ꆶ벼쫵뺭볃ꆷ뗚11웚(ퟜ뗚215웚)2005쓪럧쿕춶쟸폲럖늼탔퇐뺿헣붭듳톧뮷뺳풴톧풺ꆡ쇵컀뚫ꆡ헣붭듳톧맜샭톧풺ꆡ쇵ꆡ뎬[햪튪]ퟷ헟춨맽퇐뺿쏀맺뫍훐맺뗄럧쿕춶쟸폲럖늼쳘뗣,랢쿖럧쿕춶튵뗄럖늼뻟폐튻뚨뗄늻뻹뫢탔,뻍컒맺뛸퇔,훷튪벯훐퓚놱뺩뫍짏몣,맣뚫,헣붭,붭쯕뗈벸룶듳쪡쫐,헢훖럖늼늻뻹뫢뷸튻늽볓뻧쇋룷뗘쟸뺭볃랢햹늻욽뫢ꆣ쯹틔룶뗘쟸뇘탫룹뻝놾뗘뗄쳘뗣,훆뚨쫊틋뗄헾닟,좫쏦랢햹컒맺뗄럧쿕춶튵,뷸뛸췆뚯컒맺뺭볃좫쏦랢햹ꆣ[맘볼듊]럧쿕춶쟸폲럖늼튻ꆢ쏀맺럧쿕춶뗄럖늼쏀맺뺭볃뗄퓶뎤,벫듳뗄틀삵폚튻엺뷓쫜럧쿕춶뗄웳튵,퇇십톷,듷뛻,펢쳘뛻쯻쏇뗄랢햹뫍ힳ듳룸쏀맺욣죭뗄뺭볃힢죫쇋탂뗄뚯솦,듓헢킩듳릫쮾뗄럖늼쟸폲살뾴,뗘폲캻훃쫇럧쿕춶릫쮾뻶뚨춶믮뚯뗄튻룶훘튪뇪ힼꆣ룹뻝Bygrave뫍Timmon뛔1988쓪쫽뻝퇐뺿뇭쏷:럧쿕놾ퟜ뛮캪290틚쏀풪,웤훐뗄2/3럖늼퓚죽룶훝샯,럖뇰쫇볓샯뢣샻퇇햼26%,얦풼햼25%,십죸훮죻훝15%ꆣ쯦ퟅ럧쿕춶랶캧뗄삩듳,뺡맜웤럖늼쟸폲폐뷸튻늽삩듳뗄쟷쫆,떫룹뻝GOMPERS뫍LERNER퓚2000뗄퇐뺿훐뇭쏷:퓚뛾쪮쫀볍90쓪듺,헻룶쏀맺뗄럧쿕놾ퟜ뛮뗄60%럖늼퓚틔쿂컥룶훝훐:볓샯뢣샻퇇,십죸훮죻훝,뗂뿋죸쮹,얦풼,뾵쓹뗒룱ꆣ럧쿕춶퓚쏀맺죔좻놣돖뫜룟뗄뗘폲벯훐뛈ꆣ늨쳘뗄ꆰ뺺헹폅쫆ꆱ샭싛췪쏀뗄뷢쫍쇋럧쿕춶쟸폲럖늼벯훐뮯뗄풭틲,룹뻝늨쳘뗄ꆶ뺺헹폅쫆ꆷ쫩,평폚퓚늨쪿뛙,맨마,볓샯뢣샻퇇,십죸훮죻훝뗈쟸폲벯훐쇋듳솿럧쿕춶볒뫍잱퓚뗄럧쿕웳튵볒,쯻쏇탨튪뮥쿠뫏ퟷ,뇋듋붻쇷맘폚벼쫵뷸늽뫍럧쿕춶믺믡뗄맘볼탅쾢,헢퇹뻍믡떼훂헻룶쏀맺럧쿕춶뗄훷튪벯훐퓚틔짏벸룶쟸폲ꆣ룹뻝쏀맺맺볒럧쿕춶킭믡뗄2002쓪쓪놨,헻룶쏀맺럧쿕놾ퟜ뛮뗄%벯훐퓚컥룶훷튪뗄솪냮훝샯,쿪볻뇭1뇭1:2001쓪쏀맺럧쿕놾뗄쟸폲럖늼쟩뿶훝쏻럧쿕놾ퟜ뛮(냙췲쏀풪)햼좫맺뗄뇈샽%ꆡꆡ룹뻝뇭훐쓚죝,뿉틔횪뗀,햼헻룶쏀맺럧쿕볓샯뢣샻퇇놾ퟜ뛮훷튪늿럖뗄컥룶훝럖뇰쫇볓샯뢣샻십죸훮죻훝퇇,십죸훮죻훝,뗂뿋죸쮹,얦풼,뾵쓹뗒룱,릲뾵쓹뗒룱볆폐334틚쏀풪,햼좫맺럧쿕놾ퟜ뛮틚얦풼쏀풪뗄%,쯹틔,뿉틔죏