2002쓪11퓂No뗚6웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ벪쇖듳톧짧믡뿆톧톧놨v1,2002ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡJilꆡinꆡUnꆡiveꆡrsiꆡtyꆡJouꆡrnꆡalꆡSoꆡciaꆡlSꆡcieꆡncꆡesꆡEdꆡitioꆡnꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡNꆡo16ꆡ럧쿕놾쫐뎡뗄킧싊퇐뺿닌ꆡ샲,퇮죧뇹(벪쇖듳톧맜샭톧풺,벪쇖뎤뒺130025)ꆡꆡ햪ꆡ튪:럧쿕놾쫐뎡킧싊쫇횸럧쿕놾쫐뎡틔ퟮ뗍뗄돉놾퓚ퟮ듳랶캧쓚뚯풱럧쿕놾,붫웤엤훃떽쪹폃킧싊ퟮ룟뗄웳튵믲닺튵늿쏅,늢쪵쿖럧쿕놾퓶횵톭뮷뗄폐킧돌뛈ꆣ럧쿕놾쫐뎡뗄킧싊평럧쿕놾뚯풱킧싊ꆢ럧쿕놾엤훃킧싊뫍럧쿕놾톭뮷킧싊죽랽쏦뗄킧싊릹돉,쯼쏇늻뷶릲춬뻶뚨럧쿕놾쫐뎡뗄헻쳥킧싊,뛸쟒뮹듦퓚ퟅ뇋듋틀듦ꆢ쿠뮥펰쿬뗄맘쾵ꆣ룟킧싊뗄럧쿕놾쫐뎡펦뻟폐죽듳샠쪮튻쿮튪쯘ꆣ맘볼듊:럧쿕놾쫐뎡;춶;엤훃킧싊훐춼럖샠뫅:F83019ꆡꆡ컄쿗뇪쪶싫:Aꆡꆡ컄헂뇠뫅:0257-2834(2002)06-0014-06ꆡꆡ럧쿕놾쫐뎡쫇튻룶폫뒫춳놾쫐뎡쿠뛔펦뗄룅쓮,쯼쫇럧쿕놾죚춨뗄쫐뎡,벴돉뎤탍훐킡웳튵돯벯좨틦탔(equity)놾믲샠좨틦탔(equity-like)놾뗄쫐뎡,쯼냼몬죽룶ퟓ쫐뎡:럇헽쪽뗄럧쿕놾쫐뎡(InformalVentureCapitalMarket)ꆢ폐ퟩ횯뗄럧쿕놾쫐뎡(OrganizedVentureCapitalMarket)뫍쏅캪돉뎤탍훐킡웳튵짨솢뗄막욱쫐뎡(뒴튵냥쫐뎡)ꆣퟷ캪놾쫐뎡쳥쾵훐튻룶쳘쫢뗄ퟓ쾵춳,럧쿕놾쫐뎡튲듦퓚킧싊컊쳢,쾵춳뗘퇐뺿럧쿕놾쫐뎡뗄킧싊뛔돤럖랢믓럧쿕놾쫐뎡뗄릦쓜뻟폐훘튪뗄틢틥ꆣ놾쫐뎡킧싊뗄퇐뺿뿉럖캪솽샠,튻샠쫇틔탅쾢킧싊캪뫋탄뗄놾쫐뎡킧싊퇐뺿ꆣ70쓪듺틔살,톧쫵뷧튻횱퇘ퟅ램싪뚨틥뗄쫐뎡킧싊뛔놾쫐뎡뷸탐샭싛첽쳖뫍쪵횤볬퇩ꆣ좻뛸,폐킧탔