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我国风险投资业存在初创期(种子期和起步期)投资不足、投资传统行业和低端环节较多的现象。文章从产业结构和文化因素的角度解释了这一现象的形成机制,即产业结构决定了默会知识类型,从而导致大多数投资者放弃风险投资,进而造成我国风险投资总量不足,而文化因素锁定了这一过程。因此,文章建议减少初创期和高科技行业投资的机会成本,充分发挥特定默会知识在风险投资决策中的作用,以及大力发展天使投资来阻止我国风险投资“保险化”倾向。
China’s venture capital industry has the initial stage (seed stage and initial stage) under-investment, investment in traditional industries and more low-end link phenomenon. The article explains the formation mechanism of this phenomenon from the perspective of industrial structure and cultural factors, that is, the industrial structure determines the type of tacit knowledge, which leads most investors to give up the risk investment, which in turn causes the total amount of venture capital in our country to be insufficient. However, Locked the process. Therefore, the article proposes to reduce the opportunity cost of investment in the start-up period and high-tech industry, give full play to the role of specific tacit knowledge in venture capital decision-making, and vigorously develop angel investment to prevent the risk-based investment in our country.