上海地区创业投资发展问题研究

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上海地区创业投资发展问题研究

摘要

随着当今世界各国高科技竞争的日益加剧，创业投资以其特有的功能而受

到了各国政府政策的积极鼓励与扶持，发展十分迅猛，并成为世界各国发展高

新技术产业的催化剂和推进器。这种支持作用主要体现在高新技术成果向生产力

转化过程中风险资本对其的扶持上。

2008 年《关于创业投资引导基金规范设立与运作指导意见》的出台，引导基

金的力度增强，为国内外的投资者带来了信心，上海的创业投资行业保持了良

好的发展态势，对环保、现代服务业、传统制造业等上海现代化经济建设中迫切

需要加速发展的多个行业，关注和支持度有所增强。2009 年 10 月 29 日创业板在

深圳开盘，通过对首批上时的 28 家企业的分析我们发现，上海地区仅有两家创

业企业在此之列，上海作为我国的经济金融中心，对创业投资的发展有很多有

利的经济技术条件，但是为什么上海的创业企业在首批上市的企业中份额如此

之少？这又能反映出上海地区的创业投资的哪些问题呢？这些都是值得我们深

入探讨的。

创业投资最重要的作用是促进科技的发展和高新技术产业化，而政府有限

的资金划拨和企业用于技术创新的自有资金对其技术创新所需要的资金来说是

远远不够的，所以政府的主要任务应该是定位于通过创业投资环境的改善来调

动民进资本的投入，因此研究本地区创业投资环境的特点，发现有哪些因素影

响风险资本的投入，借鉴发达国家如何改善创业投资市场的环境是非常有必要

的。本文的主要目的是通过分析上海地区创业投资业的表现以及创投行业发展的

外部支持环境，找到上海地区创业投资的优势和主要问题，对发展上海地区的

创业投资业提出政策建议，形成规模较大、市场繁荣的创业投资市场。

创业投资是一个复杂的系统过程，从创业投资的发展沿革来看，上海地区

的创业投资主要是由政府扶持发展的，一般是财政划拨资金建立国有的公司制

的创业投资机构，这种方式有很大的缺点，一是政府直接出资的形式不能充分

调动民间资本参与，创业投资市场发展不活跃，二是公司制的组织形式业不利

于民间资本的投资，不利于对风险投资家的激励约束。本文立足于上海地区创业

投资业的发展特点和主要存在问题分析。本文第二章对研究涉及到的概念进行了

界定；第三章分析上海地区创业投资近些年的发展情况，从创业资本的来源和

规模、组织形式、退出情况等方面进行分析；第四章分析上海地区创业投资的外

部支持环境，并且和美国创业投资的外部环境进行比较分析；第五章分析上海

地区创业投资的优势及存在的问题；最后为发展上海地区创业投资业提出各种

政策建议。对于创业投资的发展，首先肯定了近年来政府做出的一系列努力，以

及创业投资业所取得的进步。而对于创业投资业的进一步发展，本文认为应该从

以下方面进行努力：第一，发展以政府资金为引导、民间资本为主体的创业风险

资本的筹集和循环机制；第二，鼓励将有限合伙制作为创业投资机构的主要组

织形式；第三，建立健全创业投资退出机制；第四，重视和培养本土创业投资

家，培育全社会范围内的创业环境和创新精神；第五，鼓励大企业开展创业投

资；第六，学习硅谷的成功经验，建立高新技术产业区。只有从多方面入手，努

力促进创业投资的发展，才能更大限度的发挥创业投资对经济发展的巨大的推

动作用。

关键字：创业投资外部支持环境有限合伙制引导基金

Abstract

As high technology industries become more competitive among the world,

venture capital, because of its specific function, has been quickly developed by most

of countries, which have issued some active policies to promote VC’s development.

Meanwhile, VC has become the catalyst and propulsion to high technology industries.

This supportive effect is reflected in the supporting process of transforming from high

technological achievement to production capability.

In 2008, based on the releasing of the Guiding Opinions on Regulating the

Establishment and Operation of Venture Capital Fund of Funds, domestic and foreign

investors have confidence in the venture capital industry and Shanghai venture capital

industry still kept a good development state. Shanghai venture capital industry

assisted and paid more attention to some industries, such as environmental protection

industry, modern service industry, traditional manufacturing and so on, which cry for

development in Shanghai modern economic foundation. On Oct. 29, 2009, the market

of second board (GEB-growth enterprise board) opened in Shenzhen stock market by

analyzing the twenty-eight corporations which firstly come into the market; we can

find that there are only two enterprises included in the twenty-eight corporations. The

city of Shanghai is our country’s economic and finance center, which possesses some

economic and technological advantages to develop venture capital. But why is low the

percentage of enterprising corporations of Shanghai in the first listed companies?

What problems are reflected according to the phenomenon? We should deeply discuss

and research these problems.

The most important function of venture capital is to promote science and

technology development and high and new technology industrialization, but the

capital demand is so much that it is impossible if enterprises only depend on

government finance and self-supported capital used in technological innovation. So

the main responsibility of government is to improve venture capital investment

circumstance in order to mobilize private capital to investment in enterprising

corporations. It is necessary to research the characteristics of venture capital

investment circumstance, find that what factors influence venture capital investment,

and use the method improving venture capital market in developed countries as a

source of reference. The main subject of this article is to analyze the performance of

Shanghai venture capital industry and external circumstances sustaining venture

capital industry development, find the advantages and disadvantages existing in the

Shanghai venture capital industry, and table a proposal about developing Shanghai

venture capital industry in order to strike up a large and active venture capital market.

Venture capital is a complicated systematic process. From the venture capital

history, the development of Shanghai venture capital is supported by government.

Generally, the government settled up state venture capital corporations. But this

method has two disadvantages: firstly, the manner of government direct investment

makes against fully mobilizing private capital and the venture capital market is not

active; secondly, as a organization form, corporation makes against prompting and

restricting for venture capitalists. This article bases on the development characteristics

and main problems of Shanghai venture capital industry. The second part includes the

definition of relative terms; analyze the development status of Shanghai venture

capital industry in the latest years in the third part, from the following aspects: the

source and size of venture capital, organization forms, and exit channels and so on;

analyze external circumstance of venture capital, and compare with American venture

capital in the forth part; in the fifth part, discuss the advantages and main problems of

Shanghai venture capital; in the last part, propose a lot of suggestions for developing

Shanghai venture capital industry. Firstly, this article affirms the efforts of government

to develop venture capital and the achievements of Shanghai venture capital. For the

further development, this article makes the following advices: firstly, develop the

venture capital financing and cycling mechanism, including government capital as a

fund of funds and private capital as principle investment part; secondly, encourage

development of limited partnership as a main organization form of venture capital

institution; thirdly, establish and consummate exit mechanism; fourthly, bring up and

think much of local venture capitalist, and foster the enterprising environment and

innovation spirit in the whole society; fifthly, encourage that large corporations

develop venture capital; finally, by studying the successful experience of Silicon

Valley, establish the high and new technology industry areas. We must take efforts

from the various aspects to develop venture capital and the effects of venture capital

to other industries and economic development will ultimately be shown.

Key words: Venture capital, External conditions, Limited-partnership,

Bunch of Guidance funds

目 录
摘  要
ABSTRACT
第一章 绪论...................................................................................................................1
§1.1 本文的研究背景及意义.................................................................................1
§1.2 文献综述.........................................................................................................3
§1.2.1 国外创业投资相关研究理论...............................................................3
§1.2.2 国内创业投资相关研究理论...............................................................9
§1.2.3 国内创业投资相关研究的特点.........................................................11
§1.3 研究的目的和创新点...................................................................................12
§1.4 本文的研究方法和结构...............................................................................12
第二章 创业投资的基本问题及相关概念的界定.....................................................14
§2.1 创业投资概述...............................................................................................14
§2.1.1 创业投资的内容与概念.....................................................................14
§2.1.2 创业投资的一般特征.........................................................................16
§2.1.3 创业投资与一般传统投资的区别.....................................................16
§2.2 创业投资的组织形式...................................................................................17
§2.2.1 组织形式简介.....................................................................................17
§2.2.2 有限合伙制作为创业投资主要组织形式的合理性.........................19
§2.3 创业资本的资金来源...................................................................................20
§2.3.1 政府资本.............................................................................................20
§2.3.2 机构投资者的投资.............................................................................22
§2.3.3 家族/个人资本....................................................................................22
§2.3.4 外国资本.............................................................................................23
§2.4 创业投资的退出方式...................................................................................23
§2.4.1 首次公开发行上市（IPO）...............................................................23
§2.4.2 股份出售.............................................................................................24
§2.4.3 股份回购.............................................................................................25
§2.4.4 清算.....................................................................................................25
第三章 上海地区创业投资发展调研.........................................................................26
§3.1 上海地区创业投资的总体发展情况...........................................................26
§3.1.1 上海地区创业投资机构.....................................................................26
§3.1.2 上海地区创业投资资本.....................................................................28
§3.1.3 有限合伙制的发展情况.....................................................................34
§3.1.4 政府引导基金在上海地区的运行情况.............................................35
§3.2 上海地区创业投资机构年度投资活动.......................................................37
§3.2.1 投资行业分布.....................................................................................37
§3.2.2 投资阶段偏好.....................................................................................38
§3.2.3 平均投资强度.....................................................................................39
§3.2.4 投资决策要素.....................................................................................40
§3.2.5 对首批创业板上市的创业企业特征的实证分析.............................41
§3.3 上海地区创业投资的退出情况...................................................................43
§3.3.1 退出的基本情况以及退出方式的统计.............................................43