볬퇩탨튪폐ퟣ릻뎤뗄릫뾪탅쾢뫍릫뾪볛룱뗄쪱볤탲쇐살횧돖,헢쪹뗃폐킧탔볬퇩퓚쮽죋좨틦놾쫐뎡훐쫇컞램뷸탐뗄ꆣ뛔폚럧쿕놾쫐뎡헢퇹튻룶볈냼삨릫뾪좨틦놾쫐뎡,폖냼삨쮽죋좨틦놾쫐뎡뗄뛠닣듎뗄쫐뎡뛸퇔,닉폃폐킧탔볬퇩쫇늻쿖쪵뗄ꆣ쇭튻샠퓲쫇틔풴엤훃킧싊캪뫋탄뗄놾쫐뎡킧싊퇐뺿ꆣ틔풴엤훃킧싊캪뫋탄뗄놾쫐뎡킧싊퇐뺿힢훘뗄쫇놾쫐뎡믹놾릦쓜ꆪꆪꆪ풴엤훃릦쓜뗄쪵쿖돌뛈,늢쟒뛔놾쫐뎡킧싊룸돶쇋뛠캬뗄쏨쫶ꆣR1I1싞뇶톷뫍D1뮳쳘싼붫뷰죚쳥쾵뗄킧싊럖캪솽쫕룥죕웚:2002206218믹뷰쿮쒿:맺볒ퟔ좻뿆톧믹뷰쿮쒿(7980030),벪쇖쪡뷜돶쟠쓪믹뷰쿮쒿(995516)ꆣퟷ헟볲뷩:닌ꆡ샲(1960-),얮,벪쇖뎤뒺죋,벪쇖듳톧맜샭톧풺풺뎤,뷌쫚,늩쪿짺떼쪦;퇮죧뇹(1975-),얮,헣붭샶쮮죋,벪쇖듳톧맜샭톧풺늩쪿퇐뺿짺ꆣꆤ14ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
훖탎쪽:퓋탐킧싊뫍엤훃킧싊ꆣWest붫놾쫐뎡뗄킧싊럖캪ꆰ췢퓚킧싊ꆱ뫍ꆰ쓚퓚킧싊ꆱ솽샠ꆣ컒맺톧헟믴톧컄퓚ퟜ뷡ꆢ맩쓉맺쓚췢룷훖뛔놾쫐뎡킧싊뗄뷧뚨뫍쓚몭럖컶뗄믹뒡짏,룸돶쇋좫쏦뗄놾쫐뎡킧싊럖컶뿲볜ꆣ뒫춳놾쫐뎡킧싊뗄퇐뺿캪럧쿕놾쫐뎡킧싊뗄퇐뺿쳡릩쇋믹뒡샭싛뫍랽램ꆣ럧쿕놾쫐뎡뗄탅쾢럇돤럖탔쪹쫐뎡킧싊뗄퇐뺿퓶볓쇋쓑뛈,듓맺쓚췢컄쿗살뾴,짐캴뛔럧쿕놾쫐뎡킧싊뾪햹ힿ폐돉킧뗄퇐뺿ꆣ튻ꆢ럧쿕놾쫐뎡킧싊뗄쓚몭컒쏇뿉틔듓럧쿕놾뗄퓋탐맽돌살뾼달럧쿕놾쫐뎡뗄킧싊ꆣ럧쿕놾뗄퓋탐맽돌냼삨뚯풱ꆢ엤훃뫍톭뮷죽룶훷튪맽돌,볻춼1ꆣ럧쿕놾쫐뎡뗄킧싊쫇횸럧쿕놾쫐뎡틔ퟮ뗍뗄돉놾퓚ퟮ듳랶캧쓚뚯풱럧쿕놾,붫웤엤훃떽쪹폃킧싊ퟮ룟뗄웳튵믲닺튵늿쏅,늢쪵쿖럧쿕놾퓶횵톭뮷뗄폐킧돌뛈ꆣ럧쿕놾쫐뎡뗄킧싊평죽랽쏦뗄킧싊릹돉,벴럧쿕놾뚯풱킧싊(MobilizationEfficiency)ꆢ럧쿕놾엤훃킧싊(AllocationEfficiency)뫍럧쿕놾톭뮷킧싊(CirculationEfficiency)ꆣ춼1ꆡ럧쿕놾퓋탐맽돌럧쿕놾뗄뚯풱킧싊쫇횸럧쿕놾쫐뎡컼틽뒫춳놾쫐뎡훐뗄놾,쪵쿖뒫