产业结构、文化因素与我国风险投资“保险化”
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上海财经大学学报 2013 年 第 15 卷第 04 期, 页码：51 - 58
摘要
参考文献
摘要
我国风险投资业存在初创期(种子期和起步期)投资不足、投资传统行业和低端环节较多的现象。文章从产业结构和文化因素的角度解释了这一现象的形成机制,即产业结构决定了默会知识类型,从而导致大多数投资者放弃风险投资,进而造成我国风险投资总量不足,而文化因素锁定了这一过程。因此,文章建议减少初创期和高科技行业投资的机会成本,充分发挥特定默会知识在风险投资决策中的作用,以及大力发展天使投资来阻止我国风险投资"保险化"倾向。
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[4]Avnimelech G.,Rosiello A.,Teubal M.Evolutionary Interpretation of Venture Capital Policy in Israel,Germany,UK and Scotland[J].Science and Public Policy,2010,37(2):101-112.
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[7]Bruton G.D.,Ahlstrom D.An Institutional View of China’s Venture Capital Industry:Explaining theDifferences between China and the West[J].Journal of Business Venturing,2003,18(2):233-259.
[8]Cumming D.,Dai N.Local Bias in Venture Capital Investments[J].Journal of Empirical Finance,2010,17(3):362-380.
[9]Gompers P.,Lerner J.Venture Capital Distributions:Short-run and Long-run Reactions[J].The Journalof Finance,1998,53(6):2161-2183.
[10]Hayek F.A.The Use of Knowledge in Society[J].The American Economic Review,1945,35(4):519-530.
[11]Lerner J.The Future of Public Efforts to Boost Entrepreneurship and Venture Capital[J].Small BusinessEconomics,2010,35(3):255-264.
[12]Lerner J.,Tag J.Institutions and Venture Capital[R].IFN Working Paper,2012.
[13]Li Y.,Zahra S.A.Formal Institutions,Culture,and Venture Capital Activity:A Cross-country Analysis[J].Journal of Business Venturing,2012,27(1):95-111.
[14]Matsuyama K.Agricultural Productivity,Comparative Advantage,and Economic Growth[J].Journal ofEconomic Theory,1992,58(2):317-334.
[15]Naqi S.A.,Hettihewa S.Venture Capital or Private Equity?[J].Asian Experience Business Horizons,2007,50(4):335-344.
[16]North D.C.Institutions,Institutional Change and Economic Performance[M].Cambridge universitypress,1990.
[17]Paul A.Gompers.Optimal Investment,Monitoring,and the Staging of Venture Capital[J].The Journalof Finance,1995,50(5):1461-1489.
[18]Slovic P.,Fischhoff B.,Lichtenstein S.Behavioral Decision Theory[J].Annual Review of Psychology,1977,28(1):1-39.
[19]Von Neumann J Morgenstern.Theory of Games and Economic Behavior[M].Princeton:Princeton Uni-versity Press,1944.
[20]Zacharakis A.L.,Shepherd D.A.The Nature of Information and Overconfidence on Venture Capitalists’Decision Making[J].Journal of Business Venturing,2001,16(4):311-332.
①参见万钢:《发展有中国特色风险投资,加快培育新兴产业》,《科技日报》2010年7月23日。
②参见Mark G.Heesen,et al.:National Venture Capital Association2012Yearbook,http://www.nvca.org/。
③参见诺斯:《制度、制度变迁与经济绩效》,上海人民出版社2008年版,第103页。
[2]弗兰克.奈特.风险、不确定性与利润[M].北京:华夏出版社,2011.
[3]哈耶克.经济、科学与政治——哈耶克论文演讲集[M].南京:江苏人民出版社,2003.
[4]Avnimelech G.,Rosiello A.,Teubal M.Evolutionary Interpretation of Venture Capital Policy in Israel,Germany,UK and Scotland[J].Science and Public Policy,2010,37(2):101-112.
[5]Batjargal B.Comparative Social Capital:Networks of Entrepreneurs and Venture Capitalists in China andRussia[J].Management and Organization Review,2007,3(3):397-419.
[6]Bruton G.D.,Ahlstrom D.,Singh K.The Impact of the Institutional Environment on the Venture CapitalIndustry in Singapore[J].Venture Capital,2002,4(3):197-218.
[7]Bruton G.D.,Ahlstrom D.An Institutional View of China’s Venture Capital Industry:Explaining theDifferences between China and the West[J].Journal of Business Venturing,2003,18(2):233-259.
[8]Cumming D.,Dai N.Local Bias in Venture Capital Investments[J].Journal of Empirical Finance,2010,17(3):362-380.
[9]Gompers P.,Lerner J.Venture Capital Distributions:Short-run and Long-run Reactions[J].The Journalof Finance,1998,53(6):2161-2183.
[10]Hayek F.A.The Use of Knowledge in Society[J].The American Economic Review,1945,35(4):519-530.
[11]Lerner J.The Future of Public Efforts to Boost Entrepreneurship and Venture Capital[J].Small BusinessEconomics,2010,35(3):255-264.
[12]Lerner J.,Tag J.Institutions and Venture Capital[R].IFN Working Paper,2012.
[13]Li Y.,Zahra S.A.Formal Institutions,Culture,and Venture Capital Activity:A Cross-country Analysis[J].Journal of Business Venturing,2012,27(1):95-111.
[14]Matsuyama K.Agricultural Productivity,Comparative Advantage,and Economic Growth[J].Journal ofEconomic Theory,1992,58(2):317-334.
[15]Naqi S.A.,Hettihewa S.Venture Capital or Private Equity?[J].Asian Experience Business Horizons,2007,50(4):335-344.
[16]North D.C.Institutions,Institutional Change and Economic Performance[M].Cambridge universitypress,1990.
[17]Paul A.Gompers.Optimal Investment,Monitoring,and the Staging of Venture Capital[J].The Journalof Finance,1995,50(5):1461-1489.
[18]Slovic P.,Fischhoff B.,Lichtenstein S.Behavioral Decision Theory[J].Annual Review of Psychology,1977,28(1):1-39.
[19]Von Neumann J Morgenstern.Theory of Games and Economic Behavior[M].Princeton:Princeton Uni-versity Press,1944.
[20]Zacharakis A.L.,Shepherd D.A.The Nature of Information and Overconfidence on Venture Capitalists’Decision Making[J].Journal of Business Venturing,2001,16(4):311-332.
①参见万钢:《发展有中国特色风险投资,加快培育新兴产业》,《科技日报》2010年7月23日。
②参见Mark G.Heesen,et al.:National Venture Capital Association2012Yearbook,http://www.nvca.org/。
③参见诺斯:《制度、制度变迁与经济绩效》,上海人民出版社2008年版,第103页。
引用本文
汪洋. 产业结构、文化因素与我国风险投资“保险化”[J]. 上海财经大学学报, 2013, 15(4): 51–58.
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