风险投资与我国高校发展高新技术产业的对策研究

上海交通大学硕士学位论文风险投资与我国高校发展高新技术产业的对策研究姓名：陆耀辉申请学位级别：硕士专业：企业管理指导教师：陈继祥2003.2.1IISWOTIIIISWOT++IIIIIIABSTRACTFacetothenewcentury,withthefiercedevelopmentofscienceandtechnology,knowledgeeconomyemerged.Thecompetitionofintegrationnationalpowerindifferentcountriesallovertheworldbecomesmoreandmoreexcited.Asafoursofcompetition,theAdvancedandNewTechnologyischangingpeople’sstyleofproductionandliving.Itbecomesastrongmotivepowerofthedevelopmentofeconomicalsociety.DevelopingtheAdvancedandNewTechnologyIndustryhasbeenaconsensusofeverygovernmentsandsocietyintheworld.OurcountrybuildChinesemarketeconomyandundertakesthemissionofrealizingindustrializationandmodernization.TheCollegesandUniversitiesshouldbeasignificantpowerassourceofknowledge.ThefundamentalexperienceofdevelopingtheAdvancedandNewTechnologyIndustryindifferentcountries.Showsthisindustryhasmanycharacteristics.Itincludeshighintensityofinnovation,bigneedsofcapital,highriskandhighrepaying.ToformulatethedevelopmentstrategyoftheAdvancedandNewTechnologyIndustrymustbaseonit’scharacteristic,analyzeonindustrypolicy,investmentmechanismandenterpriseinstitutionsandsoon.TheventurecapitalemergedinUSAin1940’spromotedtherapiddevelopmentoftheAdvancedandNewTechnologyinAmerica.TherelationshipbetweentheAdvancedandNewTechnologyindustrializationandventurecapitalisakindofcoupling.ThisembodiesintheconsistencybetweenideaoftheventurecapitalandthefeaturesandregularitiesoftheAdvancedandNewTechnologyIndustry.IVIVThisarticleanalyzedfromventurecapital,andconcludeditscharacteristicandgeneraloperationmodelasakindofspecialinvestment.Ingeneralmeaning,itanalyzedthemodeloftechnologyinnovationandthedevelopmentregularityoftheAdvancedandNewTechnologyIndustry,andtestifiedthenecessityofthecombination.Itconsideredthepositionandeffectofourcountry’scollegesanduniversitiesintheAdvancedandNewTechnologyIndustryandadoptedtheanalyticalway–SWOTandtookemphasisonthestrategycountermeasureintheAdvancedandNewTechnologyIndustrydevelopmentofthecollegesanduniversitiesinChina.Firstly,thisarticleconfinedthebasicconceptionofventurecapital,analysedcharacteristicsandmaineffectbasingonit’shistoryespeciallynearlytenyearsinChina.Itpointedoutthatventurecapitalwasalong-termcapitalinvestment.AndwasaprofessionalinvestmentprocesswithaobligationoftheAdvancedandNewTechnologyIndustrializationandanpeculiaroperationmodel.venturecapitalwasaprocesswithnotonlyinvestmentbutalsofinancing.Itdependedonthecapitalmarketanditsexpectionofhighrepayingcorrespondedwithhighriskoftheinvestmentitems.Themanagementabilityoftheriskisthekeyofthesuccessorfailureinventure-investment.Afterthat,thisarticleanalyzedthefivetypesoftypicaltechnologyinnovationalmodelsandthedevelopmentregularityoftheAdvancedandNewTechnologyIndustry.ItdividedtheprocessoftheAdvancedandNewTechnologyindustrializationasfourprocesseswhicharetechnologyexploiture,productions’exploiture,producingexploitureandmarketexploiture.ItexpoundedthebasicdevelopmentregularityoftheAdvancedandNewTechnologyIndustryonitsfundamentalfeatures,Necessaryconditionsandriskanalysis.Theseofferedthetheoreticpreparationsinstudyinganddiscussingthecountermeasuresondevelopingourcountry’scollegesanduniversitiestheAdvancedandNewTechnologyIndustry.Secondly,thisarticletookemphasisonconcreteevidenceintheexperienceindevelopingtheAdvancedandNewTechnologyIndustryofUSA,Japan,Israel,SiliconValley,ZhuBo,andXinZhu.Itpointedout:fundamentalresearchandtechnologyinnovationisthefountainofdevelopingtheAdvancedandNewTechnologyIndustry;ResourcesincollegesanduniversitiesandtalentsaretheVVsupportsofdevelopingtheAdvancedandNewTechnologyIndustry;venturecapitalisthepromotionaidofdevelopingtheAdvancedandNewTechnologyIndustry.Developingindustryinourcountry’scollegesanduniversitiesisahistoricalphenomenon,butitsdevelopingtrendisveryfast.ThisarticleanalyzedinSWOTandbroughtforwardthestrategypropositionongovernment’sfunction,collegesanduniversities’orientationandenterprises’instructionstodeveloptheAdvancedandNewTechnologyIndustryinourcountry’scollegesanduniversities.Atlast,thisarticleconcludedthepracticalexpericeofdevelopingtheAdvancedandNewTechnologyIndustrythisyearwiththeexamplesofKingdeesoftware.SmilerandJiaodaOnly.ItbroughtforwardsthepyramidmodelindevelopingtheAdvancedandNewTechnologyIndustry.ThemodelbasedontheachievementsintheAdvancedandNewTechnologyinnovation,mainlydependedonindustrypolicy,modernenterpriseinstitutionsandventure-investment,thecompetitionpowerofenterprisewasthetopofthe“pyramid”.keyword:venturecapital,chinesecolleges,thehighandnewtechnologyindustry,developmentcountermeasure2003226200322620032261GDP4300VentureCapital4000200AppleIntelMicrosoftNetscape19992000199820002000200112WTO2Ei=Rf+[]fmRRE-)(ib×,Ei=3Rf=Rm=ib=[]fmRRE-)(ib×ibEiVentureCapitalAmericanResearch&DevelopmentCo.(Greenwald)(Ammer)(Riggs)(capitalgain)(gonenc)KennethK.RindTheRoleofVentureinCorporateDevelopment4risk(investment)123495%5----1231-11-25----1231-11-261-11-2buy-sidefinancingsell-sidefinancing123475-730%1-11998----PeoplePaper81-1129128.3%73913.6%68515%2033.7%63814%1923.5%48910