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风险投资是一种将资金投向风险较大、具有较高技术含量的新创企业以谋求高收益的特殊商业性投资活动。近年来,在政府的积极推动下,许多国家的风险投资事业得到了迅速发展。高风险特性使得风险投资活动明显有别于传统的投资活动,需要一套独特的运作方式来支持其发展。根据国外经验,这套运作方式的核心是一个风险收益对等的、能够促使风险投资家付出极大热情和艰苦努力的动力机制,一个有效约束风险投资家行为、降低代理成本和代理风险的约束机制,以及一套强有力的支持体系。
Venture capital investment is a kind of special commercial investment that invests funds in new venture with higher risk and higher technology to seek high returns. In recent years, with the active promotion of the government, the venture investment in many countries has been rapidly developed. High-risk features make venture capital activities significantly different from traditional investment activities and require a unique set of operations to support their growth. According to foreign experience, the core of this mode of operation is a motivation mechanism that enables venture capitalists to exert great enthusiasm and hard work, which is equivalent to risk and return. It is an effective constraint of venture capitalist behavior and reduction of agency costs and agency risk Mechanism, and a strong support system.