캪쏀맺뗄럧쿕춶뗂뿋죸쮹믮뚯훷튪벯훐퓚짙쫽뗄벸룶훝샯,헢킩훝뻟폐킡볆릲춬뗄쳘뗣:좫늿뻟폐뢻ퟣ뗄룷훖풴,냼삨죋웤폠뗄훝솦놾,뷰,벼쫵,틔벰뛔뒴튵뫍럧쿕춶뗄뫏볆믽벫뗄첬뛈ꆣ(쇏살풴:쏀맺럧쿕춶킭믡2002쓪쓪놨)뛾ꆢ훐맺럧쿕춶쟸폲럖늼룹뻝춳볆뷡맻뇭쏷,컒맺뗄럧쿕춶릫쮾퓚쟸폲럖늼짏튲폐뫜잿뗄쟸폲벯훐탔,럧쿕춶ퟮ캪믮풾뗄죽룶쪡쫐럖뇰캪놱뺩폐86볒,햼좫맺ퟜ쫽뗄%,짏몣폐45볒,햼좫맺ퟜ쫽뗄%,맣뚫폐47볒,햼좫맺ퟜ쫽뗄%,헢죽룶쪡쫐뗄춶릫쮾릲볆햼쇋좫맺뗄2/3ퟳ폒,헢룺샠쯆쏀맺뗄럧쿕춶튲폐뫜잿뗄뗘폲벯훐뛈,훷튪럖늼퓚볓샯뢣샻퇇,십죸훮죻훝,뗂뿋죸쮹,얦풼,뾵쓹뗒룱ꆣ뇭2:1991-2001쓪훐맺럧쿕춶릫쮾뗄쟸폲럖늼쟩뿶샺쓪ퟜ볆1991-19931994-19971997-2001쪡/쫐럧쿕춶웳햼좫맺뗄뇈럧쿕춶웳햼좫맺뗄뇈럧쿕춶웳햼좫맺뗄뇈럧쿕춶웳햼좫맺뗄뇈ꆡ튵룶쫽샽%튵룶쫽샽%튵룶쫽샽%튵룶쫽샽%놱뺩짏몣맣뚫헣붭붭쯕즽뚫쿣룛첨췥웤폠뗄쪡릲볆2661002310089100154100ꆡꆡ(놸힢:룃뇭냼삨쇋266볒럧쿕춶릫쮾,죧맻튻럧쿕춶릫쮾뗄ퟜ늿퓚룃쪡럝,쓇쎴컒쏇퓲죏캪룃럧쿕춶릫쮾뻍쫴폚룃쪡럝쓚뗄릫쮾)(튻)퓬돉럧쿕춶쟸폲벯훐탔뗄풭틲ꆤ60ꆤ' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
ꆶ벼쫵뺭볃ꆷ뗚11웚(ퟜ뗚215웚)2005쓪뗂맺떣놣틸탐뗄퓋ퟷ뛔컒맺랢햹훐킡웳튵탅폃떣놣튵뗄웴쪾뎤즳몽뿕횰튵벼쫵톧풺ꆡ샮?죘ꆡ싩쿾룕[햪튪]뗂맺뗄훐킡웳튵탅폃떣놣믺릹뷏캪췪짆ꆣ놾컄뷩짜쇋뗂맺떣놣틸탐퓋ퟷ뗄튻킩쿈뷸뛸뿉탐뗄뺭퇩,듓훐뗃돶쇋뛔컒맺붨솢훐킡웳튵탅폃떣놣쳥쾵뗄튻킩웴쪾,늢뛔볓뿬붨짨컒맺뗄훐킡웳튵탅폃떣놣쳥쾵쳡돶쇋튻킩붨틩ꆣ[맘볼듊]떣놣틸탐;훐킡웳튵;탅폃떣놣쳥쾵ꆡꆡ퓬돉럧쿕춶쟸폲벯훐탔뗄풭틲쫇뛠랽쏦뗄:훷튪뇭쿖퓚죧쿂벸룶랽쏦:1ꆢ뒴탂풴ꆣ틀삵폚횪쪶뗄짺닺ꆢퟩ횯ꆢ뒫능뫍펦폃ꆣ뛉쪿뛙듳톧RobertWilliam(1990)죏캪,쟸폲뮷뺳쓚튻룶늻뛏돉뎤뺮늻뛏닺짺탂횪쪶뗄훐탄뛔폚뒴탂뛸퇔쫇럇뎣훘튪뗄ꆣ퓚맨마,헢퇹뗄횪쪶훐탄ퟮ돵뻍쫇쮹첹뢣듳톧;뛸퓚컒맺뗄놱뺩뫍짏몣ꆣ퓲믣벯삲훐맺훚뛠뗄튻쇷뗄듳톧,쯻쏇쫇뒴탂뗄훐탄,퓙떽뫳살,룟뿆벼웳튵튲돉캪훘튪뗄횪쪶훐탄ꆣ뛸쟸폲쓚늿뗄뷌폽쳵볾ꆢ죋닅쏜벯돌뛈뫍훊솿뛔쟸폲뒴탂쓜솦폐훘듳펰쿬ꆣ2ꆢ닺튵믹뒡ꆣ놱뺩.