摘要
产权市场可以激活创业资本、引领风险投资,为高新技术企业融资、并购带来生机。本文在分析我国产权市场现状与存在问题的基础上,对产权市场、风险投资与高新技术产业之间的作用机理进行了研究;基于2006-2010年省级面板数据探讨产权市场对高新技术产业的影响,指出产权市场的建立与完善,对于风险投资进入我国高新技术产业,通过产权市场的并购、退出,实现资本增值等具有重要影响;最后提出政策建议:完善产权市场法律法规、明确产权市场定位、成立监管机构、实行金融创新促进高新技术产业发展、构建完整的创业投资产业体系等。
The equity market can activate venture capital, lead venture capital, and bring vitality to finance, mergers and acquisitions of high-tech corporations. This paper analyzes current situation and problems of China＇s equity market, discusses the mechanism of interaction among the equity market, venture capital and high-tech industries, measures equity market＇s impact on the development of high-tech industries by empirical analysis method, based on provincial panel data from 2006 to 2010. The paper points out that the establishment and improvement of equity market will benefit venture capital to enter or exit high-tech industries in China, by means of mergers and acquisitions in equity market and achieve capital appreciation. The policy suggestions proposed in this paper are： completing or perfecting equity market laws and regulations, confirming the equity market positioning, establishing regulatory bodies, implementing financial innovation for promoting the development of high tech industries and building an overall system of venture capital industry.
出处
《财贸经济》
CSSCI
北大核心
2012年第8期137-144,F0003,共9页
Finance & Trade Economics
基金
科技部软科学项目(2011GXQ4D084)
教育部人文社科项目(12YJA790061)
浙江省自然科学基金项目(Y12G020029)的阶段性研究成果
关键词
产权市场
风险投资
高新技术产业
面板数据
政策建议
Equity Market, Venture Capital, High-tech Industry, Panel Data, Policy Proposal
