潘炫明,刘艾雯.风险投资如何助力中国科技创新[J].中国科学院院刊,2023,38(11):1655-1664.

风险投资如何助力中国科技创新

Towards a comprehensive venture capital model: Enhancing China's innovation and technology ecosystem through global insights

潘炫明^1,2
广州粤港澳大湾区研究院 广州 510700;中山大学 广州 510275
PAN Xuanming^1,2
The Guangzhou Institute of GBA, Guangzhou 510700, China;Sun Yat-sen University, Guangzhou 510275, China
刘艾雯^1*
广州粤港澳大湾区研究院 广州 510700
LIU Aiwen^1*
The Guangzhou Institute of GBA, Guangzhou 510700, China

         科技创新;风险投资;政府引导基金;民间风险资本;国有风险资本;中等技术陷阱

        technology innovation;venture capital;government-guided fund;private venture capital;state-owned venture capital;middle-technology trap

        科技创新离不开金融支持。无论是基础研究还是技术转化都需要大量的资金支持，但早期研发成果市场化的失败率较高，与传统金融体系的风险偏好并不匹配，而风险投资对满足这方面资金需求发挥着重要作用，并起到价值发现、引导研发方向等作用。近年来，我国风险投资发展迅速，但风险投资体系仍有待完善。文章对全球具有代表性的美国、欧洲、日本和新加坡的风投模式进行比较分析，发现国有资本和民间资本的有效整合可以构建更为完整的风投体系。我国国有资本与民间资本各有优势，但未能在实践中形成合力，导致对科技创新的支持力度不足、企业资金需求与风险资本资金供给周期不匹配等问题。因此，未来的改革重点是要推进国有资本和民间资本的有效整合，逐步建立一个针对科技企业全生命周期、具有高度开放性和包容性的中国版本风投体系。

        Innovation needs financial support. In the process of basic research and the transformation of applied technology, finance plays an important role. The risk appetite of the traditional financial system, however, fails to match with the financial demand of technology innovation. By contrast, venture capital fills the gaps in meeting the demand for funds, and simultaneously, plays the role of value discovery, guides the direction of research and development, and so on. In recent years, while China’s venture capital has developed rapidly, the venture capital system still needs to be improved. This study compares and analyzes the global representative models including the United States, Europe, Japan, and Singapore. From the experience of countries with leading venture capital development, the effective integration of state-owned capital and private capital can build a more comprehensive venture capital system. China’s state-owned capital and private capital have their advantages, but they fail to form collaboration and complement each other in practice, resulting in insufficient support for fundamental science and technology startups, and, more significantly, the mismatch between the urgent demand for technology innovation and the supply cycle of venture capital funds. Therefore, the future reform shall focus on promoting the effective integration of state-owned capital and private capital, and, incrementally, establishing a Chinese version of venture capital system with high openness and inclusiveness for the whole life cycle of science and technology enterprises.