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创业投资的定义经合组织科技政策委员会曾于1996年发表了一份题为《创业投资与创新》的研究报告。该报告对创业投资所下的定义是:创业投资是一种向极具发展潜力的新建企业或中小企业提供股权资本的投资行为,其基本特征是:①投资周期长,一般为3～7年;②除资金投入之外,投资者还向投资对象提供企业管理等方面的咨询和帮助;③投资者通过投资结束时的股权转让活动获取投资回报。可见,创业投资体系是一种特殊的投融资安排。其基本特征有四:第一,投资的方式,主要是股权性投资;第二,投资的周期较长;第三,投资的目的不在于不断地获得利息或红利,即不在于获取财务利润,而在于当投资对象的市场评价达到较高水平时,通过股权转让活动,一次性地为投资者带来尽可能大的市场回报,即取得资本利得;第四,它不只是一种投融资体系,而且是一种融资金融通、企业管理、科学技术等多种经济因素在内的一个综合经济活动。
Definition of venture capital In 1996, the OECD Science and Technology Policy Committee published a study entitled “Venture Capital and Innovation”. The report defines venture capital as follows: venture capital investment is a kind of investment behavior that provides equity capital to newly established enterprises or small and medium-sized enterprises with great potential for development. Its basic characteristics are as follows: ① The investment cycle is long, usually 3 to 7 years ; ② In addition to capital investment, investors also provide advice and help to investors in business management and other aspects; ③ investors to obtain return on investment through the equity transfer activities at the end of the investment. Can be seen, venture capital system is a special investment and financing arrangements. There are four basic characteristics: First, the mode of investment is mainly equity investment; Second, the investment cycle is longer; Third, the purpose of investment is not to continually obtain interest or dividends, that is, not to obtain financial profits, But rather that when the market value of the investment target reaches a high level, it can bring investors as much as possible a market return through the equity transfer activities, ie obtain capital gains. Fourth, it is not just a system of investment and financing , But also a comprehensive economic activity including various financial factors such as financing, business management and science and technology.