ֻ19ज ֻ1௹॓࿐࿐࣮ ᄅ 2001୍3 StudiesinScienceofScience ໓ᅣщݼ:1003-2053(2001)01-0050-05ڄགሧЧ൧ӆ֥ྙӮ蔡 莉 杨如冰(ࠝਟ۽ြն࿐ࣜ࠶ܵ࿐ჽ,ӉԽ 130025)ᅋ ေ:Ч໓ՖሧЧ൧ӆ֥൪࢘ԛؿ,ؓૅݓaႇݓބರЧ֥ڄགሧЧ൧ӆྙӮ֥܋ྟࣉྛ࣮,࣮ᆣൌਔڄགሧЧ൧ӆ֥ྙӮᇀഒႋൈऎС:1)ሧЧ൧ӆᄝᇏཬఒြವሧٚ૫֥ಌཊཁ߄;2)Ҁಌཊ෮ିջট֥൬ၭཁ߄bᆃਆ۱่ࡱ֥ऎСაڎᆰࢤथקڄགሧЧ൧ӆ֥ྙӮbᆃ҂ࣇॖၛႨႿڄགሧЧ൧ӆྙӮ֥ॿࡏყҩ,ߎؓؿᅚݓ֥ڄགሧЧ൧ӆऎႵᆟҦྟၩၬbܱՍ:ڄགሧЧ൧ӆ;ಌཊ;ྙӮᇏٳোݼ:F062-3 ໓ངѓ്:BڄགሧЧ൧ӆ൞၂۱აԮ(ӈܿ)ሧЧ൧ӆཌྷؓႋ֥ۀ,උႿܼၬሧЧ൧ӆ֥ٓԐ,၂Ϯটඪ,Ԯ(ӈ)ܿሧЧ൧ӆ൞ؿᅚࢠູӮඃ֥նᇏఒြࠇᆟکࣉྛӉ௹ሧЧವ๙֥൧ӆ,طڄགሧЧ൧ӆᄵ൞ູӮӉ(Growth-oriented)ᇏཬఒြิ܂ಃၭྟࠇোಃၭྟሧЧ֥൧ӆ,Їও٤ᆞൔ֥฿ሧЧ൧ӆaႵቆᆮ֥ڄགሧЧ൧ӆބህູӮӉᇏཬఒြഡ৫֥ܢௐ൧ӆ¹bڄགሧЧ൧ӆ൞ෛሢڄགሧᆃ၂ห൹ሧٚൔ֥ӁളބؿᅚطᇯࡶྙӮބဆэ,֥ೂݔࡼڄགሧ൪ູሧྛູັܴҪ૫֥ࣁವԷྍ,ପહෛᆭӁള֥ڄགሧЧ൧ӆᄵ൞ሧЧ൧ӆޡܴҪ૫֥ࣁವԷྍ,ࣉطବೆᆜ۱ሧЧ൧ӆุ֥༢bሱЧൗࡀ30୍սڄགሧᄝૅݓؿ؊ѩӯགྷԛؓӮӉᇏཬఒြ,Ⴍః൞ۚྍඌఒြؿᅚ֥ऍնቔႨၛট,ᆃ၂ห֥ሧٚൔರၭ൳֞ൗࢸ۲ݓ֥ౝᩥ,ѩᄝ၂ུؿղݓࡅ֤֞ਔӉቀ֥ؿᅚ,ڄགሧЧ൧ӆ္ෛᆭᄝ۲ݓᇯࡶྙӮbЧ໓Ӈ൫ՖሧЧ൧ӆ֥൪࢘ԛؿ,ฐษڄགሧЧ൧ӆᇏቋऎսіྟ֥ሰ൧ӆ)))Ⴕቆᆮ֥ڄགሧЧ൧ӆ֥ྙӮ,ѩ࿊౼ڄགሧؿჷֹ)))ૅݓaᇝڄགሧቋູؿղ֥ݓࡅ)))ႇݓaᇝڄགሧࢠູࠃᄁ֥ݓࡅ)))ರЧቔູ࣮֥ग़,ุฐ۲ݓڄགሧЧ൧ӆྙӮݖӱᇏթᄝ֥܋,ྟᆃؓႿؿᅚᇏݓ֥ڄགሧЧ൧ӆऎႵਅݺ֥ࢹ֥ၩၬb1 ڄགሧЧ൧ӆྙӮ֥сေ่ࡱܼၬഈ֥ሧЧ൧ӆ൞ఒြࣉྛӉ௹ሧЧವ๙֥൧ӆ,ંഈ,၂۱ປ֥ሧЧ൧ӆႋھିܔડቀ҂ো֥ሧЧ؋ಌᇶุ҂ྙൔ֥Ӊ௹ሧЧླ,ࠧିࡼऎႵ҂ڄག)))൬ၭ ൬۠ರ௹:2000-06-28;൬֞ྩڿ۠ರ௹:2000-12-02ࠎࣁཛଢ:ݓࡅሱಖ॓࿐ࠎࣁᇗׄཛଢ.