１９４６年美国研究开发公司（ＡＲＤ）的建立 ,标志着现代意义上的风险投资机构正式诞生。经过几十年的实践 ,风险投资已发展成为一个庞大的产业。我国风险投资事业起步虽晚 ,但近年来也迅速升温。本文拟从风险投资财务活动特点的角度对风险投资运作方式作一探讨。一、风险资 The establishment of the American Research and Development Corporation (ARD) in 1946 marked the formal birth of a venture capital institution in the modern sense. After decades of practice, venture capital has developed into a huge industry. Venture capital in China started late, but in recent years it has also been rapidly warming up. This article intends to explore the operation of venture capital from the perspective of the characteristics of venture capital financial activities. First, the risk of funding