国资介入创投行业不同于一般的社会投资人,兼具功能性和营利性的目标定位.不同治理结构的国资创投对投资行为和能力培养具有不同影响.本文将国资创投的投资模式分为三类:固定回报模式、LP-GP间接投资模式、 直接风险投资模式.构建了国资创投治理结构和投资模式的匹配模型,并运用问卷调研的方式对国资创投机构的投资能力进行全面分析,对国资创投治理结构、 投资模式与目标实现的关系进行了实证研究.在此基础上,对不同治理结构国资创投机构的投资模式选择提出了建议.%The state-owned venture capital differs from the general social investors both in functional and profitable aims in the field of venture capital industry. Different governance structure of state-owned venture capital has different effects on investment behavior and ca-pacity building. Based on the theory and literature analysis, this paper divides the investment mode of the state-owned venture capital into three categories: fixed return model, LP-GP indirect investment model and direct venture capital model. This paper constructs a matching model of governance structure and investment mode of state-owned venture capital. Using the questionnaire survey method, it conducts a comprehensive analysis on investment capacity of state-owned venture capital and makes an empirical research on the govern-ance structure, investment mode and the realization of the aim of state-owned venture capital. On this basis, this paper puts forward some suggestions on the investment mode selection of the state-owned venture capital enterprises in terms of different governance struc-ture.
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