CAJ | 학술논문

对浙江省3480家高新技术企业进行调研，分析浙江高新技术企业引入风险投资的特征，对比风投背景高企与全省高企的平均发展水平，分析风投介入前后企业发展速度变化和企业外部融资变化。认为有风险投资背景的高企各项经济与科技指标增长率高于全省平均水平，风投对企业进一步融资和推动上市有积极的作用，但是风投普遍投向成熟期企业，并没有在科技成果转化和产业化最急需资金的初创期介入，对高企发展速度的促进作用不甚明显，培育和扶持高企的摇篮作用没有得到较好的体现，即天使投资严重缺失。在此基础上提出一系列引导风险投资投向早期、培育发展天使投资的对策建议。
대절강성3480가고신기술기업진행조연，분석절강고신기술기업인입풍험투자적특정，대비풍투배경고기여전성고기적평균발전수평，분석풍투개입전후기업발전속도변화화기업외부융자변화。인위유풍험투자배경적고기각항경제여과기지표증장솔고우전성평균수평，풍투대기업진일보융자화추동상시유적겁적작용，단시풍투보편투향성숙기기업，병몰유재과기성과전화화산업화최급수자금적초창기개입，대고기발전속도적촉진작용불심명현，배육화부지고기적요람작용몰유득도교호적체현，즉천사투자엄중결실。재차기출상제출일계렬인도풍험투자투향조기、배육발전천사투자적대책건의。
It researches on 3480 high -tech enterprises in Zhejiang Province,and analyses its risk investment characteris-tics.It compares the average development level between high -tech enterprises with venture capital and other high -tech enterprises of Zhejiang Province,and analyses the difference of the development speed and external financing before and af-ter venture capital investment.The economy indicators and science and technology indicators with venture -backed enter-prises are higher than the provincial average.Venture capital investments have positive effect on enterprises further finan-cing and listing.But venture capital investments generally invest in mature companies,not the start -up enterprises which are in urgent need of funds in transformation and industrialization.It is found venture capital investments in promoting the development of high speed is not obvious and angel investments are serious deficiencies.This article proposes a series of countermeasures about guiding investments in early period and nurturing the development of angel investments.