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本文分别分析了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其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。
This article analyzes the process from establishment to listing of two start-ups in Silicon Valley in the United States and Tsinghua Science Park in China from 2001 to 2007 respectively. Unlike the previous case studies and the large sample test, which focuses on the research of venture capital on the value creation of invested companies, the paper distinguishes venture capital and low-margin listing as a unified start-up financial system, From venture capital to the listing process, the role of venture capital system, which is composed of venture capital and low financial threshold of listing, in promoting its capability of resisting large enterprises in suppression and acquisition and enhancing independent development, further discusses the role of venture capital and low financial listing threshold The great function of the entrepreneurial financial system in stimulating innovation and the necessity of setting up a GEM with low financial threshold.