风险投资(Venture Capital),在我国又称创业投资,20世纪50年代首现于美国等发达国家,自20世纪80年代开始在发展中国家盛行。风险投资的正外部性和高风险性往往会造成两种结果:成功的投资项目难以达到预期收益率,而失败的损失则全部由风险投资方承担。因此,厌恶风险的投资者会对风险投资望而却步,社会资金不敢介入, Venture Capital, also known as Venture Capital in China, first appeared in the developed countries such as the United States in the 1950s and has prevailed in developing countries since the 1980s. The positive externality and high risk of venture capital often result in two kinds of results: successful investment projects are difficult to achieve the expected rate of return, and failure losses are all borne by venture capitalists. Therefore, risk-averse investors will be discouraged from venture capital, social funds are not involved,