Analysis Of Changing The Path Of China's Venture Capital System

This thesis analyzes Chinese venture capital's origin and development by means of the Theory of Institution Changes, which is the classical theory of the New Institutional Economics. First, this thesis establishes an analysis framework of the Theory of Institution Changes, and divides institution changes into three factors (origin, pattern and path) as well as illustrates classical theories related to the three factors. Then, this thesis also divides institution changes path into three factors, Interests Groups, Institution Environment and Institution Arrangements , and analyzes the relations between the six factors in detail. Then a dual-structure analysis framework is established. Second, according to the analysis framework, through analyzing the obvious difference of institution changes' origins between developed countries and developing countries, this thesis points out that the venture capital institution changes of the developed countries are Market-need-oriented. Though the venture capital institution changes of China are something like Market-need-oriented changes, they are potential and more are Public-need-oriented, which determines that the beginning and foundation of our country s are different from the developed countries' . They both belong to compelled institution changes, but it's enough for developed countries to supply detailed institution arrangements only and for our country, it's not only enough to supply institution arrangements, but also to organize interests groups, make better institution environment The latter two tasks are more imperative. Third, on the basis of above analysis, this thesis analyzes interests groups, institution environment and institution arrangements respectively during the routine of our country's venture capital institution changes and supply innovation suggestions.