition, it will elaborate how to establish the operational system of the VC, from entrance to retreat. Finally section discusses the future of China's VC.