创业投资基金的组织形态研究——以浙江省为例

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浙江财经学院硕士学位论文

摘要

创业投资经过几十年的成长在国际上已发展成为一种成熟的投资方式。随着

我国高新技术产业的发展和高新技术开发区纷纷建立，创业投资在我国受到越来

越高的重视。但近几年的调查情况显示，浙江省的创业投资发展不尽如人意，总

体状况表现欠佳，并有委缩下降的趋势。2006 年上半年，随着国内宏观经济持续

向好，新修订的《公司法》、《证券法》和国家十部委联合颁布的《创业投资企

业管理暂行办法》正式实施，并受深圳中小企业板率先实现全流通等利好的刺激，

中国风险投资行业迎来发展良机，2006 年风险投资总规模有望创新高。创业投资

基金作为创业投资的主流形式和高级形式，最大的作用就是会使创业投资的融资

功能大大增加。创业投资基金采取不同的组织形式对创业投资的效率有重要的影

响。本文就是对创业投资基金的组织形态模式进行研究，通过对创业投资基金理

论的阐述，分析创业投资基金的各种组织形式在我省的可行性及优劣势分析，提

出什么样的创业投资基金组织模式是适合我省实际情况的，并对完善创业投资基

金组织形态的几个方面提出建议。

文章首先指出创业投资基金的几种组织形式，并通过比较说明各种组织形式

的优势及局限性，公司制相对于有限合伙制的优势及不足，提出了就组织形式本

身而言，并不能证明有限合伙制和公司制之间究竟孰优孰劣的观点，策略和激励

机制才是创业投资取得成功的关键。创业投资企业应结合本国的国情及法律环境

才能决定究竟采取哪种组织形式。然后用交易效率理论对创业投资基金组织形式

的演变给出经济学的解释。接着分析我国创业投资基金资金募集的方式，并总结

了海外投资基金的一些特点。第二部分着重分析了浙江省创业投资发展现状，归

纳出浙江省创业投资发展过程中存在的问题。第三部分介绍国内外创业投资基金

组织形态发展模式的经验借鉴。最后一部分提出适合我省的创业投资基金组织模

式，并结合我省实际情况从基金的风险控制、如何利用民间资本正确发挥政府的

作用、如何妥善运用海外投资基金等几方面对完善基金组织形态提出建议。

本文的创新之处主要有：研究内容上从通过比较创业投资基金的各种组织形

式的优缺点，分析公司制和有限合伙制的制度优势，提出在组织形式上不能证明

有限合伙制和公司制之间究竟孰优孰劣，公司制可以通过改进使其具备有限合伙

浙江财经学院硕士学位论文

的优势的观点；利用交易效率理论和古典社会组织实验模型解释了创业投资投资

基金的组织形式的演变；结合创业投资的理论知识与浙江省的实际情况，详细分

析了浙江省创业投资存在的困难；提出以公司制的形式建议基金公司，在基金管

理上采取有限合伙的形式的观点，充分吸收了公司制与有限合伙的优点，比较适

合浙江省目前的发展情况与法律环境；结合我省情况从基金的风险控制、如何利

用民间资本正确发挥政府的作用、如何妥善运用海外投资基金等几方面进行探索，

提出有针对性的建议方案，具有一定的现实意义和理论价值。

关键词：创业投资基金；有限合伙制；公司制；委托代理

浙江财经学院硕士学位论文

III

ABSTRACT

Venture investment internationally to develop into one mature investment way.

Venture investment receive the more and more high value in our country with our

country high technology and new technology industry development and the high

technology and new technology development zone.But in recent years, Zhejiang

Province starts venture investment development not entirely as desired, overall

condition performance unsatisfactory, and has the committee to shrink the drop the

tendency. In 2006 the first half year, continues along with the domestic macroscopic

economy to good, the new revision "Law of corporation", "Securities law" and the

national ten ministries and commissions promulgates jointly "Venture Investment

Business management Tentative method" the official implementation, and takes the

lead the Shenzhen Small and medium-sized enterprise board to realize the entire

circulation and so on the advantage good stimulations, the China venture capital

profession welcomes the development good opportunity, in 2006 the venture capital

overall scale creates new high hopefully. Venture capital fund achievement to start an

undertaking the investment mainstream form and the higher form, the most major

function is can cause to venture investment financing function big increase. Venture

investment fund to adopt the different organization form to be able to start an

undertaking the investment efficiency to have the important influence. This article is to

starts an undertaking the investment organization form pattern to conduct the research,

through to venture investment fund theory elaboration, analyzes each kind of

organization form in our country's feasibility and the superior inferiority analysis,

proposed any type venture investment fund organization pattern suits our country

national condition, and to venture investment fund several aspects to put forward the

proposal.

