Supported by the relative national departments ， the company has gained good reputation with the help of abundant capital and professional management team in recent years , and has cooperated with several famous foreign risk investment agencies and consultation agencies 公司几年来在国家有关部门的大力支持下,凭借自身雄厚的资本实力和专业的管理团队，迅速发展成为在业内具有良好声誉的企业，并逐渐与国外多家著名的风险投资机构和咨询机构展开密切合作。
Secondly , this thesis introduced related abroad corporate governance experiences , combining with the particularity of economy development in our country , put forward that our venture capital organizations should stay institution of corporation at present , but turn to the institution of limited partnership gradually 其次,介绍了国外相关的治理经验,结合我国经济转轨时期的特殊性,提出我国风险投资机构现阶段仍然应该采用公司制组织形式,但必须逐步向有限合伙制方向发展。
Following problems exists in the operation of venture capital in china . first , the source of venture capital is single ; second , the scale of venture capital is too small ; third , institutions and enterprises of venture capital are not perfect ; fourth , there is no benefit - balance mechanism between the institution and enterprises ; fifth , the channels of seceding for venture capital are not kind 通过研究，发现我国风险投资运行中主要存在以下问题：风险资本规模太小，来源单一，风险投资机构不成熟，风险企业不完善，在风险资本提供者、风险投资机构和风险企业之间还没有形成合理的利益平衡机制，风险资本退出渠道不畅。
To solving the problem baffling non - state hi - tech enterprises " financing , the government should pass a law clearly stipulating that the state would protect their legal rights and interest , that governments at different levels should give their fiscal support to such enterprises and that the state should set up a development foundation for such enterprises . in addition , the government should improve the financing environment for non - state hi - tech enterprises and encourage risk investment institutions to increase input in these enterprises 具体操作上，应建立并完善适合民营高新技术企业特征的直接融资市场体系，积极推动创业板市场的设立，建立以产权交易为主的柜台交易市场，为民营高新技术企业产权流动、购并活动提供条件，并积极发展培育风险投资机构；建立适合民营高新技术企业特征的间接融资市场体系，加快中小企业银行和民营银行的设立进程，加快银行业务改革，完善担保体系；加快企业信用体系建设；完善相关财政税收政策。
In selecting the business form , the venture capital organization must choose the form which has the minimum cost to the investor , namely the sum of hereinafter two costs is minimum : the cost of the transaction of the investor and entrepreneur and the cost which the investor possess the organization 在风险投资机构进行组织形式的选择时，必然要选择对投资者来说成本最低的组织形式，也就是以下两种成本之和达到最小： 1 、投资者与创业者在市场上交易的成本； 2 、作为风险投资机构的所有人的投资者拥有企业的所有权成本。
Firstly , the author analyzed the specific problems of venture capital organizations in connection with the situation of development of venture capital organizations in our country , pointed out the core problem for venture capital organizations is the institutional designs of corporate governance and operating mechanism under information asymmetry 首先,针对我国目前风险投资机构的发展情况,分析我国风险投资机构所面临的具体问题,指出风险投资机构的核心问题是信息不对称条件下的制度设计,主要涉及治理结构以及运行机制两个方面。
First , source of venture capital should be diversified ; second , the limited partnership institution is the main form of venture capital and some other forms also be permitted ; third , a perfect finance market system must be founded ; fourth , the government does n ' t take part in venture capital directly any longer and provide needed policies and laws for venture capital 在分析了风险投资运行中存在的问题、影响及原因的基础上，结合我国国情，借鉴风险投资发达国家或地区的经验，提出了我国发展风险投资的目标模式：资金来源多元化；风险投资机构以有限合伙制形式为主，多种形式并存；建立发达的金融市场体系；政府不再直接参与风险投资，而是为其发展服务。
This part briefs basic concepts and features of vc , enumerates known concepts about vc at home and abroad , analyses the relationship between vc and venture enterprises . and consequently , concludes the basic mechanism of rmvc : after the venture enterprises grow mature , vc institutions transform its investment from the state of ownership into cash . that is liquidation mechanism as well as relevant corresponding institutional arrangement 对风险投资的基本概念和特点进行了简明的阐述，列举了国内外几种对风险投资概念著名的观点，分析了风险投资和风险企业的关系，并由此得出了风险投资退出机制的基本原理是：风险投资机构在其所投资的风险企业发展相对成熟后，将所投的资金由股权形态转化为资金形态，即变现的机制及相关的配套制度安排。
In the third and fouth part , i study the legal system that develpoment of venture capital need and it faces the legal difficulties in china , and there are six aspects : the organizational form of venture capital ; the effective enterance of venture capital ; the withdrawing of venture capital ; the preferential taxation of venture capital ; the protection of venture capital in the intellectual property right ; the intermediary organ of venture capital 第三部分，从六个方面分析了风险投资的发展所需要满足的法律上的要求，及在我国法律制度上的紧迫需要。这六个方面是：风险投资机构组织形式；风险资本的准入；风险资本的退出；风险投资的税收优惠；风险投资的知识产权和风险投资的中介机构。
Practices of venture capital in china have shown : 1 ) venture capital industrial is lack of fund , fine system , preferential polices and laws , medium - organization and the capital market such as ipo ( initial public offering ) and the second - board share market where investors can sale the shares . that is to say , the development of venture capital industrial in china lacks of preferential macro - scope environment . so the unfit government behavior is the mam restrictive factor . 2 ) venture capital industrial is wholly controlled and practiced by the government , which is the main investor of venture capital organization , while there is not outstanding achievement both theory and practice have shown : venture capital industrial will not succeed if government is the main investor for a long time 具体体现为： ( 1 )相当多的风险投资机构运作困难，效益低下，大多数都违背了设立的初衷； ( 2 )风险投资资金缺乏，来源单一，总量不足； ( 3 )风险投资者的利益得不到保护，导致投资者积极性不高，加剧了风险资本的匮乏； ( 4 )风险投资在投资、融资和实现回报等各个环节的障碍很多，无法实现良性循环，造成风险投资的成本和风险过高，收益偏低； ( 5 )风险投资发展中政企不分，缺乏现代企业制度中的激励机制和硬预算约束机制，投资成功率低。
