高新技術企業叢集與風險投資作用機制研究
摘要：高新技術產業作為各國經濟的主要增長點，其企業叢集更是備受學者們矚目。而風險投資作為1種新型的融資方式，在國外取得了巨大的成功。如美國的矽谷、印度的班加魯爾的成功，都無處不在地體現著風險投資的作用。高新技術企業叢集以及風險投資是近年來學者們給予了極大關注的兩個問題。筆者認為，風險投資與高新技術企業叢集的`發展絕不是孤立的兩個系統，而是1個互相依賴、互相促進的完整的體系，應將2者結合起來進行研究才更具有理論與現實意義。本文著重對叢集內技術創新、資本來源、企業家精神、網路性等方面進行較深刻細緻的分析，探求風險投資作用發揮機理，進而發現：第1，高新技術企業叢集的創新包括技術（技術創新）、精神（如文中提到的企業家精神）兩個層面。就技術創新而言，其種子、建立、成長等各階段都離不開風險投資的支援。而企業家不斷的自我創新的精神又使得風險投資家樂於將風險資本投入高新技術企業叢集。第2，由於高新技術企業叢集內企業的網路性、稠密性和同質性，極大地簡化了風險投資家在對高新技術企業叢集內企業進行投資時的資訊甄別，降低了風險資本投入高新技術企業叢集時的資訊不對稱風險，因此吸引了更多風險資本的進入。高新技術企業叢集需要風險投資，而風險投資也選擇了高新技術企業叢集，這恰好表明了它們2者之間共生共棲的關係。有鑑於此，開闢民間資本為主的多渠道風險投資體系，大力培養風險投資管理人才、激勵叢集內創新精神，理順退出渠道、完善風險投資資本市場等建議就顯得尤為重要。
關鍵詞：技術創新；企業家精神；資訊甄別；民間資本
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
