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本文以中国地方政府2000～2009年的面板数据从理论和实证上研究中国风险资本市场发展的影响因素,结果发现,对中国风险资本市场影响最大的因素依次为:政府政策变量、民营企业工业产值占比、风险资本中政府资金所占比重、IPO退出项目所占比重,等等。为此,相关的政策建议为:完善法律体系、促进创新环境改善等措施鼓励风险资本发展;促进民营经济发展;建立多层次的资本市场体系;建立和完善专利保护制度。
Based on the panel data of Chinese local governments from 2000 to 2009, this dissertation studies the factors influencing the development of China’s venture capital market theoretically and empirically. It is found that the most influencing factors for China’s venture capital market are: government policy variables, industrial output value of private enterprises Accounting for the proportion of government funds in venture capital, the proportion of IPO exit projects, and so on. To this end, the relevant policy recommendations are: improve the legal system and promote innovation and environmental improvement measures to encourage the development of venture capital; promote the development of private economy; establish a multi-level capital market system; establish and improve the patent protection system.