(79830030)¹ၭaྸཬ,/ڄགሧЧ൧ӆࠣఃᄎቔࠏᇅ0,ᆣಊ൧ӆ֝Б(ധᎪ),1999-04-131ቔᆀࡥࢺ:ғঢ়(1960-),୯(ડ),ୡದ,࢝൱,࣮ٚཟູۚྍඌӁြ߄b
ֻ1௹ ғঢ়aဗೂѢ:ڄགሧЧ൧ӆ֥ྙӮ # 51 # ඣ֥ሧЧ؋ಌᇶุაऎႵ҂ڄག)))൬ၭொݺ֥ሧЧ႔Ⴥᇶุ๙ݖ؟ဢ߄֥ࣁವᇏࢺބࣁವ۽ऎൌགྷིۚؓࢤ,ՖطൌགྷӉ௹ሧЧ֥ቋႪᇂbಖط,࣐ܵՎোሧॖିջটۚح֥০,൞,Ԯ֥ሧЧ൧ӆ๙ӈ࿊ᄴ٢ఙᆃᇕమᄝ֥൬ၭ,طࡼྐ༏ෆ෬ބ॥ᇅ֥ӮЧཋקᄝ၂ק֥ٓຶଽ,෮ିิ܂֥ሧЧऎႵૼཁ/֥ህႨྟ0,၂ϮᆺअཋႿູࢠູӮඃ֥նᇏఒြބᆟکิ܂Ӊ௹ሧЧವ๙,бೂ,ᆣಊ൧ӆ(ܢௐ൧ӆބᅏಊ൧ӆ)ഡקਔ֥۬ഈ൧ѓሙ,၂ϮᆺႵऎႵ၂קࣜႏܿଆބࣜႏြ֥ࠛఒြҌିղ,֞Ֆطࡼܿଆࢠཬಌكࣜႏြ֥ࠛᇏཬఒြऋᆭຓ,ᄝӉ௹ࢹվ൧ӆᇏ,ႮႿഅြၿྛ༢֥ഡ࠹ჰᄵ,ᄝվॻؓའ֥࿊ᄴഈթᄝሢ/฿ള֥ࣈരྟ0,Ӯඃ֥ऎႵਅݺሧྐ֥նఒြᄝӉ௹ࢹվ൧ӆഈᅝधؓႪ൝,طᇏཬఒြႮႿಌكྐႨ࠺ބॖ܂ַ֥ሧӁᄝണ౨վॻഈ๙ӈԩႿਜ൝,ࠆ֤֥վॻ٤ӈႵཋbԮሧЧ൧ӆᄝູᇏཬఒြิ܂Ӊ௹ሧЧವ๙֥ۿିഈթᄝ֥ಌཊᇁᇏཬఒြӉ௹ሧЧླა܂۳ᆭࡗӁളਔಌ१,ೂభ෮ඍ,แҀሧЧಌ१ᄝᆦڱཌྷ֥ؓۚӮЧ֥భิ༯൞Ⴕި০ॖ֥,ᆃ҂ࣇіགྷᄝֆՂ֥ࣁವ൬ၭ,ߎॖၛіགྷᄝᇏཬఒြؓࣜ࠶ؿᅚቓԛ֥܊ང෮ջট֥ࡗࢤ൬ၭഈbၹՎ,൳০ၭ֥౺,ᄝັܴҪ૫ഈࡼԛགྷ჻ၩѩႵି৯แҀᆃᇕሧࣁಌ१ၛ௹ࠆ֤మᄝ൬ၭ֥൧ӆᇶ,ุࠧ๙ӈ෮ඪ֥ڄགሧࡅb֒ᆃᇕ۱љ֥aሱؿ֥གྷའᇯࡶሇэູ௴ђaሱत֥གྷའ,іૼሧЧ൧ӆޡܴҪ૫ഈ֥Էྍ)))ڄགሧЧ൧ӆ֥ྙӮbॖၛඪ,ڄགሧЧ൧ӆ֥ྙӮ൞ؓሧЧ൧ӆಌཊ֥၂