借助一手调研数据和二手资料,本文从发展趋势和对策两个方面分析了处于转型时期的中国天使投资市场,研究发现:(1)中国天使投资正处于高速发展阶段,尤其是在国家鼓励创新创业的氛围下,对天使投资营造了利好的环境.基于这个新形势,天使投资的未来趋势体现在平民化、组织化、机构化以及与孵化器、股权众筹模式的深度融合化等几个方面.(2)天使投资市场在投资者认知、规范化发展以及政策制定等方面仍存在诸多问题.为了推动天使投资实现规范性发展,并逐步走向成熟,以支撑中国创新型经济发展,本文建议需要进一步完善天使投资法律法规与培育管理体系、出台天使投资激励政策、加大天使投资引导力度.
Abstract
By using surveys and second-hand data, this paper studies the development tendency and strategies of Chinese angel investment in the transformation period. It finds that: (1)Chinese angel investment is experiencing rapid development. Government encourages entrepreneurship and innovation, which has created a good environment for developing angel investment. Therefore, the Chinese angel investment will shift into the phase of popularizational, organizational, institutional, and integration with incubator and equity crowd funding deeply. (2)Chinese angel investment has some problems in investor's cognition, standardization development and policy making. For promoting standardized and sound development of angel investment, to support innovative economic development, this paper suggests that improve the angel investment laws and develop the management system, issue the incentive policies and intensify the guiding role of the government.
关键词
天使投资 /
发展趋势 /
对策
Key words
angel investment /
development tendency /
strategies
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
参考文献
[1] EVCA (european venture capital association).Venture capital in europe: Its role and development[R].Zaventum, Belgium: EVCA, 1993.
[2] Mason, C. M and Harrison, R. T., Closing the regional equity gap: The role of informal venture capital [J].Small Business Economics, 1995(7): 153-172.
[3] Murray, G., Evolution and Change: An analysis of the first decade of the U.K. venture capital industry [J].Journal of Business Finance and Accounting, 1995(22):1077-1106.
[4] Murray, G. and J. Lott, Have U.K. Venture capital firms a bias against investment in new technology-based firms?[J].Research Policy, 1995 (24): 283-299.
[5] BVCA (British Venture Capital Association), Report on investment activity 1995[R]. London: BVCA, 1996.
[6] Martin, R., The growth and geographical anatomy of venture capitalism in the united kingdom [J].Regional Studies, 1996(23): 389-403.
[7] Mason, C. M., Harrison R. T., Venture capital, the equity gap and the north-south divide in the U.K., in Green, M. (ed.), Venture capital: international comparisons [M]. London: Rout ledge, 1991:202-247.
[8] Walker, D. A., Financing the small firm [J].Small Business Economics, 1989(1): 285-296.
[9] Wetzel, W. E., Venture capital, in Bygrave, W.D. (ed.), The portable MBA in entrepreneurship [M]. New York: Wiley, 1994:172-194.
[10] Mason C. M., Harrison, R.T., Business angel networks and the development of the informal venture capital market in the U.K.: Is there still a role for the public sector? [J].Small Business Economics, 1997(9): 111-123.
[11] Liu M.T., Chen, B.P.,Business angel investment in the China market [J] Singapore Management review, 2007(7):89-101.
[12] Li, Y., et al., An exploratory study of business angels in China: A research note[J]. Venture Capital: An International Journal of Entrepreneurial Finance, 2014(1), 69-83.
[13] Ding, Z., et al., Angel investors' selection criteria: A comparative institutional perspective [J].Asia Pacific Journal of Management, 2014(31):705-731.
[14] Ding, Z., et al., Social trust and angel investors' decisions: A multilevel analysis across nations [J].Journal of Business Venturing, 2015(30):307-321.
[15] 刘曼红、王佳妮. 中国天使投资:理论、方法与实践 [M]. 北京:中国发展出版社, 2015.Liu Manhong, Wang Jiani. China angel investment[M]. Beijing: China Development Press,2015.
[16] 刘曼红.天使投资理论与实践[M].北京:经济管理出版社,2009.Liu Manhong. Theory and practice of angel investing [M].Economy & Management Publishing House,2009.
[17] (美)沙恩. 傻瓜的金子:美国天使投资背后的真相[M].胥国红,滕雄,祝捷(译),上海:东方出版中心,2009.Scott A Shane. Fool's gold? The truth behind angel investing in american[M].Oxford University Press Inc.
[18] World Bank, Creating angel investor groups: International edition[R].Internal Report, 2014.
基金
国家自然科学基金青年项目"天使投资行为特征、组织架构与公共政策研究"(71303224;2014.01-2016.12)、中国博士后科学基金课题"国际视角下的天使投资市场特性与政策体系研究"(2014M550814;2014.05-2015.05).
