CAJ | 학술논문

非正式风险投资是对创业企业的早期阶段进行投资的非中介风险投资，对创业和创新有重要的促进作用。欧洲国家创业投资公共政策经历了由最初的贷款担保支持转向提供风险投资、再到重点支持非正式风险资本市场发展的演变路径。欧洲非正式风险投资公共支持政策主要包括税收激励、建立天使投资网络、完善证券立法、投资准备计划、投资者培训、合作投资计划等六种方式。这些公共支持政策对我国具有有益的启示，应借鉴欧洲国家的经验，大力发展有中国特色的非正式风险资本市场。
비정식풍험투자시대창업기업적조기계단진행투자적비중개풍험투자，대창업화창신유중요적촉진작용。구주국가창업투자공공정책경력료유최초적대관담보지지전향제공풍험투자、재도중점지지비정식풍험자본시장발전적연변로경。구주비정식풍험투자공공지지정책주요포괄세수격려、건립천사투자망락、완선증권입법、투자준비계화、투자자배훈、합작투자계화등륙충방식。저사공공지지정책대아국구유유익적계시，응차감구주국가적경험，대력발전유중국특색적비정식풍험자본시장。
Informal Venture Capital is a non-intermediary venture capital to invest in the early stage of initiative enterprises, which has an important role in promoting entrepreneurship and innovation. Public policy for venture investment in Europe has experienced the evolution pathway that the initial focus of support was on enhancing the availability of loan finance through guarantee, then the focus shifted to the provision of venture capital, and then the focus turned to support the informal venture capital market. Public policy support for informal venture investment in Europe include six ways which are tax incentives, business angel networks, securities legislation, investment readiness, investor education and coinvestment schemes. These public support policies are beneficial enlightenment to our country. We should draw lessons from the experience of European countries, and vigorously develop informal venture capital market in China.