天津市风险投资行业调查结果的分析

我国风险投资尚在探索前进中。通过对天津市风险投资业的调查及与全国和其他地区的比较可以发现 :天津市风险投资业国有资金比例过高 ,政府发挥了重要作用 ,但政府应由风险投资主体及时转变为投资制度的建设者 ,尽快推出二板市场 ,增强风险投资的市场化水平 ;资金规模相对较小 ,资源分布不平衡 ,专业化程度较低 ,应明确专业化定位 ,以在细分市场上赢得竞争优势 ;联合投资不足 ,抵御风险能力较弱 ,加强行业内合作势在必行 ;项目来源及搜索能力不足 ,应将项目搜索能力作为核心能力培养 ,重视价值链或产业链创新。

The Venture Capitals Enterprise:The Case of Tianjin

The Venture investment (VC) enteprise in China is exploring to proceed. By comparasion study, the share of government fund in Tianjin VC enterprise is higher than that in other cities of China, thus it plays a key role. The writer of this paper deems it the time is for the government venture capital being as the principal inverstor should turn to be the lay down people of the venture capital enterprise, so as to (a) introduce as soon as possible the growth enterprise board (the second board) to strenghten the marketlization of VC; (b) as the smaller of the amount of fund, the distribution of resources out of balance, and a lower specialized division of labour, the specialized positioning should be localized so as to win an advantage in a specialized market; (c) with the inadequacy of Joint-Investment to meet risk, the cooperation within the trade should be enforced; (d) giving scope to approving of strenghtening the ability to hunt for project to respond to the insufficency of its source. This should be the center-task of VC enterprise. Again, the innovation of the cognition of the value chain and the industrial chains should be put importance to as well.