中小高科技企业与创业投资业的良性互动及其战略选择

我国加入WTO后,中小高科技企业和创业投资公司在各自领域内都将面临激烈的国际竞争。然而中小高科技企业的融资困难严重阻碍其发展壮大,创业投资业缺乏有效的退出渠道和机制,使风险投资家进退维谷,这种现状已直接影响到我国科技成果向生产力的转化和创业投资业的发展,进而必将使两者在未来的竞争中处于不利地位。通过对我国高科技企业和创业投资内在互动发展规律的综合论证,提出尽快建立创业板市场、鼓励民间投资是两者良性互动发展的战略选择。

The Benign Interaction Between Middle and Small Scale High-tech Companies and Venture Capital Industry and Their Strategic Choice

Chinese middle and small scale high-tech companies and venture companies will be competing severely with their international rivals respectively after China entering WTO. Yet the financing difficulty of the former is a great obstacle to their development. At the same time, the leaders of the latter are in a dilemma owing to the lack of the effective outlet for the investment. As a result, middle and small scale high-tech companies and the venture investment companies would be in an adverse position in future competition. The benign interaction between middle and small scale high-tech companies and venture capital companies has been analysed in this paper. The interaction requires the establishment of the second capital market to develop venture fund and encourage private investment.