짏몣.맣뚫튻횱쫇훐맺뺭볃랢햹뗄쇬엜헟,뻟폐뫜뫃뗄닺튵뮷뺳뫍럕캧,뛸쟒릤튵믹뒡탛뫱,믽벫뷓쫜탂뗄쮼쿫뫍샭쓮,돉솢쇋탭뛠훐킡탍릫쮾,쇩믮뗄릤ퟷ믺훆,쿠뮥뫏ퟷ뫍죎컱췢냼뗈쪹헢킩뗘랽뗄웳튵믽샛쇋럡뢻뗄뺭퇩뫍폅쫆ꆣ헢캪럧쿕춶릫쮾뗄랢햹뫍ힳ듳뒴퓬쇋믹뒡ꆣ3ꆢ춶뮷뺳ꆣ훐맺럧쿕춶벯훐뗄벸룶쟸폲뮹폐솼뫃뗄춶뮷뺳,볓듳헾뢮뛔뒴탂뗄춶죫,퓶볓뛔뒴탂뗄럶돖솦뛈,헾뢮뗄쮰쫕폅믝헾닟,훷튪춨맽쫐뎡뗷퇐,쿮쒿뾪랢,듻뿮쳹쾢,듻뿮떣놣뗈폅믝쳵볾,믣벯쇋좫맺튻쇷뗄룷룶쇬폲뗄볒,볓뿬뿆벼돉맻뮯뫍쳡룟벼쫵뒴탂쓜솦ꆣ4ꆢ돤ퟣ뗄죋닅폅쫆ꆣ뒴탂뺫짱쫗튪뗄뻍쫇맄샸쎰쿕뫍뿭죝쪧냜,웤듎뻍쫇폂폚뷓쫜탂쫂컯뫍ힷ쟳ퟔ컒볛횵,틔벰벤샸짏훁룟닣맜샭죋풱ꆢ쿂훁웕춨뇠돌풱퓚쓚뗄쎿튻룶죋뗄뒴튵뺫짱ꆣ평폚놱뺩짏몣맣뚫뗈듳돇쫐쫇컒맺탅쾢뫍벼쫵뗄뒰뿚,뾪럅뗄잰퇘,솼뫃뗄뮷뺳컼틽쇋듳엺룟쯘훊죋닅뫍쇴톧맩맺죋풱,쯻쏇쮼쿫뾪럅,럇뎣죝틗뷓쫜탂쫂컯;퓚헢킩뗘쟸춬쪱뮹폐듳솿뗄뒴튵죋풱,쯻쏇폂폚뒴탂,듳떨뒴튵,헢훖뾪췘뺫짱춬럧쿕놾뷡뫏웰살,릹돉쇋럧쿕춶뗄닺짺뫍랢햹뗄췁죀,벫듳뗄췆뚯쇋떱뗘뗄럧쿕춶튵ꆣ(뛾)놱뺩ꆢ짏몣ꆢ맣뚫뗈뗘럧쿕춶랢햹쒣쪽뗄톡퓱평짏쫶럖컶뿉틔뾴돶,쒿잰,맺쓚놱뺩ꆢ짏몣뫍맣뚫퓚랢햹럧춶랽쏦,듓죋컄뮷뺳ꆢ뿆퇐솦솿ꆢ닺튵믹뒡뫍웳튵쒣쪽뗈랽쏦뚼뻟폐튻뚨뗄믹뒡,폖룷뻟쳘뗣:1ꆢ놱뺩펵폐훐맺튻쇷뗄듳톧뫍죋닅,뿆퇐죋풱ퟜ쫽튲쫇좫맺ퟶ뛠,뿉틔쮵놱뺩쫇ퟮ뻟폐뒴탂풴뗄뗘랽,쒿잰훐맘듥틑뺭랢햹캪훐맺뗄ꆰ맨마ꆱ,웤랢햹쒣쪽뿉틔뷨본쏀맺뗄맨마쒣쪽,훘뗣랢햹룟탂벼쫵웳튵럧쿕춶,웤랢햹맽돌훐훷튪탨튪뷢뻶뗄컊쳢뻍쫇볓잿룟뿆벼웳튵폫뿆벼돉맻횮볤뗄솪쾵,럧쿕춶볒폫뒴튵웳튵볒뗄솪쾵,볓잿럧쿕춶훐뷩믺릹뗄붨짨ꆣ2ꆢ맣뚫뗄폅쫆쫇쏱펪웳튵뗄랢햹쯙뛈뫜뿬,맣뚫쪡믹뒡짨쪩뗈펲뮷뺳붨짨좡뗃쇋뫜듳뷸늽,춶죭뮷뺳늻뛏폅뮯,돉캪ퟦ맺듳슽춶뮷뺳ퟮ뫃뗄쪡럝횮튻ꆣ쒿잰,쫀뷧500잿웳튵폐250뛠볒퓚맣뚫춶,좫쪡펵폐100뛠볒췢짌춶뗄퇐랢믺릹ꆢ뗘쟸ퟜ늿믲닉릺훐탄,좫맺ퟮ듳500볒췢짌춶웳튵훐맣뚫뻍햼158볒ꆣ춬쪱틲캪웤샫쿣룛뷼,쯹틔뿉틔샻폃쿣룛뗄뻟폐튻쇷뗄뷰죚튵뫍톯튵뗄죋닅폅쫆,믽벫췆뚯훐맺럧쿕춶뗄랢햹,평폚뛠쓪뗄믽샛,뷱쳬뗄맣뚫틑뺭뻟폐쇋튻뚨뗄룟탂벼쫵훆퓬쓜솦떫퓚뻟폐룟퓶횵뗄훆퓬튵뗄폅쫆,쯹틔맣뚫랢햹럧쿕춶훷튪튪뷢뻶뗄컊쳢뻍쫇볓잿뿆퇐믺릹뫍웳튵뗄솪쾵,틔쏖늹뿆벼랢햹풴늻ퟣꆣ뿉틔냑맣뚫ퟷ캪럧쿕놾훷튪쇷쿲쪡ꆣ3ꆢ짏몣쿖퓚뚨캻쫇훐맺짵훁뚫쓏퇇뗄뷰죚훐탄쯹틔뿉틔듓럧쿕춶춶뫍죚틔벰췋돶뷇뛈뾼싇짏몣뗄랢햹닟싔,뿉틔춨맽뛔춶틸탐뫍횤좯쫐뎡뗄횧돖,퓚엠폽럧쿕춶볒뫍럧쿕춶믺릹랽쏦얬솦,평폚짏몣퓸뺭쫇탂훐맺ퟮ듳뗄릤튵돇쫐,쯹틔튲폐튻뚨뗄릤튵믹뒡,쯹틔탨튪뛔훐킡웳튵룼볓훘쫓뫍럶돖,늢볓잿웳튵뫍퇐뺿믺릹뗄솪쾵ꆣ죽ꆢ뷡쫸폯듓쒿잰컒맺럧쿕춶럖늼뗄쟸폲쳘뗣살뾴,훷튪벯훐퓚놱뺩뫍짏몣,맣뚫,헣붭,붭쯕뗈벸룶듳쪡쫐,뛸훐컷늿뗘쟸평폚뗘샭캻훃뗄쿈쳬늻ퟣ틔벰뷏캪뢴퓓뗄샺쪷풭틲퓬돉쇋럧쿕춶럖늼뗄퇏훘좱랦,뛸럧쿕춶럖늼뗄쪧뫢폖랴맽살볓뻧쇋룷뗘쟸뺭볃쪵솦벰춶뮷뺳뗄늻욽뫢,떫횻튪헫뛔럧쿕춶훆뚨튻뚨뗄폅믝헾닟,뾪뇙뛾냥쫐뎡,볓듳헾뢮럶돖솦뛈,엠폽럧쿕춶훐뷩믺릹,틽뷸뫍엠폽럧쿕춶죋닅,룹뻝놾뗘뗄닺튵뮷뺳훆뚨쫊틋뗄럧쿕춶랢햹햽싔,닅쓜쪹룷뗘뗄럧쿕춶튵엮늪랢햹,뷸뛸췆뚯컒맺뺭볃뗄돖탸랢햹ꆣ[닎뾼컄쿗]1ꆢ[샮쯉쳎]ꆡ럧쿕춶랢햹뗄쟸폲뮷뺳럖컶뿆벼뷸늽폫뛔닟ꆢ[돂짜룕]ꆡ샮욽췢맺횱뷓춶쟸폲탔럖늼퇐뺿뗧ퟓ뿆벼듳톧톧놨ꆢ[MasakiKruki]TheJapaneseVenturecapital,IndustryEvolution,StatusandProspects,20034ꆢ[FengZeng]VentureCapitalinChina,20045ꆢ닌샲훬탣쎷쯯뾪샻ꆡ컒맺럧쿕춶뗄쟸폲뻛샠퇐뺿맜샭톧놨ꆤ61ꆤ' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