ᇕᇅ؇ّႋ,ሧЧ൧ӆթᄝಌཊᆺ൞ڄགሧЧ൧ӆྙӮ֥၂۱сေ่ࡱ,ط٤ԉٳ่ࡱb൙ൌഈ,ሧЧ൧ӆᄝᇏཬఒြವሧٚ૫֥ಌཊࠫެᄝ෮Ⴕݓࡅ၂ᆰ҂ӱ؇ֹթᄝሢ,ಖطڄགሧЧ൧ӆ֥ྙӮಏ൞20ൗࡀ֥གྷའbᇙ෮ᇛᆩ,၂ᇕӁ൧ӆ֥ԛགྷсྶऎС่֥ࡱ൞ھӁ൧ӆླགྷၛࠣളӁھӁડቀླႵ০ॖ,აᆭཌྷোර,ڄགሧЧ൧ӆ֥ྙӮᇀഒႋൈऎСၛ༯่ࡱ:(1)ሧЧ൧ӆ֥ಌཊཁ߄b֒ᇏཬఒြᄝ၂ݓࣜ࠶ᇏԩႿՑေֹ,໊ఃሧЧླཌྷؓ҂ຫഹൈ௹,ᇏཬఒြ၂ٚ૫ၝᇅሧЧླ,ਸ਼၂ٚ૫๙ݖ٤ᆞൔ֥ದሧЧ൧ӆࠇ٤ᆞ֥ܿವሧ౻֡෪ཬሧЧಌ१,ՖطሧЧ൧ӆ֥ഈඍಌཊӯႅྟሑbط֒ᇏཬఒြᄝ၂ݓࣜ࠶ᇏֹ໊֥ᇯ҄ഈശ,ሧЧླႿຫഹ֥ൈ,ᆃᇕሧЧಌ१षགྷ,Ⴍః൞ᄝඌԷྍರࠃᄁ,ྍӁြބఒြ҂؎ԛགྷ,ۚྍඌӁြᇯࡶӮູ၂ݓഠ߶ࣜ࠶ؿᅚ֥ቋᇗေၹ֥Мࣟ༯,ቔູۚྍඌӁြᇶေັܴᄛุ֥ӮӉᇏཬఒြ֥ವሧ໙ีರၭ൳֞ᇗ൪,ՖطሧЧ൧ӆ֥ಌཊՖႅྟሇູཁྟb(2)Ҁಌཊ෮ିջট֥൬ၭཁ߄bԮࣜ࠶༯,ఒြ֥ࣩᆚႪ൝նཬ๙ӈ౼थႿሧЧބস৯ᅝႵ֥؟ܪ,ྛြ֥ӑح০ᆺႵնఒြҌႵॖିࠆ౼,طᇏཬఒြӈԩႿࣩᆚ൝,ၹطཬఒြ֥ሧ֥൬ၭაڄགѩ҂ཌྷӫbྍඌ۪ଁܒӮളӁ৯֥ᇭၹؿളਔᇗնэ,۪ۚྍඌӁြ֥ᗌఏᇏཬఒြᅳ֞ਔކൡ֥ള໊(niche),ᇏཬఒြ֥ࣩᆚႪ൝֤֞ԉٳ֥ؿߨ,ྍྖྛြӑح০षཟᇏཬఒြౠ,ོᄝᆃᇕМࣟ༯,ؓᇏཬఒြሧ֥൬ၭषཁ߄,ࠧҀሧЧ൧ӆಌཊэ֤۷ູႵ০ॖbંഈ,ᆺေൈऎСਔၛഈਆ۱่ࡱ,ࣼ߶ӁളҀሧЧ൧ӆ֥ಌཊ֥൧ӆᇶ,ุࣉطྙӮڄགሧЧ൧ӆb2 ૅaႇaರڄགሧЧ൧ӆ֥ྙӮ211 ૅݓڄགሧЧ൧ӆ֥ྙӮ
# 52 # ॓࿐࿐࣮ ֻ19ज ൮༵,ૌॖၛ๙ݖ၂ݓᅝᇶֹ໊֥֝ᇏཬఒြંটॉҳᇏཬఒြᄝھݓࣜ࠶ᇏֹ໊֥bૅݓᄝᇗ൪ᇏཬఒြ໙ีഈ༵Ⴟႇݓ,ࠧՖ30୍սष,ᄝൗࢸྟࣜ࠶າࠏᆭ,ުᇯ҄ಪ്֞ᇗ൪ؿᅚᇏཬఒြ֥сေྟbႮሱႮ٢ᆟҦሇཟၛົሱႮࣩᆚູᆟҦ֥ࠎെ,ؓᇏཬఒြൌീ၂קӱ؇֥Ќބტ,ၛ՜ࣉࣜ࠶ᄝࣩᆚ֥ᇇᇏൌགྷڶႵࠃ৯֥ᄹӉ¹bᄝᆃᇕМࣟ༯,ሧЧ൧ӆᄝᇏཬఒြವሧٚ૫֥ಌཊषႮႅྟᇯࡶཁ߄,൞Ҁಌཊିܔջট֥൬ၭಏಯअཋᄝؓཬఒြିӮӉູնఒြ֥ყ௹ഈ,ѩીႵᆇᆞཁ߄b20ൗࡀ30୍ս,ૅݓੱ༵ԛགྷਔ٤ᆞൔ֥฿ሧЧ൧ӆ્֥,֒ൈྸ؟