China overtook the uk as the world ' s second - biggest destination for venture capital investments last year , in spite of a 27 per cent rise in british early - stage company funding to about 1 . 4bn , a survey revealed yesterday 昨日公布的一项调查显示，尽管去年英国初创企业的融资额增长了27 % ，达到约14亿英镑，但中国仍取代英国，成为世界第二大风险投资目的国。
Completing investment and financing system , reinforcing venture - investment system 4 . improving the protection of intelligent industry right , reinforcing policy of technology development 5 . rapidly carrying out strategy in personal resource 6 建立风险投资体系是发展高新技术产业的关键，通过建立政府激励机制，以市场方式运作政府风险投资基金，拓宽凤险投资渠道；进一步培育和完善资本市场，并开发风险投资保险业务。
In the second chapter , i bring forward some advice for our country to develop venture capital industry through learning the experience and lessons of some advanced countries . in the third chapter , firstly , demonstrate the necessity and possibility for listed corporation to take part in venture capital . and not only analyze practice but also analyze theory for listed corporation acts as a main running operator of chinese venture capital 本文分三大部分来分析上述问题：第一部分首先阐述中国发展风险投资的必要性，然后陈述我国风险投资的现状；第二部分通过借鉴国外风险投资发展的经验，提出发展我国风险投资模式的基本设想；第三部分首先论证了上市公司进行风险投资的必要性和可行性，并通过对具体案例的研究，对上市公司作为风险投资的运作主体进行了实践与理论上的分析；然后分析了发展有限合伙制为主流风险投资组织形式的可行性和运作的模式；最后对开拓多渠道的退出方式提出了自己的建议和分析。
As to the interference on the venture enterprises , we conclude that interference can be help to prevent and control moral hazard because it can better the condition of information asymmetry . meanwhile , we analysis the condition of interference and venture capitalists " interfering decisions under various venture capital 在风险企业的干预上，分析了风险投资家的干预对于防范和控制道德风险的积极作用以及实施干预的条件，研究了不同资本形态下风险投资家的干预决策。
Because venture business plays important role in transforming the high - tech to the productive , in recent years our country also has developed it energetically . up to the end of 2003 , the nation had the venture capital over rmb one hundred billion at least , and approximately some 6 , 000 venture investment corporations 由于风险企业对高新技术转化为生产力所起的作用巨大,近年来我国也开始大力发展风险企业,截至2003年底,全国至少有上千亿的风险投资,大约有6000家风险投资公司。
The venture capital has made a rapid growth with the help of the government policies and associated laws , but looking at the present situation and history it is not difficult to draw a conclusion that the venture capital is still in a transitional period with our government playing an important role , and it demands a lot of money to join in and support venture capital . therefore , how to make the idle capital of individuals enter into the area of venture capital becomes a highlighted topic 我国风险投资在政府政策和相关法规的扶持下，获得了相应的发展，但纵观世界各国风险投资发展的现状和历史，不难得出我国政府作为主角的风险投资，仍处于风险投资过渡初期阶段的结论，需要大量的资金参与来支撑起风险投资的发展，因此，如何使闲散的大量民间资本进入到风险投资领域，成为探讨的中心议题。
First of all , this part sets up the information searching model of venture investment company ' s choosing projects under the condition of asymmetric information , then this part demonstrates the limitation of information searching and provides the thought of information risk prevention by contriving efficient contract . secondly , this part analyzes 3 information asymmetry in managers " market in venture capital investment , then provides some policy suggestion to develop the managers " market of our country . also , this part sets up a dual principal - agent model , and makes some conclusions by mathematical induction 首先建立了非对称信息条件下风险投资公司项目选择的信息搜索模型，论证了信息搜索的局限性，提出了通过有效合同设计的方案来防范信息风险的思路；其次，对我国风险投资的经理人市场的三大信息不对称进行了分析，提出了发展我国经理人市场的政策建议；再次，构建了风险投资运作过程中的双重委托代理模型，通过数理推导得出了相关结论。
A real options framework of venture capital investment decision in discrete - time is build . based on the extended npv formula , binomial model combined with black - scholes formula , an integrated model of venture capital investment decision evaluation is given . there are five parts in the model , and five steps to get the solution to 构建了离散状态下风险投资决策的实物期权框架：以扩展的净现值法计算公式为基础，将二叉树模型与black - scholes模型结合，构建了一个评价评价风险投资决策的综合模型，模型分为五部分，分五步求解。
The main reasons that lead to above problems are that micro - participations including enterprise of venture capital , the management enterprises of venture capital and the media enterprises that serve the venture capital are incompletely . marketed , the finance - market mechanism is not perfect , the laws related to venture capital is lacking , there is no efficient supervising system and beneficial policy , qualified personnel of venture capital . as a result , the author puts forward some suggestions to resolve above problems 当把风险投资作为一种资本运作模式、一种体系来看待时，其运行中存在的问题的成因主要有：微观主体包括风险投资公司、风险投资管理公司、风险企业以及为风险投资服务的中介体系的非完全市场化，金融市场体系不完善，有关风险投资的法律法规制定滞后，缺少有效的风险投资监管体系，缺少政府对风险投资行业的优惠政策，以及缺少风险投资人才。
