But the present main pattern of the venture investment, namely, state-owned venture capital pattern, can t exert the function of our venture investment because of its disadvantages.

The derivation of valuation model for venture capital;

From the point of view of venture capital to study of second board s establish ment in China;

An empirical survey to risk factors in macro environment of venture capital in our country;

Constructing business platform is the core strategic target of high-tech venture investment.

Because the disadvantages of institution, ability, morality, lack of capital, etc, the government doesn t to be the main part of venture investment.

In the process of venture investment,there exist dual principal-agent relations among venture investor,venture capitalist and entrepreneur,which results in problems of adverse selection and moral hazard.

The pioneering investment, which has developed for decades in America, has formed a set of modes of government s supporting the initiation and the pioneering investment.

So the pioneering investment organizations in U.

Institutions of higher education play an important role in the development of China s pioneering investment, which can be reflected in the following aspects: 1.

A Theoretical & Practical Research on the Government-Supported VC Industry;

Venture capital (VC) is a kind of investment behavior, which provides share ownership capital for new enterprises or small and medium scale enterprises, which are of great potentiality of development.

Venture Capital (VC) springs up in order to transform high-tech to real productivity.