创业金融体系与新创企业独立发展——两个案例分析

创业金融体系与新创企业独立发展：两个案例分析

朱武祥 成九雁

（清华大学经济管理学院金融系， 北京 100084）

摘要：本文分析了2001－2007年美国硅谷和中国清华科技园的两家新创企业从创立到上市的过程。与以往同类案例和大样本检验研究侧重于研究风险投资对被投资企业的价值创造视角不同的是，本文把风险资本和低财务门槛上市作为一个统一的创业金融体系，着重分析了这两家企业从创业到上市过程中，风险资本和上市财务门槛低一起组成的创业金融体系在促进他们抵御大企业打压和收购，增强独立发展的能力方面的作用。进一步讨论了风险资本和上市财务门槛低的创业金融体系对激励创新的巨大功能，以及设立低财务门槛的创业板的必要性。 关键词：风险资本；创业金融体系；创业企业；创业板市场

作者简介：朱武祥，清华大学金融系公司金融教授，研究方向：公司金融。成九雁，清华大学金融系博士生。

中图分类号：F830.91

Entrepreneurial Financial Systems and the

Start-ups’ Independent Development

Abstract: This paper analyzes the growth paths of two start-up firms respectively in the Silicon Valley of US and Tsinghua Science Park of China, both of whom have got various venture capital investments during 2001-2007 before going public. We find that venture capitals and low listing threshold have played an important role in the case firm’s competing with others in the same industry segment and dealing with big company’s M&A offers. Different from other case-study research which emphasized venture capital’s role for a specific firm, we focus on the complicated functions of venture capital and low listing threshold as a whole to the constantly-evolving process of an emerging industry. We also discuss the necessity and incentive functions of opening the low listing-threshold capital markets for all kinds of start-ups.

Key Words：Venture Capital, Entrepreneurial Financial Systems