首先，在第一章资本杠杆原理中，通过介绍作者独创的“资本
杠杆”概念揭示了风险投资的本质。所谓“资本杠杆”就是指这种现
象：小资本和大资本结合时，结合后的总体资本收益率发生或预期发
生一个较小的交化(一般指正向变化)，如果小资本在提高收益率中
起到关键性的作用，则它在增加的收益中将获得超过按其资本比例应
得的收益，由于大资本比小资本大得多，大资本让出很小比例的收益，
就会使小资本的收益率发生远大于总资本收益率的变化。风险投资是
典型的主动利用资本杠杆获利的投资方式。
第二章风险投资简介，简要介绍了风险投资(主要是传统风险
投资)的含义、特点与运作的环节．从资本杠杆的角度定义了风险投
资，与一般的定义有所不同，但我认为更能反映风险投资的本质。
第三章风险投资的作用，针对我国目前对风险投资作用的一些
比较典型的错误认识，指出了风险投资不具备和具备的作用，并在此
基础上初步论述了我国发展风险投资业的必要性和可行性。认为风险
投资具有巨大的作用，但它在满足科研中间试验和中小企业资金需求
方面的作用是很有限的．
．第四章政府与风险投资，认为如果政府不发挥积极的作用，我
国的风险投资业很难发展起来，提出了作者认为我国政府在风险投资
中应该发挥的作用，认为政府在发展风险投资中的主要作用应该是通
过法律的、行政的、经济的手段来创造和改善风险投资发展的条件，·
包括资金来源、投资对象、人才、投资机构和退出渠道等方面的条件，
政府最好不要亲自上阵来搞风险投资．
第五章我国风险投资机构的环境及对策，结合中国的实际情况，
借鉴国外的经验，从资金来源、组织形式的选择、投资和辅导、退出
方式等方面提出了经营风险投资机构的一些原则和思路．认为我唇发
展风险投资的资金并不缺乏，只是渠道还不够畅通．风险投资机构宜
采取有限合伙形式或私募的、封闭的、契约式投资基金方式．我国在
高科技产业的风险投资应该选择优势细分市场重点突破，在传统行业
我国还有进行风险投资的空润．在选择退出方式时。风险投资者虽然
有自己的取向，但要受风险企业的客观情况制约．Abstract
In this article，mainly discussed are my personal opinions on
venture investmenL especially observed．
From the point of view of a venture investor,the discussion
embodies five parts，respectively dealing with the venture
investment’S conditions，principles，and management strategies，as
well as the government supporting．
Chapter One，is focused 011 introduction to a new concept
”Capital Leverage Principle”，meant to e砌aill the following
phenomenon：when emerging with large capital，if the income rate of
the total capital experience or is predicted to experience some small
changes(generally positive ones)，the income of small capital would
undergo a much bigger change．If the small capital plays a vital
function，it will win all extra income than the income he would get by
original percentage before emerging．Being much larger than the
small capital，the large capital will and also would rather give a small
portion of income to the small one．So，the small capital。S income
rate is a little bigger than the total income rate．The income rate is
determined by bargain between the individual holders of small and
large capital．
In the Second Chapter,a brief introduction to the venture
capital’S definition，features and operation is made．And the venture
investment itsele as a term，is defined in the light of differing from
ordinary ones but better retiecting its nature：the Capital Leverage
结合资本扛耔最理谈发展风险投资业
Principle．
The Third Chapter is about the function of the venture capital in
China．
The Fourth Chapter deals谢tll the roles government plays in the
development of venture investment．
In the last part，fBrther discttssion is made about the environment
and strategy of china's venture investment institutions．As a result，
some practical suggestions are put forward as far as funding
resources，institutional types，investment activities and withdraws are
concemed．Finally,this p印cr tends to say that it is not the fund for
venture investment is in lacL rather,it iS the channels for the
investment are not adequately workable．
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