The this article place of innovation mainly is: In the research content from

through compares each kind of organization form the good and bad points, the analysis

浙江财经学院硕士学位论文

corporate system and forms a partnership limitedly the system system superiority,

proposed actually which one is good and which one is bad viewpoint can't the

certificate form a partnership limitedly in the organization form between the system

and the corporate system, the corporate system may the superiority which causes it

through the improvement to have forms a partnership limitedly; Explained using the

transaction efficiency theory and the classical social organization experimental model

venture investment fund organization form evolution; The union venture investment

theory knowledge and Zhejiang Province's actual situation, multianalysis Zhejiang

Province venture investment existence difficulty; Proposed by the corporate system

form suggestion fund company, has the form viewpoint in the fund management which

forms a partnership limitedly, has fully absorbed the merit which the corporate system

and forms a partnership limitedly, compared with suitable our country at present

national condition and legal environment; From the fund risk control, how uses the

folk capital correct display government the function, how properly and so on several

aspects carries on the exploration using the foreign investment fund, proposed has the

pointed suggestion plan, has certain practical significance and the theory value.

Keywords：venture capital fund; limited partnership system; corporate system;

principal-agent

浙江财经学院硕士学位论文

第一章引言················································································································ 1

第一节问题的提出 ···························································································· 1

第二节创业投资相关文献综述········································································· 1

第三节本文研究的目的、主要内容及创新点 ················································· 5

第二章创业投资基金的理论分析 ············································································ 7

第一节相关概念界定 ························································································ 7

第二节创业投资基金组织形式········································································· 8

第三节创业投资基金组织形式演变的经济学解释 ······································· 16

第四节创业投资基金资金募集的方式··························································· 19

第五节引进海外投资基金对创业投资基金的发展意义重大························ 20

第三章浙江省创业投资发展状况及问题分析························································· 26

第一节浙江省创业投资发展现状··································································· 26

第二节目前存在的主要问题··········································································· 31

第四章国内外创业投资基金组织形态发展模式的经验借鉴 ······························· 34

第一节美国模式 ······························································································ 34

第二节日本模式 ······························································································ 35

第三节台湾地区模式 ······················································································ 36

第四节上海、深圳模式 ·················································································· 37

第五节促进创业投资基金组织形态模式发展的启示 ··································· 39

第五章发展我省创业投资基金的对策建议··························································· 42

第一节探索适合我省的创业投资基金组织模式 ··········································· 42

第二节创业投资基金的风险控制：完善基金组织形态的重要环节············ 44

第三节完善创业投资基金的组织形态应积极培育民间投资主体················ 46

第四节海外基金引进：促进我省创业投资组织形态完善···························· 49

第五节结论 ······································································································ 51

参考文献·········································································································· 52

致谢······················································································································ 55

浙江财经学院硕士学位论文

第一章引言

第一节问题的提出

创业投资对加快科技成果转化和发展高新技术产业发挥了十分重要的作用，

而创业投资基金是创业投资的主流形式和高级形式。创业投资基金最大的作用就

是会使风险投资的融资功能大大增加。那么创业投资基金应采取什么样的组织形

式，不同的组织形式对创业投资的效率有什么样的影响。本文就是对这些问题进

行研究，分析各种组织形式在浙江省的可行性及优劣势分析，提出什么样的创业

投资基金组织模式是适合我省经济发展状况的，并对完善创业投资基金组织形态

的几个方面提出建议。

第二节创业投资相关文献综述

创业投资是一种具体的投资实践活动,对创业投资的理论研究与创业投资实

践活动结合非常紧密。从国际方面的研究来看，理论研究相对滞后于创业投资活

动的实际进行，大多数创业投资专著是在创业投资发展了十几年或二十年以后出

现的。同时，由于创业投资比较发达的国家一般来讲市场制度都比较完善，不需

要许多制度创新方面的东西，所以从宏观层面上讨论创业投资的很少，从创业投

资具体运作角度进行的研究比较多。在我国，创业投资的理论与实践是同步进行

的。由于经济制度的差异较大，在宏观和微现层面都有许多问题值得探讨。

一、国外研究状况

创业投资理论研究相对比较深入的国家一般创出投资比较发达，比如美国、

日本、英国等国。亚洲一些国家和地区（如日本、台湾、新加圾、印度等），创

业资本市场也早在 20 世纪 80 年代开始，创业投资有很大发展。也有不少相关研

究。国外关于创业投资的理论研究可以归为两类：

（一）发展模式研究。

威廉姆等对美国模式进行了比较全面深人的分析，并探讨了美国模式的未来

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摘要：

浙江财经学院硕士学位论文I摘要创业投资经过几十年的成长在国际上已发展成为一种成熟的投资方式。随着我国高新技术产业的发展和高新技术开发区纷纷建立，创业投资在我国受到越来越高的重视。但近几年的调查情况显示，浙江省的创业投资发展不尽如人意，总体状况表现欠佳，并有委缩下降的趋势。2006年上半年，随着国内宏观经济持续向好，新修订的《公司法》、《证券法》和国家十部委联合颁布的《创业投资企业管理暂行办法》正式实施，并受深圳中小企业板率先实现全流通等利好的刺激，中国风险投资行业迎来发展良机，2006年风险投资总规模有望创新高。创业投资基金作为创业投资的主流形式和高级形式，最大的作用就是会使创业投资的融资功能...

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