Comparative Study On The Development Mechanism Of Seed Fund Of Entrepreneurship Investment Between China And The United States

Entrepreneurship Investment Seed Fund is one of the forms of venture capital investment,which mainly refers to investing in the start-ups stage of science and technology projects or science and technology entrepreneurship firm,with double-height features of high risk and high returns.It also plays a role in promoting the rapid industrialization and marketlization of high-tech industrial products.In recent years,China's venture capital industry has been booming,especially angel investment and venture capital,which has been developing very fast and has taken a great impact on Innovative entrepreneurship.However,the development of seed fund for venture capital in our country is still at primary stage,which management and operation mode are still being explored comparing with some developed countries,such as the United States and The UK,seed funds have developed relatively well.Therefore,China should have a deep study on the operation mechanism of seed fund for venture capital base on the reference of seed fund of American and the development situation of seed fund of China,to provides theoretical reference for the sustainable and healthy development of seed fund in China.The researching theme of this thesis is the operating mechanism of seed fund.In contrast with the operating mechanism of the venture capital fund between China and the United States,this thesis focuses on the operating mechanism and related factors of the venture capital fund in China.There are five chapters in the full thesis,the introduction part can summarizes the research background,significance,and the complete interpretation of the core concepts,and summarizes the existing literature,lists the research framework,methods and major innovations and deficiencies in the chapter one.Chapter two express the economic significance of the supply and demand of seed funds.In the part two of thesis,Mainly using the theories of risk cost theory information asymmetry theory and The theory of entrepreneurial investment incentive to reasonably resolve the investment reasons of seed fund.then,chapter three of thesis analyse the seed fund operating mechanism comparing China with America.According to the combination of seed fund operation mechanism,operation mode,market structure and management,the chapter four analyzes the influencing factors of the operating mechanism of seed fund and the related policy implications in China,the thesis mainly analyze the related influencing factors in the operating mechanism of seed fund in China,using AHP to conduct qualitative and quantitative analysis.The chapter five of thesis Summarize or make policy recommendations forthe development of seed fund in our country.This thesis mainly adopts literature research methods,theoretical research methods,empirical research methods,and comparative research methods.In terms of theoretical research methods,mainly analyzes innovation incentive theory,information asymmetry theory and risk cost sharing theory.The empirical research method is mainly on the premise of research hypothesis,using the analytic hierarchy process to build the analytic hierarchy model for empirical analysis;the comparative research method adopt direct comparison of the operating mechanisms of the seed funds between China and the United States.The innovation of this paper include:First,based on the seed fund of venture capital,the paper compares the development mechanism of seed fund in China and America.Second,starting from the determinants of the seed fund operation mechanism in our country and using the analytic hierarchy process to carry on the empirical analysis,the thesis concluded the index weights of the influencing factors of seed fund operation mechanism,and then understand the key factors affecting the operation of seed fund,provide development suggestions for future seed fund.The research of the thesis draws the following conclusions: Through theoretical research,it can be known that the US seed fund model take the market and equity investment,and the Chinese seed fund are mainly the government and private investment.the main reason for the difference in the operating mechanism of the two countries is that the transformation and function of the market mechanism.On the basis of empirical research,it was found that the development of China's seed funds was most affected by the market,such as the diversified financing channels and the good capital market investment effects,they have greatly affected the establishment and investment of seed funds.