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日本政府一系列的制度和政策创新,促使日本兴起了第三次风险投资浪潮。这次浪潮表现出投资进入新的增长周期、资金来源多样化、投资向高新技术产业集中、投资于风险投资企业设立期前移、退出渠道畅通等特征,意味着日本的风险投资已经进入了良性发展轨道。日本风险投资制度变迁演绎了制度创新对新兴产业发展的作用、风险投资产业的制度需求和政府在风险投资产业发展中应承担的责任,为中国发展风险投资产业提供了重要的借鉴。
Japan’s government a series of system and policy innovation, prompted Japan to rise the third wave of venture capital. This wave of investment shows signs of a new cycle of growth, diversification of funding sources, concentration of investment in high-tech industries, investment in venture capital firms, and the smooth exit of funds, which means Japan’s venture capital has entered a healthy Development track. The changes in the system of venture capital in Japan have deduced the role of institutional innovation in the development of new industries, the institutional requirements for the venture capital industry and the responsibilities that the government should assume in the development of venture capital industry, which provide an important reference for China to develop its venture capital industry.