ڶღ֥ࡅ๖ބ۱ದФӫ/ູ฿ሧದ0,ཟૌಪູޓႵభ֥ఒြิ܂ఓሧࣁ,طႵቆᆮ֥ڄགሧЧ൧ӆᄝᆃ၂ൈ௹ѩીႵԛགྷbᆰ֞ؽᅞުඌᇏཬఒြषնਈႤགྷ,ᆃུఒြ֥ࣩᆚႪ൝ᄝྍ֥ࣜ࠶ߌ༯ᇯࡶཁ,ᆃ҂ࣇሧЧ൧ӆ֥ಌཊࣉ၂҄ཁ߄,طҀಌཊ֥൬ၭ္षᆇᆞཁ߄bڶႵყྟ֥༵ྛᆀႿ1946୍Էࡹਔૅݓ࣮აؿᅚ܄ඳ(ARD)ѓᆽሢڄགሧ֥ྛູԷྍࣉೆਔቆᆮ߄֥ࢨ؍b၂ൈ௹ߎԛགྷਔোර֥ڄགሧࠏܒህՖ൙ؓԩႿؿᅚᄪ௹֥ඌᇏཬఒြ֥ಃၭྟሧ,ᆃུሧࠃࣼ൞ದૌުট෮ӫ֥/Ԯڄགሧ(ClassicVentureCapital)0,ࠧؓԩႿؿᅚᄪ௹֥ໃഈ൧ఒြࣉྛಃၭྟሧѩڣᆭၛܵ,๙ݖሧЧᄹᆴ֥ٚൔࠆ֤߭Б,ఃሧ؟ࠢᇏᄝඌᇏཬఒြbᇀՎ,Ⴕቆᆮ֥ڄགሧЧ൧ӆҌषྙӮb212 ႇݓڄགሧЧ൧ӆ֥ྙӮӉ௹ၛট,ႇݓࣜ࠶ંࢸ၂ᆰ൞Ⴎ/ᇏཬఒြวં0ᅝऌᇍֹ໊,ൈࡗӉղϤჅ୍,ၹՎ,ቔູ၂۱இሧЧᇶၬݓࡅ,ႇݓቋᄪࣉೆ۽ြ۪ଁ,္൞ቋພᇗ൪ؿᅚᇏཬఒြ֥ݓࡅbؽᅞၛު,หљ൞60୍սᆭ,ުෛሢྍඌ۪ଁশӖ֥ঔaൗࢸࣜ࠶ࢲܒ֥ሇэ,ࣜ࠶ࣜݖӉ௹ᆔ֥ႇݓषᆇᆞၩ്֞ؿᅚᇏཬఒြ֥ᇗေྟ,ᇔႿᄝ20ൗࡀ70୍սൌགྷਔՖ/ᇏཬఒြว0ં/֞ᇏཬఒြړᆱં0֥ሇэº,ᇏཬఒြᄝವሧٚ૫֥ಌ१षཁ߄bಖط,ႇݓ֥ᇶੀ۽ြӉ௹ᅝᇶֹ໊֝,ఃӁြࢲܒ/֥ᇗ0؇նႿૅݓ,႕ཙਔӁြࢲܒശ֥ࠩ؇,ᇏཬఒြ҂ॖିڿэ҂০ֹ໊֥,ၹՎ,Ҁಌཊ֥൬ၭཁ߄ѩ҂൞๙ݖЧݓ֥ᇏཬఒြᅳ֞ކൡ֥ള໊ՖطؿߨࣩᆚႪ൝ൌགྷ֥,ᆃᇕཁ߄টሱຓ҆ၹ,ࠧૅݓڄགሧᆦӻ֥ᇏཬఒြࠆ֤ऍնӮۿ֥൙ൌbၹط,Ֆଖᇕၩၬഈඪ,ႇݓ֥ڄགሧ൞ؓૅݓᆃᇕሧྛູԷྍ֥၂ᇕ֝ೆࠇଆٟ,1982,୍ႇ۬ধၿྛؓڄགሧࣉྛਔ၂Ց߭ܤ,ಪູᆃᇕؿᅚᇶေ݂ၹႿૅݓڄགሧ෮౼֤֥ऍնӮۿބದ֥߭Б»bႇݓ֥ڄགሧЧ൧ӆྙӮႿ70୍սଌ80୍սԚ,ᄝᆃᆭభ,ؓໃഈ൧܄ඳ֥ܢಃሧ๙ӈ൞ၿྛބࣁವ܄ඳࣉྛ֥ြༀ,Ф൪ູՑေ֥ವሧြༀbགਔᇷ֥3i܄ඳၛຓ,ીႵહႵܿଆ֥܄ඳؓໃഈ൧ᇏཬఒြሧۋྖ౿bෛሢᆟک҆ބࣁವࠏܒؓԷြཬఒြሧྖ౿֥ิ,ۚᆃᇕअ૫Ⴕਔཁᇷڿܴ¼b൳ૅݓ֥႕ཙၛࠣႇݓӁြᇗׄՖᆞᄝක֥ӮඃӁြሇཟರၭྖఏ֥ۚྍඌӁြ֥ླေ,ႇݓ֥ڄགሧᄻࣜ၂؇ࠢᇏႿԚԷ௹ሧ,طᄝ80୍սᄪ௹ބᇏ௹,ۚඌਵთ൞ሼᄝڄགሧభခ֥ڄགሧࡅቋູౝᩥ֥ሧਵ¹ᅦྮള1ݓຓᇏཬఒြ֥ؿᅚۀঃ1ᇏݓഅြԛϱഠ,1998ºᅦྮള1ݓຓᇏཬఒြ֥ؿᅚۀঃ1ᇏݓഅြԛϱഠ,19981»R1G1Sweeting1UKVentureCapitalFundsandtheFundingofNewTechnology-basedBusiness:ProcessandRelation-ships1JournalofManagementStudies28:6November19911¼GordonG1Murry,EvolutionandChange:anAnalysisoftheFirstDecadeoftheUKVentureCapitalIndustry,JournalofBusinessFinance&Accounting,22(8),December1995,0306-686X
ֻ1௹ ғঢ়aဗೂѢ:ڄགሧЧ൧ӆ֥ྙӮ # 53 # თ,ڄགሧЧ൧ӆ֥ԚྙषྙӮѩջႵ୩ᇗི֥ٟґb213 ರЧڄགሧЧ൧ӆ֥ྙӮರЧቔູުࣉ֥ሧЧᇶၬݓࡅ,ࣜ࠶ࠎԤָሰЊބؽჭࣜ࠶ࢲܒԛ,ൈ૫ਢሢࠗਛ֥ݓ࠽ࣩᆚބ௧్֥ۊӑༀ,ၹՎᅞުն৯ྛᇏཬఒြړᆱᆟҦ,Ґ౼؟