춳놾쿲럧쿕놾뮻뗄폐킧돌뛈ꆣ럧쿕놾뗄뚯풱쪵볊짏쫇횸놾퓚뒫춳놾쫐뎡뫍럧쿕놾쫐뎡횮볤뗄엤훃,쪵쿖뒫춳놾쿲럧쿕놾뗄뮻ꆣ럧쿕놾뚯풱킧싊풽룟,헢훖뮻뗄돉놾풽뗍,랶캧풽듳,틲뛸뷸죫럧쿕놾쫐뎡뗄놾맦쒣풽듳,뛸럧쿕웳튵믱뗃럧쿕놾뗄뿉쓜탔튲붫쯦횮쳡룟ꆣ럧쿕놾뗄엤훃킧싊쫇횸럧쿕놾쫐뎡붫럧쿕놾엤훃떽쪹폃킧싊ퟮ룟뗄웳튵믲닺튵늿쏅뗄폐킧돌뛈,쯼쫇럧쿕놾쫐뎡뗄뫋탄킧싊ꆣ튻룶룟킧싊뗄럧쿕놾쫐뎡뿉틔춨맽췪짆뗄럧쿕뚨볛믺훆붫럧쿕놾떼쿲쪹폃킧싊ퟮ룟뗄늿쏅,듓뛸듸살닺돶뗄ퟮ듳퓶뎤ꆣ럧쿕놾뗄엤훃킧싊좡뻶폚엤훃랽쿲뗄ힼ좷탔뫍엤훃맽돌붻틗럑폃뗄쮮욽(붻틗럑폃햼붻틗맦쒣뗄뇈샽)ꆣ퓚럧쿕놾쫐뎡훐,탅쾢뗄럇돤럖탔뫍탅쾢럖늼뗄럇뛔돆탔쫇럧쿕뚨볛믺훆퓋탐뗄훷튪헏낭,듓뛸퓬돉엤훃랽쿲뗄욫닮ꆣ듋췢,럧쿕웳튵듦퓚룟뛈뗄ꆤ15ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
늻좷뚨탔,탅쾢뗄늻췪좫탔틔벰룟뛈뗄닺폃탔,헢쪹뗃럧쿕웳튵죚낲업뗄붻틗럑폃햼붻틗맦쒣뗄뇈샽풶풶룟폚뎣맦웳튵뗄헢튻횸뇪,듓뛸떼훂풴엤훃킧싊쿂붵ꆣ럧쿕놾뗄톭뮷킧싊쫇횸럧쿕놾뺭맽닺튵늿쏅뗄퓋ퟷ,듓닺튵놾탎첬뮯캪뷰죚놾탎첬뛸쪵쿖퓶횵뗄폐킧돌뛈ꆣ쯼냼삨쓚늿톭뮷킧싊뫍췢늿톭뮷킧싊ꆣ쓚늿톭뮷킧싊쫇횸럧쿕놾퓚죽룶ퟓ쫐뎡횮볤뗄톭뮷킧싊,췢늿톭뮷킧싊퓲쫇횸럧쿕놾퓚럧쿕놾쫐뎡뫍뒫춳놾쫐뎡횮볤뗄톭뮷킧싊ꆣ뛾ꆢ럧쿕놾쫐뎡킧싊쒣탍뗄붨솢럧쿕놾뗄뚯풱ꆢ엤훃뫍톭뮷쫇럧쿕놾퓋탐맽돌훐뗄죽룶늻뿉좱짙뗄뮷뷚,죎뫎튻룶뮷뷚뗄킧싊쯰쪧,뚼믡쪹헻룶럧쿕놾쫐뎡즥쪧웤펦폐뗄킧싊ꆣ틲듋,럧쿕놾쫐뎡뗄헻쳥킧싊좡뻶폚짏쫶죽랽쏦킧싊뗄릲춬ퟷ폃ꆣ릹붨럧쿕놾쫐뎡킧싊쒣탍죧쿂:E=MꇁAꇁCE:럧쿕놾쫐뎡킧싊0ꇜMꇜ1M:럧쿕놾뚯풱킧싊0ꇜAꇜ1A:럧쿕놾엤훃킧싊0ꇜCꇜ1C:럧쿕놾톭뮷킧싊럧쿕놾뗄뚯풱킧싊ꆢ엤훃킧싊뫍톭뮷킧싊늻뷶릲춬뻶뚨럧쿕놾쫐뎡뗄헻쳥킧싊,뛸쟒헢죽룶킧싊횮볤뮹듦퓚ퟅ뇋듋틀듦ꆢ쿠뮥펰쿬뗄맘쾵,웤훐,럧쿕놾엤훃킧싊쫇뫋탄,럧쿕놾뚯풱킧싊뫍톭뮷킧싊쫇쪵쿖럧쿕놾엤훃킧싊뗄잰쳡뫍놣헏ꆣ웤ퟷ폃맘쾵죧춼2쯹쪾ꆣ럧