§3.3.2 首批创业板上市的创业企业——北京、上海、深圳三地的比较.44
§3.4 上海地区创业投资绩效统计.......................................................................45
§3.4.1 创业投资业务收入.............................................................................45
§3.4.2 不同规模创业投资机构的收入比较.................................................47
§3.4.3 创业投资机构利润.............................................................................49
第四章 上海地区创业投资的外部环境分析.............................................................52
§4.1 上海地区创业投资的法律环境分析...........................................................52
§4.2 上海地区创业投资的政府支持政策...........................................................53
§4.2.1 上海市关于创业投资的政策环境总体分析.....................................53
§4.2.2 税收优惠.............................................................................................54
§4.2.3 政府创业投资引导基金.....................................................................54
§4.2.4 关于政府财政政策选择的博弈分析.................................................57
§4.3 上海地区创业投资的资本市场环境...........................................................58
§4.4 上海地区创业投资的文化和人才环境.......................................................60
§4.5 美国创业投资的外部支持环境对比...........................................................60
§4.5.1 政府的支持.........................................................................................61
§4.5.2 法律结构对创业投资的影响.............................................................61
§4.5.3 有效的组织形式——有限合伙制.....................................................62
§4.5.4 发达的资本市场提供了完善多样的退出渠道.................................62
§4.5.5 专业化的创业投资人才队伍、创业环境和创新精神.....................63
§4.6 上海和其周边地区政府对创业投资发展的博弈分析...............................64
第五章 上海地区创业投资的优势及存在的问题分析.............................................67
§5.1 上海地区创业投资的优势分析...................................................................67
§5.2 上海地区创业投资的资金来源问题...........................................................68
§5.3 上海地区创业投资的组织形式问题...........................................................69
§5.4 上海地区创业投资的退出机制问题...........................................................70
§5.5 税收政策的优惠力度不够...........................................................................71
§5.6 政府创业投资引导基金的问题...................................................................72
第六章 发展上海地区创业投资的政策建议.............................................................73
§6.1 发展以政府资金为引导、民间资本为主体的创业风险资本的筹集和循环
机制.......................................................................................................................73
§6.2 鼓励将有限合伙制作为创业投资机构的主要组织形式...........................74
§6.3 建立健全创业投资退出机制.......................................................................74
§6.4 重视和培养本土创业投资家，培育全社会范围内的创业环境和创新精
神...........................................................................................................................77
§6.5 鼓励大企业开展创业投资...........................................................................77
§6.6 学习硅谷的成功经验，建立高新技术产业区...........................................78
第七章 总结与启示.....................................................................................................80
参考文献......................................................................................................................81

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摘要：

上海地区创业投资发展问题研究摘要随着当今世界各国高科技竞争的日益加剧，创业投资以其特有的功能而受到了各国政府政策的积极鼓励与扶持，发展十分迅猛，并成为世界各国发展高新技术产业的催化剂和推进器。这种支持作用主要体现在高新技术成果向生产力转化过程中风险资本对其的扶持上。2008年《关于创业投资引导基金规范设立与运作指导意见》的出台，引导基金的力度增强，为国内外的投资者带来了信心，上海的创业投资行业保持了良好的发展态势，对环保、现代服务业、传统制造业等上海现代化经济建设中迫切需要加速发展的多个行业，关注和支持度有所增强。2009年10月29日创业板在深圳开盘，通过对首批上时的28家企业的分析我们发现...

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