高新技术企业集群与风险投资作用机制研究
摘要：高新技术产业作为各国经济的主要增长点，其企业集群更是备受学者们瞩目。而风险投资作为1种新型的融资方式，在国外取得了巨大的成功。如美国的硅谷、印度的班加鲁尔的成功，都无处不在地体现着风险投资的作用。高新技术企业集群以及风险投资是近年来学者们给予了极大关注的两个问题。笔者认为，风险投资与高新技术企业集群的`发展绝不是孤立的两个系统，而是1个互相依赖、互相促进的完整的体系，应将2者结合起来进行研究才更具有理论与现实意义。本文着重对集群内技术创新、资本来源、企业家精神、网络性等方面进行较深刻细致的分析，探求风险投资作用发挥机理，进而发现：第1，高新技术企业集群的创新包括技术（技术创新）、精神（如文中提到的企业家精神）两个层面。就技术创新而言，其种子、创建、成长等各阶段都离不开风险投资的支持。而企业家不断的自我创新的精神又使得风险投资家乐于将风险资本投入高新技术企业集群。第2，由于高新技术企业集群内企业的网络性、稠密性和同质性，极大地简化了风险投资家在对高新技术企业集群内企业进行投资时的信息甄别，降低了风险资本投入高新技术企业集群时的信息不对称风险，因此吸引了更多风险资本的进入。高新技术企业集群需要风险投资，而风险投资也选择了高新技术企业集群，这恰好表明了它们2者之间共生共栖的关系。有鉴于此，开辟民间资本为主的多渠道风险投资体系，大力培养风险投资管理人才、激励集群内创新精神，理顺退出渠道、完善风险投资资本市场等建议就显得尤为重要。
关键词：技术创新；企业家精神；信息甄别；民间资本
A Study on High-Tech Enterprises Cluster and
Venture Capital Mechanism
Abstract: A High-tech enterprises as a major national economic growth, its cluster is redoubled attention scholars. And venture capital as a new financing method, it achieved tremendous success abroad. For example, Silicon Valley in the United States, Ban Jialuer in India, and the success everywhere embodies the role of venture investment. Clusters of high-tech enterprises and venture capital have been given great attention by scholars the recent years. In my view, venture capital in high-tech enterprises in the cluster development is not isolated two systems, but a mutual dependence on each other for the integrity of the system, they should be integrated into the study and it is more theoretical and practical significance. This paper focuses on technological innovation within the cluster, the source of capital, entrepreneurship, networking and other areas more profound and detailed analysis, exploring venture capital mechanism role to play, and then found: First, the cluster of high-tech enterprises, including Technology (technical innovation) spirit (as mentioned in the text of entrepreneurship). On technical innovation, its seeds, the creation, growth stage of the investment risk is inseparable from the support. Entrepreneurs and constant self-innovative spirit has made venture capitalists willing to risk capital into high-tech enterprise clusters. Second, as the cluster of high-tech enterprises within the enterprise network, dense and homogeneous, greatly simplifies the risks to investors in high-tech enterprises to conduct business within the cluster investment information screening, reduce the risk of capital into high-tech enterprise clusters at the risk of asymmetric information. Attract more venture capital access. Clusters of high-tech enterprises need to risk investment, and risk investment choices of new and high-tech enterprises clusters. This just shows their symbiosis between the two symbiotic relationships. In view of this, opening up mainly of private capital through multiple channels risk investment system, vigorously develop risk investment management talents Incentive clusters within the spirit of innovation, from rationalizing channel sound risk investment in the capital market on the proposal appears to be particularly important.
Key word: Technology Innovation; Entrepreneurial Spirit; Information Screening; Private Capital