쿕놾엤훃뗄잰쳡쫇럧쿕놾뗄돤럖뚯풱,뛸럧쿕놾엤훃킧싊뗄쳡룟틢캶ퟅ럧쿕놾캪닺튵늿쏅돤럖샻폃늢듸살닺돶뗄퓶볓,헢쪹뗃럧쿕놾뗃떽폐킧퓶횵,듓뛸컼틽룼뛠뗄놾뷸죫럧쿕놾쫐뎡,쳡룟럧쿕놾뚯풱킧싊ꆣ쇭튻랽쏦,럧쿕놾뗄뚯풱뫍엤훃쪵볊짏쪵쿖뗄쫇럧쿕놾듓뷰죚놾떽닺튵놾뗄뮯,뛸럧쿕놾뗄톭뮷퓲쫇쪵쿖닺튵놾쿲뷰죚놾뗄춼2ꆡ럧쿕놾쫐뎡킧싊ퟷ폃맘쾵춼뮯,듓뛸릹돉튻룶췪헻뗄놾톭뮷맽돌ꆣ틲듋,럧쿕놾톭뮷캪럧쿕놾쳡릩쇋쇷뚯탔,뛸솼뫃뗄쇷뚯탔뛔럧쿕놾뚯풱킧싊뫍엤훃킧싊뗄쳡룟뚼뻟폐훘튪뗄ퟷ폃ꆣ죽ꆢ룟킧럧쿕놾쫐뎡쯹뻟놸뗄튪쯘룟킧럧쿕놾쫐뎡쓜틔ퟮ뗍뗄돉놾퓚ퟮ듳랶캧쓚뚯풱럧쿕놾,붫웤엤훃떽쪹폃킧싊ퟮ룟뗄웳튵믲닺튵늿쏅,늢쪵쿖럧쿕놾ퟮ듳돌뛈뗄퓶횵뫍톭뮷ꆣ쯼펦뻟놸틔쿂죽듳샠쪮튻쿮튪쯘ꆣ11룟킧싊럧쿕놾뚯풱뗄튪쯘ꆤ16ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
(1)뾪럅뗄럧쿕놾쫐뎡ꆣ럧쿕놾뗄뚯풱킧싊폫럧쿕놾쫐뎡뗄뾪럅탔폐쏜쟐뗄솪쾵ꆣ놾뿉틔ퟔ평뷸죫럧쿕놾쫐뎡쫇룟킧싊뚯풱뗄튻룶잰쳡,웤훐,믺릹춶헟(죧퇸샏믹뷰ꆢ놣쿕믹뷰뗈)뷸죫럧쿕놾쫐뎡쏦쇙뗄훆뛈헏낭뗄룟뗍쫇럧쿕놾쫐뎡뾪럅돌뛈뗄훘튪뇭헷ꆣ(2)럧쿕춶믺릹뗄룟쮮욽돯쓜솦ꆣퟷ캪뒫춳놾쫐뎡뫍럧쿕놾쫐뎡훘튪뗄ꆰ뮻웷ꆱ,튵럧쿕춶믺릹뗄돯쓜솦쫇럧쿕놾뚯풱킧싊뗄맘볼틲쯘ꆣ샏솷뗄튵럧쿕춶믺릹욾뷨웤솼뫃뗄춶튵벨볇슼뫍짹폾퓚돯첸에훐뻟폐쳖볛뮹볛뗄폅쫆,틔뺡뿉쓜뗍뗄돉놾돯벯떽듳맦쒣뗄럧쿕놾,듓뛸쪵쿖럧쿕놾뗄룟킧뚯풱ꆣ튵럧쿕춶믺릹뗄ퟩ횯탎쪽뛔웤돯쓜솦닺짺쿔훸펰쿬ꆣ튻룶쏷쿔뗄샽ퟓ쫇폐쿞뫏믯훆퓚돯랽쏦뗄춻돶폅쫆ꆣ폐쿞웚쿞틔벰폐쿞웚쿞쿂뗄튵벨틗뛈솿탔쪹뗃춶헟폫춶맜샭죋횮볤뗄늩?돉캪뛠웚늩?,뿉틔폐킧랢믓짹폾믺훆퓚훎샭뷡릹훐뗄ퟷ폃;춶맜샭죋뗄뛀솢탔쪹뗃럧쿕놾뗄퓙쒼벯뇜쏢쇋릫쮾훆쿂뗄퓶횵삩막뗄뻖쿞ꆣ뛸쟒폐쿞뫏믯훆ퟷ캪튻훖뇪ힼ뗄웵풼탎쪽듳듳붵뗍쇋럧쿕놾돯벯맽돌뗄붻틗럑폃ꆣ(3)믮풾뗄뒴튵냥쫐뎡ꆣ뻟폐릫뾪좨틦놾쫐뎡쫴탔뗄뒴튵냥쫐뎡,웤쫐뎡믮풾돌뛈쫇컼틽뒫춳놾쫐뎡뗄놾듳맦쒣뷸죫럧쿕놾쫐뎡뗄맘볼틲쯘ꆣ듓훆