| 日本风险投资的高风险与低回报 |
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| 引用本文： | 刘云,冯珂科.日本风险投资的高风险与低回报[J].安阳师范学院学报,2007(3):44-48. |
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| 作者姓名： | 刘云 冯珂科 |
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| 作者单位： | 1. 南开大学,日本研究院,天津,300071
2. 博钦律师事务所,上海,201203 |
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| 摘 要： | 风险投资作为向创新型中小企业提供融资的一种重要途径,解决了中小企业融资困难得问题。日本从美国引入风险投资之后,并没有形成美国式的风险投资运作模式,存在着以下问题:代理成本高、投资集中于后期,退出机制不完善。这些问题造成了日本风险投资的高风险与低回报。
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| 关 键 词： | 风险投资 代理成本 信息不对称 中小企业融资 二板市场 |
| 文章编号： | 1671-5330（2007）03-0044-05 |
| 修稿时间： | 2007-05-11 |
The high - risks and low - proceeds of Japan's Venture Capital |
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| LIU Yun,FENG Ke-ke.The high - risks and low - proceeds of Japan''''s Venture Capital[J].Journal of Aayang Teachers College,2007(3):44-48. |
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| Authors: | LIU Yun FENG Ke-ke |
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| Institution: | 1.Japan Institute, Nankai University, Tianjin 300071, China; 2. Shanghai 201203, China |
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| Abstract: | As an important way to raise funds for mid-to-small enterprises,venture capital solves the problem of "Mid-to-small Enterprises' raising funds".After the indraught of venture capital from the USA,Japan has not set up the USA's venture capital model.It has problems as follows: high agency cost,investment focusing on anaphase,incomplete exit function.These problems get the high-risks and lowproceeds into Japan's venture capital. |
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| Keywords: | Venture Capital Agency Cost Asymmetric Information Mid-to-small Enterprises' raising funds Second-board Market |
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