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The development of American risk investment and Its Enlightenment

Author: WeiZhi From: www.yourpaper.net Posted: 2007-11-19 15:03:59 Read:
Abstract: venture capital originated and developed in the United States of America, and high-tech industry and the whole economic growth played a tremendous role in promoting.The development history of the United States of America venture capital system mode analysis of the United States of America, venture capital, can offer reference and Enlightenment for the development of risk investment in china.
The keyword risk investment; high-tech; the United States economy
VC originated in America at the beginning of the twentieth Century, when some wealthy families and individuals to provide money for some new company, cultivate the Eastern Airlines (Eastern Airlines), Xerox (Xerox), International Business Machines Corporation (IBM), the world's large companies.From scratch, risk investment in the United States continue to grow, in 1999 the United States of America venture investment amount to $63810000000, and $102550000000 in 2000.Through a combination of capital and technology, venture capital to promote the marketing of high-tech achievements, nurture and support the rapid development of industrial technology, semiconductor, computer information technology and biological engineering, and rely on technological progress and the relative economic benefits, to drive the overall progress of the whole social economy.New American companies such as Microsoft, Cisco, Intel, Sun, Yahoo etc. are the development of the venture capital support.An important source of economic growth in the United States of America is home to more than 40000 software companies and more than 300 chip company, since 1999 the United States added value 2/3 is created by Microsoft such high-tech enterprises.According to statistics, 1970-1990 years 20 years the United States different production factor contribution to economic growth are: capital of 28%, labor 19%, technical progress 53%, over the same period, these three indicators in several Asian newly industrialized countries are respectively 73%, 17% and 10%. have even said that, by supporting the development of high-tech venture investment, promote a fundamental restructuring of the economy, the United States had already entered the era of knowledge economy, and will keep the leading position in a fairly long period of time, thereby creating a high growth, high export, Gao Yingli, low inflation, low unemployment and low budget deficits of the so-called "three high and three low" the economic miracle.
Jeng and Wells study of Boston University School of management professor discovery, because of different policy environment, the level of private pension fund, labor market rigidities, accounting standards, GDP and market capitalization level, risk investment business model also each are not identical.The degree of development of risk investment in great difference of all countries in the world, with the United States of America's venture capital market development history is the longest, largest scale, the most perfect function, provides a model of inductive condition for us.Risk investment in other countries is developed in recent ten years, in the development process there are many experiences and lessons to be learned.In the United States of America, venture capital is a kind of system of investment and financing system, and has formed a set of complete market system.Therefore, the system of venture capital development and operation analysis and study of the United States of America is very important.
(a) development course of American Risk Investment
The rise of American risk investment 1.In 1946, the United States Boston Federal Reserve Bank governor Flanders and Harvard University professor Doriot founded the world's first true sense of the Vc firm -- American Research and Development Corporation (American ResearchDevelopment; ARD), it is the first specialized investment to poor mobility of the new corporate securities Publicly Held Corporation.It is the birth of milepost development of risk investment in the world.ARD investment is the most famous 1957 to the digital equipment corporation investment, provides $70000 in venture capital and $30000 in loans.To 1971, the investment has increased to more than $3.But even so ARD duration of the average annual return of just 15.18%, slightly higher than the same period in the Dow Jones industrial average annual growth rate of 12.8%.This is the lack of scientific and normative system as the operation of the foundation, the establishment of other private Vc firm development is very slow, venture capital shortage throughout this period.However, the production of ARD offers the model and experience for risk investment behind, and it is proved that private Vc firm to invest in the creation of new promising company is completely feasible.
The rise and fall of 2 small business investment company.The Soviet Union launched the first artificial earth satellite stimulation, the United States government to develop high-tech.In 1957, to solve the capital development of high-tech enterprise innovation problem, the United States Congress passed "the small and medium-sized enterprise investment law" stipulated by the small business administration examination and approval of the small business investment company can be obtained from the federal government preferential credit support, which has greatly stimulated the development of risk investment in the United States of america.In nineteen sixties, a number of venture enterprise began to appear on the market, and by 1968 over 1000.But because of the invested enterprise scale, control of the master is restricted, weaken the attractive to investors.Secondly, small business investment companies attracted to the individual investors, poor ability to take risks, due to the lack of high-quality venture capitalists, unable to meet the needs of high-speed growth.In 1969, Congress will increase the long-term capital gains tax rate from 29% to 49%, to the venture capital industry to a fatal blow, scale reduction.Until 1978, Congress will be the rate to 28%, before gradually returning.With the development of the limited partnership, independent of the small business investment company gradually reduce, by 1989 nearly disappeared.
The development of the 3.20 century 80's.In 1978, in the lower tax rates at the same time, the United States Department of labor for "the Employee Retirement Income Security Act" on the pension investment "prudent man" (Prudent Man) to make a new interpretation of terms, without endangering the entire portfolio of security, no longer prohibit pension to buy small and emerging companies that issue securities and on risk investment funds.This explanation for the pension fund to enter the field of venture investment to pave the way, greatly changed the venture capital supply and risk fund structure, risk investment institutions, and establish the dominant position of limited partnership in the field of risk investment.But because of the early growth too fast nineteen eighties, the relative lack of risk investment professionals, the risk of business choice also tend to be sloppy risk investment returns ratio obvious drop, coupled with the 1987 stock market crash of October, the venture capital industry into the adjustment period of digestion in the latter half of the 80's.
The 4.20 century 90's prosperity.Enter 90 age, with the development of the global high-tech industry, put forward a new economic model, and the 1986 to 1997 average up to 41.2% of the rate of return on investment, both to stimulate venture investment in the United States has started a new round of rapid growth, especially in recent years, is one of the most remarkable surge.Total amount of investment, risk investment enterprises and the average investment continues to rise, the risk investment in 1996 increased to $9500000000, the year 1997 has added $10000000000 in 2000, the total investment has exceeded 100000000000 us dollars.Risk investment in the total research and development funds in the proportion rose from 3.7% in 1988 to the 2000 40%. even by the bursting of the Internet bubble, the development of risk investment stagnated, but the overall situation remained stable, and maintained a growth trend.
(two) business model and features of American Risk Investment
The United States of America venture capital market is a typical "government-supported private" development mode, in this mode, the role of small banks, the role of government is to provide policy support and encouragement.Give the United States government to venture capital support, mainly manifests in the government to create a relaxed, stable policy environment for its, direct intervention rarely (mainly through legislation, financial regulation indirect intervention).The capital market and the high-tech industry connected mainly by venture capital and closed-end funds in the development of mature capital market operation to achieve.
1 the United States of America venture capital market development history is the longest, largest scale, the most perfect function, various policy measures and the United States government is inseparable.Risk investment, government involvement and support should be considered as the market failure (Market Failure) of a correction, but the government should not directly intervene in risk investment, but to provide a relaxed environment, let the market this invisible hand adjustment.In fact, even in the United States of America such a the highest degree of market-oriented countries, governments also have a large number of measures to cultivate the market of venture capital investment, training of venture capital market in other countries around the world are learning the United States of america.For example, the tax effect on venture capital play a decisive role, adjust the capital gains tax rate of the United States government directly affects the rise and fall of the risk investment market, a few times to adjust the tax rate will have a decisive impact on risk investment.P
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