风险资本融资

风险资本融资、证券工具与控制权配置

Venture Capital Financing , Securities and Allocation of Control Rights

现实中风险资本融资使用不同种类的证券工具，尤其是大量使用可转换优先股，委托代理理论和控制权理论对此有不同的解释。

In venture capital financing , practitioners use different securities , especially convertible preferred stock . Agency theory and property rights theory have different explanation for it .

政府主办旨在扶持美国小企业创业和发展的投资项目，也加快了对风险资本融资的使用

Government-sponsored investment programs designed to foster small Business creation and growth in the United States also have accelerated the use of venture capital financings

并对制度安排中影响风险资本融资的主要因素进行了细致的阐述，进而提出宏、微观制度安排思路，以期对完善我国风险资本融资制度，推动风险投资发展有所助益。

It also puts forward macroscopic and microcosmic thoughts to improve Chinese venture capital financing system and consequently promote the development of China 's venture capital .

第五部分提出风险资本融资的微观制度安排，即对风险资本融资主体&风险投资机构（基金）内部权利和责任结构的设计。

The fifth part brings forward the microcosmic system of venture capital financing , which is the arrangement of rights and obligations inside the venture capital organizations .

因此，本文以制度经济学、博弈论、信息经济学等理论为依据，力图从制度层面寻求风险资本融资发展的经济学解释。

So the thesis tries to explore the economic explanation of the development of venture capital financing , based on Neoinstitutional Economics , Game Theory and information economics .

本文试图利用规范分析与实证分析相结合的方法，探索适合我国国情的风险资本融资机制。

This article attempts to utilize the normal analysis combined together with the positive analysis , exploring the financing mecha-nism of venture capital of the suitable national conditions of our cou-ntry .

我国风险资本融资渠道不畅，规模不大，根源在于缺乏一整套适合风险资本融资的制度。

China 's venture capital has great difficulty in financing aspect and its scale is somewhat small , the cause of which is mostly lack of a series of venture capital institutions .

中小企业融资方式主要分为直接融资方式和间接融资方式，其中直接融资主要包括股票融资，债券融资，商业信用融资和风险资本融资等，而间接融资主要有银行融资，财政性融资等。

The financing methods of SMEs can be divided into direct financing methods and indirect financing methods . Direct financing methods include stock financing , bond financing , commercial-credit financing and venture capital .

但鉴于中东欧市场的状况人们可支配收入较低以及风险资本融资极少意味着“我们的船仍系泊在码头上”。

But the nature of its markets in central and Eastern Europe , with relatively low disposable income and little venture capital funding , meant that " our boat was still at the dock " .

中小企业的整个股权融资，包括天使资本融资、风险资本融资、初次公开上市股权融资以及其后续的股权再融资等，表现为一个资金供给的接力过程。

A series of equity financing of SME , including angel capital financing , venture capital financing , initial public offerings and its following seasoned equity offering financing and so on , acting as a fund supplying relay process .

这种融资模式以企业生命周期为线索，它以创业基金融资、风险资本融资、产权融资、银行信贷融资、股票融资为主要内容，重点服务于企业初创期。

This financing pattern has a clue of the life cycle of corporations , and it mainly focus on the financial need of corporations in early-stage . It is composed of fund financing , venture capital financing , property financing , credit financing , stock financing .

我国风险资本的融资机制研究

Research on Financing Mechanism of Chinese Venture Capital

其运作过程包括融资和投资两个过程，风险资本的融资是风险资本运作的前提和基础，是一个十分关键的环节。

Its operation course includes two aspects : financing and investing . The financing of the venture capital , the prerequisite and foundation of venture capital operation is a very key point .

风险资本的融资是风险资本家向机构投资者和富裕的家庭和个人筹集资金的过程，投资者和风险资本家之间形成一种委托-代理关系，由于两者之间存在着信息不对称，容易产生逆向选择和道德风险。

Then a principal-agent relationship is formed between investor and venture capitalist . Because there is information asymmetry between the two parties , it is apt to produce the adverse selection and moral risk .

美国文化产业则主要采用信贷融资、资本市场上市以及风险资本介入等融资方式。

American culture industry mainly uses financing credit facilities , capital markets and risk capital intervention .

按照融资成本最小化和企业价值最大化原则，文章重点对各种融资方式的成本进行了量化分析，并探讨了融资风险和资本结构对融资成本的影响。

According to the principles of cost-minimization and value - maximization , the paper analyses quantitatively the cost of various kinds of financing methods with emphasis and discusses the effects of financing risks and capital structure on the financing cost .

制约我国高科技产业的发展主要有六大障碍，即利益机制障碍，风险投资主体障碍，风险资本融资渠道障碍，风险资本私有制障碍，风险资本运行机制障碍，风险投资环境障碍。

There are six blocking factors restricting our hi-tech industry , that is the interest mechanism block , the venture investment object block , the private system block of venture capital , the operating mechanism block of venture capital and the environment block of venture investment .

目前商业性地质工作的重中之重，是必须抓住矿产勘查风险资本的本质，全方位多途径地筹集风险资本，冲破融资瓶颈。

Therefore at present the central task of commercial geological work consist in all-directional and many-channel raising fund in the light of the characteristics of mineral exploration risk capital and breaking financing " bottleneck " restrictions .

最后，针对我国风险投资的问题提出了相应的对策建议，如扩大风险资本的融资渠道，实现投资者多元化、完善法律机制，健全税收政策，培养风险投资人才等。

Finally , we made sensible suggestions for the problems of venture capital market in China , such as broaden the financing channels of venture capital , and realize the diversified investors , improve legal mechanisms and sound tax policy , train talent of risk investment , ect .