뛈짏놣횤붻틗뗄릫뾪ꆢ릫욽뫍릫헽틔캬뮤춶헟뗄샻틦,듓벼쫵짏놣횤붻틗뗄솬탸탔틔듙뷸킡엌막뗄붻틗,쫇쳡룟뒴튵냥쫐뎡럧쿕놾뚯풱킧싊뗄뇘튪쳵볾ꆣ21룟킧싊럧쿕놾엤훃뗄튪쯘(1)럧쿕춶맜샭죋뗄룟쮮욽춶쓜솦ꆣ퓚뻟폐쮽죋좨틦놾쫐뎡쫴탔뗄럧쿕놾쫐뎡훐,럧쿕놾뗄엤훃킧싊쫜럧쿕춶맜샭죋춶쓜솦뗄쿔훸펰쿬,헢샯뗄춶쓜솦냼삨쿮쒿랢뻲폫본뇰쓜솦ꆢ럧쿕뿘훆쓜솦뫍퓶횵럾컱쓜솦ꆣ솼뫃뗄쿮쒿랢뻲폫본뇰쓜솦뿉틔틽떼럧쿕놾쇷쿲쪹폃킧싊룟뗄럧쿕웳튵;솼뫃뗄럧쿕뿘훆쓜솦뿉틔벰쪱랢쿖뷸햹잷병뗄춶ퟩ뫏늢ퟷ돶벰쪱뗄늹뻈믲헟훐횹,듓뛸쪹럧쿕놾쇷쿲뗃떽벰쪱뗄탞헽,붵뗍럧쿕놾뗄듭컳엤훃ꆣ솼뫃뗄퓶횵럾컱쓜솦퓲뿉틔쳡룟럧쿕웳튵뛔럧쿕놾뗄쪹폃킧싊,듓뛸듸살룼룟뗄닺돶ꆣ(2)럧쿕춶믺릹뗄룟뛈튵뮯럖릤ꆣ폐ퟩ횯뗄럧쿕놾쫐뎡훐,럧쿕춶믺릹뗄튵뮯럖릤쮮욽뛔럧쿕놾뗄엤훃킧싊폐ퟅ훘튪뗄펰쿬ꆣ쫐뎡뗄쾸럖폐샻폚탎돉춶뷗뛎뫍춶쇬폲뗄뫏샭럖늼,듓뛸ퟮ듳쿞뛈싺ퟣ늻춬샠탍럧쿕웳튵뗄죚탨쟳ꆣ뛸쟒,쫐뎡쾸럖뫳,뻟폐늻춬춶욫뫃뗄튵럧쿕춶믺릹퓚웤쯹쫴뗄쫐뎡뿕볤훐쓜캪럧쿕웳튵쳡릩룼뻟헫뛔탔뗄럾컱;쾸럖뗄쫐뎡뮹폐샻폚붵뗍럧쿕웳튵톰헒뫏쫊죚쯹랢짺뗄붻틗럑폃ꆣ(3)뛠퇹뮯뗄럧쿕춶릤뻟ꆣ쿁틥뗄럧쿕춶쫇붨솢퓚럇뇪ힼ웵풼횮짏뗄튻훖뺭볃믮뚯,폫뇪ힼ웵풼(뇈죧릫뾪쫐뎡막욱뗄싲싴떥)쿠뇈뷏,럇뇪ힼ웵풼뗄뗞뷡뫍횴탐탨튪횧뢶룼룟뗄붻틗럑폃,틲뛸펰쿬엤훃킧싊ꆣ틲듋,럧쿕놾쫐뎡퓚랢햹맽돌훐훰붥탎돉뗄캪붻틗쮫랽웕뇩뷓쫜뗄쫐뎡맟샽뫍쒬죏풼뚨붫쪹럧쿕춶맽돌룼볓쇷뎩,듓뛸쪹럧쿕놾뗄엤훃킧싊뗃틔쳡룟ꆣ럧쿕춶볒춨뎣붫뒫춳놾쫐뎡훐뗄뇪ힼ뷰죚릤뻟뷸탐쫊뫏럧쿕춶뗄뒴탂뷸뛸틽죫럧쿕놾쫐뎡,튻랽쏦,헢킩뛠퇹뮯춶릤뻟뗄뛠퇹탔퓶볓쇋럧쿕웳튵뗄죚톡퓱뫍붻틗뗄쇩믮탔,쇭튻랽쏦,헢킩춶릤뻟뻟폐튻뚨뗄뇪ힼ웵풼ꆤ17ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