ᇕࠒࠞॖྛ֥ᆟҦծീ,Ֆሧࣁaඌaࣜႏܵaྐ༏֩۲۱ٚ૫ؓᇏཬఒြࣉྛሧᇹބړᆱ,ၛิۚఃളӁੱބࣩᆚି৯,ᆭӮູ՜ࣉࣜ࠶ؿᅚ֥၂ᆦᇗေ৯ਈbॖၛඪ,ᄝᆃ۱ݓࡅᇏ,ರЧؓᇏཬఒြ֥ᇗ൪ӱ؇൞ቋۚ,֥ᄝሧЧ൧ӆᇏ,აӬ൧ၿྛᇶေ૫ཟնఒြaֹٚၿྛᇶေ૫ཟֹٚܠۄఒြཌྷؓႋ,ߎթᄝህູᇏཬఒြڛༀ֥ᇏཬఒြህြࣁವࠏܒ:ކቔၿྛaྐႨࣁ९ބྐႨކቔഠ,ఃଢ֥൞ູᇏཬఒြषтሧࣁವ๙֥౻֡bᆃུӮ৫Ⴟ50୍սԚ֥ᇏཬఒြࣁವࠏܒ,০Ⴈఃຩׄ؟a์࣍၂Ϯᇙ֥Ⴊ,ׄᄝູᇏཬఒြิ܂ࣁವڛༀaູᇏཬఒြ֥ؿᅚٚ૫ఏਔ٤ӈᇗေ֥ቔႨ¹bՎຓ,նఒြᇶေҐ౼/༢ਙ߄0֥ྙൔࡼაሱ࠭ཌྷܱ֥ཬఒြବೆሱ֥࠭ളӁࣜႏุ༢,/ሒ0ཬఒြࠢಕ൞ၛնఒြູෳࡕ,ᇙ؟ཬఒြູෳቖٳ҃طྙӮ֥bᄝھࠢಕᇏཬఒြԩႿຓຶࠇ༯උ,ᇶေູ/ނྏఒြ0ࣉྛหק֥ህြ߄ࡆ۽,ࠇ۴ऌေิ܂ህြ߄Ӂ,ࠇࣉྛཋᇅྟཧ൲ºbطնఒြᄵؓሱ࠭༢ਙଽ֥҆ᇏཬఒြҐ౼҂ӱ؇֥ሧЧҕაaඌჱᇹaஊయܵದჴaิ܂౦Бྐ༏֩ؓᇏཬఒြ۳Ⴭࠒ֥ࠞړᆱ»bՖі૫ഈ,ुರЧᇏཬఒြ֥ሧЧಌ१໙ี҂หљԛ,ሧЧ൧ӆ֥ಌཊԩႿႅྟሑbಖط,վॻ০ੱ൳֞ܵᇅط֮Ⴟ൧ӆࠏᇅथק֥नޙ০,ੱ֝ᇁվॻླۚႿ܂۳,Ֆط҂֤҂ҐႨྐႨ۳֥ٚم,նఒြ๙ӈିႪ༵ࠆ֤ྐႨ۳,طᇏཬఒြᄵ؟ླ๙ݖᆦڱҀӊྟթॻၛࠆ֤ྐႨ۳,Ֆط֤վॻൌ࠽০ੱбၬ০ੱۚ20%ၛഈӮູ௴ђ֥གྷའb20ൗࡀ70୍սᇏ௹ၛ,ުັሰඌ۪ଁӮݔഡС֥๙Ⴈ؇ննิۚ,Ֆطཬఒြ္ି৫ࣉྛྍӁ֥षؿ,ರЧת֥ࣘཬఒြࠢಕᇏնਈႤགྷԛ/Ӂषؿఒြ0,ཬఒြࠢಕष৫߄ؿᅚbࣉೆ80୍ս,ުᄝܼӆླྀၰႄؿ֥ರჭࠤखശᆴaӁြࢲܒնэ߄֥ྙ൝༯,ӵЇбੱ༯ࢆbՎުଛఒြაӵЇఒြ֥ࣁሳෳٳ۽ࢲܒषཟбࢠሱႮ֥aбࢠष٢֥aህඋྟ֎Њ֥ຩࢲܒሇ߄¼,ᇏཬఒြ֥৫ྟࣉ၂҄ᄹ఼,षᇯࡶϥຂӉ௹ၛট֥Ֆඋֹ໊,ᄝᆃᇕМࣟ༯,ᇏཬఒြሧЧಌ१षᆇᆞཁ߄bਸ਼၂ٚ૫,ᆃ௹ࡗರЧࣁವࢲܒؿളᇗնэ߄,Ⴎሧࣁ؋ಌ֥ࣁವ൝эູሧࣁݖഺ֥ࣁವ൝bሧࣁটჷэ֤ѩ҂ᇗေ,ܱ൞ေ࿙ᅳႵ০֥ሧؓའbෛሢᆰࢤࣁವ൧ӆ֥ؿᅚބնఒြଽ҆ࠒ֥ᄹࡆ,ԛགྷਔնఒြຂၿྛ֥གྷའb၂ཟ҂൳նၿྛᇗ൪֥ᇏཬఒြӮູྍ֥ಣ,ׄ௴๙ၿྛ֥ြༀཟᇏཬఒြሇ၍bರЧֻ၂ՑڄགሧಣӖؿളᄝ1972୍ቐႷ,ࣜݖ60୍սଌ֥ۚᄹӉ௹,ࣁವࠏܒࠒਔնਈ֥ሧࣁԥС,ष࿙ᅳྍ֥ሧࠏ߶bᄝᇏཬఒြሧЧಌ१҂؎ཁ߄֥Мࣟ༯,ૅݓ֥ࣜဒіૼؓྍྖ֥ᇏཬఒြሧࡼջটమᄝ֥ۚح൬ၭ,Ҁಌཊ֥൬ၭ֤ၛཁ߄,ڄགሧᆃ၂ห֥ሧٚൔӨ൝ࣉೆਔರЧb8ࡅڄགሧ܄ඳսіਔರЧቋԚ֥ڄགሧ¹ൡ1ರЧࣁವࡓ֥ܵဆ߄1ഈݚҍࣜն࿐ԛϱഠ,1998,61-621ºԕЌྖ1ཬఒြࠢಕ࣮1گ֊ն࿐ԛϱഠ,1999,77.»ٓڌ1ರЧఒြᇅ؇֥หׄࠣఃఓൕ1གྷսರЧࣜ࠶,1998(4):42.¼ޥ౩࿄1ರݢᇏཬఒြࠣఃᆟҦбࢠ1གྷսರЧࣜ࠶,1997(5):11.
# 54 # ॓࿐࿐࣮ ֻ19ज ြ,ఃᇏЇওKED(KyotoEnterpriseDevelopment)aNED(NipponEnterpriseDevelopment)ބJAFCO(JapanAssociatedFinanceC¹ompany),Ⴕቆᆮ֥ڄགሧЧ൧ӆषྙӮbЧ໓ՖሧЧ൧ӆ֥൪࢘ԛؿ,ؓૅݓaႇݓބರЧ֥ڄགሧЧ൧ӆ(ᇶေ൞Ⴕቆᆮ֥ڄགሧЧ൧ӆ)֥ྙӮࣉྛਔ࣮,࣮ᆣൌਔڄགሧЧ൧ӆ֥ྙӮᇀഒႋൈऎСਆ۱่ࡱ:1)ሧЧ൧ӆ֥ಌཊཁ߄;2)Ҁಌཊ෮ିջট֥൬ၭཁ߄bᆃਆ۱่ࡱ֥ऎСაڎᆰࢤथקڄགሧЧ൧ӆ֥ྙӮ,ᆃ҂ࣇॖၛႨႿڄགሧЧ൧ӆྙӮ֥ॿࡏྟყҩ,ߎؓؿᅚݓ֥ڄགሧЧ൧ӆऎႵᆟҦྟၩၬ:ڄགሧЧ൧ӆ֥ྙӮѩ٤၂ᵉطࣼ,ᆟکᄝ՜ࣉڄགሧЧ൧ӆྙӮٚ૫֥ቔႨ၂ٚ૫ॖၛ൞ิۚᇏཬఒြᄝݓࣜ࠶ᇏֹ໊֥ၛಌཊཁ߄,ਸ਼၂ٚ૫ॖၛ൞ູᇏཬఒြԷᄯਅݺ֥ളթؿᅚߌ,Ҁಌཊ෮ିջট֥൬ၭᆇᆞཁ߄bҕॉ໓ང:[1] ၭaྸཬ1ڄགሧЧ൧ӆࠣఃᄎቔࠏᇅ[J]1ᆣಊ൧ӆ֝Б(ധᎪ)11999,(4)1[2] ᅦྮള1ݓຓᇏཬఒြ֥ؿᅚۀঃ[R]1Кࣘ:ᇏݓഅြԛϱഠ,19981[3] R1G1Sweeting1UKVentureCapitalFundsandtheFundingofNewTechnology-basedBusiness:ProcessandRelationships[J],JournalofManagementStudies28:6November1991[4] GordonG1Murry1EvolutionandChange:anAnalysisoftheFirstDecadeoftheUKVentureCapitalIndustry[J]1JournalofBusinessFinance&Accounting,22(8),December1995,0306-686X[5] ൡ1ರЧࣁವࡓ֥ܵဆ߄[M]1ഈݚ:ഈݚҍࣜն࿐ԛϱഠ,19981[6] ԕЌྖ1ཬఒြࠢಕ࣮[M]1ഈݚ:گ֊ն࿐ԛϱഠ,19991[7] ٓڌ1ರЧఒြᇅ؇֥หׄࠣఃఓൕ[J]1གྷսರЧࣜ࠶,1998,(4)1[8] ޥ౩࿄1ರݢᇏཬఒြࠣఃᆟҦбࢠ[J]1གྷսರЧࣜ࠶,1997,(5)1[9] JamesWBorton1VentureJapan,Woodhead-Faulkner[M]1NewYork,19921AStudyontheFormationofVentureCapitalMarketCaiLi,YangRubingAbstract:Startingfromtheexistingcapitalmarket,thispaperstudiesthecommonfeaturesintheformativeprocessofventurecapitalmarketsnowinoperationintheUS,UKandJapan,(mostlybeingwell-organizedones).:Venturecapitalmarket,traditionalcapitalmarket,growth-oriented,bankinginnovation,riskinvest-ment.¹JamesW1Borton1VentureJapan1Woodhead-Faulkner,NewYork,19921