믹뒡,늢쟒튻킩쳘쫢쳵뿮돉캪쫐뎡쒬죏뗄풼뚨,붻틗쮫랽틲듋복짙쇋첸에뗄럑폃,뛸럧쿕놾엤훃킧싊뗃틔쳡룟ꆣ(4)붡좫뗄럧쿕춶럾컱췸싧ꆣ붡좫뗄럧쿕춶럾컱췸싧뿉틔쳡룟럧쿕놾쫐뎡뗄탅쾢돤럖탔뫍붵뗍탅쾢럖늼뗄럇뛔돆탔,복짙럧쿕놾쫐뎡훐뗄ꆰ쒦닁ꆱ,헢훖췸싧냼삨탅쾢럾컱믺릹ꆢ튵벨움볛믺릹뗈훐뷩믺릹믲ퟔ싉탔ퟩ횯,쯼쏇뛔쳡룟럧쿕놾엤훃랽쿲뗄ힼ좷탔ꆢ붵뗍엤훃맽돌훐뗄붻틗럑폃쮮욽,랢믓ퟅ훘튪뗄ퟷ폃ꆣ(5)췪짆뗄뒴튵냥쫐뎡볛룱믺훆ꆣ퓚뒴튵냥쫐뎡훐,럧쿕놾뗄엤훃퓲쫇춨맽뒴튵냥쫐뎡볛룱믺훆쪵쿖뗄,틲듋,뒴튵냥쫐뎡볛룱믺훆뗄췪짆탔뛔럧쿕놾엤훃킧싊폐횱뷓뗄펰쿬ꆣ볛룱믺훆쫇횸막욱볛룱틔릫쮾쓚퓚볛횵캪믹ힼ,쯦쫐뎡릩쟳뗄뇤뮯뛸늨뚯ꆣ볛룱평쫐뎡릩쟳솦솿쯹췆뚯,춬쪱폖랴ퟷ폃폚쫐뎡릩쟳,돉캪틽떼쫐뎡놾쇷쿲뗄탅뫅ꆣ췪짆뗄볛룱믺훆탨튪폐췪짆뗄탅쾢엻슶훆뛈ퟷ놣헏ꆣ31룟킧싊럧쿕놾톭뮷뗄튪쯘(1)췪헻뗄럧쿕놾쫐뎡뷡릹ꆣ췪헻뗄럧쿕놾쫐뎡뻟폐럇헽쪽뗄럧쿕놾쫐뎡ꆢ폐ퟩ횯뗄럧쿕놾쫐뎡뫍뒴튵냥쫐뎡뗄닣듎뷡릹,뛠닣듎뗄럧쿕놾쫐뎡뿉틔뷏뫃뗘뢲룇럧쿕웳튵돉뎤뗄룷룶죚뷗뛎,헢쫇럧쿕놾쫐뎡쓚늿톭뮷뗄믹뒡ꆣ튻룶샭쿫뗄럧쿕놾쫐뎡펦룃쿻돽쇋쫐뎡뿕냗(marketgap),듓뛸쪹룷훖늻춬뗄죚탨쟳뚼쓜뗃떽싺ퟣꆣ(2)룷ퟓ쫐뎡횮볤쮳뎩뗄쿎뷓ꆣ뷡릹췪헻탔횻쫇캪럧쿕놾뗄쓚늿톭뮷쳡릩쇋믹뒡쳵볾,톭뮷뗄킧싊뮹폐삵폚룷ퟓ쫐뎡횮볤쮳뎩뗄쿎뷓ꆣ쯹캽ꆰ쿎뷓쮳뎩ꆱ쫇횸뒦폚뗍닣ퟓ쫐뎡뗄럧쿕웳튵쓜릻퓚뫏쫊뗄쪱믺컞헏낭뗘뷸죫룟닣ퟓ쫐뎡퓙죚,듓뛸쪹뗃풭춶틔뫏쫊뗄볛룱쪵쿖퓶횵뇤쿖ꆣ뇈죧,럧쿕춶믺릹릺싲쳬쪹놾횧돖뗄럧쿕웳튵뗄막좨,쪹풭쳬쪹춶죋쪵쿖췉;폐쿁틥럧쿕놾횧돖뗄럧쿕웳튵퓚뒴튵냥쫐뎡IPO,쪹뗃풭춶죋쪵쿖췉ꆣ쿎뷓뗄쮳뎩탔퓶볓럧쿕놾뗄쇷뚯탔,쳡룟럧쿕놾뗄쪹폃킧싊ꆣ(3)럧쿕놾쫐뎡폫뒫춳놾쫐뎡횮볤쮳뎩뗄쿎뷓ꆣ럧쿕놾뗄췢늿톭뮷킧싊좡뻶폚럧쿕놾쫐뎡폫뒫춳놾쫐뎡쿎뷓뗄쮳뎩탔,벴뒫춳놾쫐뎡쫇럱쓜퓚뫏쫊뗄쪱믺컞헏낭뗘뷓쫕뺭맽럧쿕놾쫐뎡엠폽뗄럧쿕웳튵ꆣ떱럧쿕웳튵뺭맽랢햹뗄룷룶뷗뛎뛸뷸죫돉쫬웚뗄쪱뫲,뿉틔쮳샻뗘맽뛉떽뒫춳놾쫐뎡믱뗃뒫춳놾,풭쿈돁뗭폚럧쿕웳튵훐뗄럧쿕놾뗃틔톭뮷ꆣ뇈죧,뷸죫돉쫬웚뗄럧쿕웳튵퓚훷냥쫐뎡짏쫐;뒴튵냥쫐뎡뗄웳튵짏짽떽훷냥쫐뎡;뒫춳뗄쮽죋좨틦놾쫐뎡훐뗄춶죋쫕릺틑뷼돉쫬뗄럧쿕웳튵뗄막좨,뗈뗈ꆣ튻룶뻟폐닣듎탔뗄뒫춳놾쫐뎡폐샻폚듙돉럧쿕놾쫐뎡폫뒫춳놾쫐뎡뗄쮳뎩쿎뷓,폈웤쫇뎡췢쫐뎡뫍랢듯뗄쮽죋좨틦놾쫐뎡뗄듦퓚뿉틔듳듳쳡룟럧쿕놾뗄췢늿톭뮷킧싊ꆣ쯄ꆢ뷡ꆡ싛춨맽뛔럧쿕놾쫐뎡킧싊컊쳢뗄쾵춳퇐뺿,컒쏇쳡돶쇋럧쿕놾쫐뎡킧싊뗄쓚몭,릹붨쇋럧쿕놾쫐뎡킧싊럖컶뗄믹뒡쒣탍,늢쟒럖컶쇋룟킧럧쿕놾쫐뎡쯹뻟놸뗄튪ꆤ18ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
쯘ꆣ훷튪뷡싛죧쿂:럧쿕놾쫐뎡킧싊쫇횸럧쿕놾쫐뎡틔ퟮ뗍뗄돉놾퓚ퟮ듳랶캧쓚뚯풱럧쿕놾,붫웤엤훃떽쪹폃킧싊ퟮ룟뗄웳튵믲닺튵늿쏅,늢쪵쿖럧쿕놾퓶횵톭뮷뗄폐킧돌뛈ꆣ럧쿕놾쫐뎡뗄킧싊평럧쿕놾뚯풱킧싊ꆢ럧쿕놾엤훃킧싊뫍럧쿕놾톭뮷킧싊죽랽쏦뗄킧싊릹돉,쯼쏇늻뷶릲춬뻶뚨럧쿕놾쫐뎡뗄헻쳥킧싊,뛸쟒뮹듦퓚ퟅ뇋듋틀듦ꆢ쿠뮥펰쿬뗄맘쾵ꆣ웤훐,럧쿕놾엤훃킧싊쫇뫋탄,럧쿕놾뚯풱킧싊뫍톭뮷킧싊쫇쪵쿖럧쿕놾엤훃킧싊뗄잰쳡뫍놣헏ꆣ룟킧싊뗄럧쿕놾쫐뎡뻟폐죽듳샠쪮튻쿮튪쯘,뛔믹놾튪쯘뗄죏쪶뫍냑컕뿉틔캪쳡룟럧쿕놾쫐뎡킧싊뗄쪵볹믮뚯쳡릩샭싛뷨본ꆣ닎뾼컄쿗:\[1]RobinsonRI,WrightsmanD1FinancialMarket:theAccumulationandAllocationofWealth\[M\]1첨췥:폗쪨컄뮯쫂튵릫쮾폫첨놱쫐틸탐뫏ퟷ돶냦,19741\[2\]WestRR1OntheDifferencesbetweenInternalandExternalEfficiency\[J\]1FinancialAnalysisJournal,1975,(11-12):138-1501\[3]샮짆쏱,헔샶뫬1놾쫐뎡킧싊횮돵늽럖컶\[J\]1톧쫵퇐뺿,1999,(4):30-341\[4]믴톧컄1펢ꆢ쏀ꆢ죕놾쫐뎡킧싊뇈뷏퇐뺿\[M\]1퓆쓏:퓆쓏듳톧돶냦짧,19971\[5\]ChanY1Onthepositiveroleoffinancialintermediationinallocationofventurecapitalinamarketwithimper2fectinformation\[J\]1JournalofFinance,1983,(38):1543-15681퓰죎뇠벭:샮쎷쿈StudyontheEfficiencyofVentureCapitalMarketCAILi,YANGRu2bing(ManagementSchool,JilinUniversity,Changchun,Jilin,130025,China)Abstract:Theefficiencyofventurecapitalmarketistheeffectivedegreethatventurecapitalmarketcanmobilizeventurecapitaltothemaxwithlowestcost,thenallocatethecapitaltothesectionswithhighestuseefficiencyandrealizetheventurecapitalcirculation1Theventurecapitalmarketefficien2cyincludesthreekindsofefficiency,whichareMobilizationEfficiency,AllocationEfficiencyandCirculationEfficiency1Theydeterminetheefficiencyofthewholeventurecapitalmarketandalsohaveinteractionbetweeneachother1Theventurecapitalmarketwithhighefficiencyhaselevenele2mentsthatcanbedividedintothreegroups1Keywords:venturecapitalmarket;investment;alloationefficiencyꆤ19ꆤ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
