Transcript 跨国公司海外研发的专属性研究 ——基于中国的分析

Innovation, Finance and Funding
in the National System of Innovation
– Case Study of China
Jian Gao
Tsinghua University,
Beijing, China
August 20, 2009
OUTLINE
 Introduction
 History and reform of China’s innovation financing system
 The establishment and improvement of China’s innovation
financing system
 Financing sources for entrepreneurship enterprises
 Innovation financing system’s achievements
 Conclusions
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Introduction
 Definition of innovation financing system (IFS)
 Innovation financing is the key part of a national innovation
system
 National innovation system can be restructured through
financial resources allocations by different innovative ways,
such as institutional innovation in financial services,
infrastructures, education, and government’s governance.
 This report focuses on the evolution process, construction
and function of China’s financing system. Some
recommendations were given on China’s financing system’s
future development and what should government’s role be.
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Introduction
 Framework
• Research background
• Methodology & Framework
• the antecedents of China’s IFS
• weaknesses of the
pre-institutionalized system
• the establishment and
improvement of China’s IFS
• institutional evolution
•NFS’s achievements
(organized by the four
financing sources)
• structure of financing sources
for entrepreneurship enterprises
( four financing sources
and their relationships )
• Conclusions
• suggestions for government
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History and reform of China’s NFS
 Antecedents of China’s NFS
Financing sources
• Government
support in terms of
technology program,
innovation fund and
finance input
• Bank loan for
technology
innovation
• Venture capital and
capital market
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History and reform of China’s NFS
 Development of China’s venture capital system
•
Initiall objective: as a useful mechanism for linking scientific and
technological capabilities and outputs with national and regional economic and
social development.
•
Primary providers of support to new ventures
1. R&D institutes and universities: played the most important role at the start-up
stage, providing both the original technology and seed capital for a venture
(spin-off)
2. Banks: was available only at the expansion and later stages of a venture’s
development, with local governments acting as guarantors
3. Technology zones : incubator functions, licensed the new ventures in order for
them to qualify for preferential treatment under the Torch Program and other
government policies, and to access funding from various sources
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History and reform of China’s NFS
 Weaknesses of the pre-institutionalized system
•
Over the 1980s and early 1990s, a large number of new ventures being funded
in China even before an institutionalized venture capital system had emerged.
•
The system for funding and promoting new ventures as a means of pursuing
broader national developmental objectives had reached its limits:
•
Not effective in pooling funds
•
Research institutes and universities, funded by the government, had
limited financial resources for supporting new ventures.
•
Banks: increasing loans to inherently high-risk ventures was not yet
politically acceptable or even commercially advisable
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History and reform of China’s NFS
 Weaknesses of the pre-institutionalized system
•
Over the 1980s and early 1990s, a large number of new ventures being funded
in China even before an institutionalized venture capital system had emerged.
•
The system for funding and promoting new ventures as a means of pursuing
broader national developmental objectives had reached its limits:
•
Not effective in pooling funds
•
Did not provide the legal, regulatory and other institutional support
necessary to identify and channel available funds to new ventures
effectively .
•
The China New Technology Venture Investment Corporation (formed in
1986), essentially, a central government agency with the mandate to
support national technology venture policy objectives, rather than a profitoriented enterprise.
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History and reform of China’s NFS
 Government attached importance to innovation
financing
• Decentralization of
responsibility and
authority of central
government
• Legitimized venture
capital as well as private
entrepreneurship
Changes in
government’s
role
• Created an institutional
environment conducive
to investment in new
ventures.
• Local governments
have played a much
more direct role in the
development of new
ventures and supporting
infrastructur
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History and reform of China’s NFS
 Government attached importance to innovation
financing
• Government VC firms
• University VC firms
• Mainly controlled by
local governments
• Began to emerge in 2000
• Weakness
Emergence of new
specialized actors
• Corporate VC firms
• The majority of VC firms
• Foreign VC firms
• 8 of the top 10 VC
investors in China were
foreign firms )
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The establishment and improvement of
China’s NFS
 Innovation financing system within the NIS
Main transitions of China’s innovation system
• The transition of leading role in technological innovation from research
institutes and universities to enterprises;
• The transition by mainly using existing technology to improving and creating
new technology;
• The transition from encouraging technology transfer to technology innovation in
and among enterprises, universities and research institutes.
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The establishment and improvement of
China’s IFS
 Innovation financing system within the NIS
IFS triggers the acceleration of innovation:
• R&D input increased dramatically in recent decades. China’s GERD was the
third largest worldwide in 2006, after the United States and Japan.
• Venture capital is an important factor in accelerating innovation. From 2002 to
2008, China’s VC industry expanded rapidly. From the chart below, we see
capital raised by VC institutions increased from 1,298 million US$ in 2002 to
7,310.07 million US$ in 2008. The compound growth rate is 28%.
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The establishment and improvement of
China’s IFS
 Innovation financing system within the NIS
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Capital Raised by VC Institutions between 2002 and 2008
The establishment and improvement of
China’s IFS
 Innovation financing system within the NIS
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Total investments in Chinese VC market between 2001 and 2008
The establishment and improvement of
China’s IFS
 Institutional evolution
• Policymakers and political authorities changed their perception of
venture financing from its being a type of government funding to its
being a commercial activity necessary to support the
commercialization of new technology.
• There is a wave of founding involving government, corporate and
foreign capital.
• Chinese government has established high-tech zones, incubators
and university science parks to accelerate innovation.
• The government also revises the Patent Law in 2000 and 2008
especially for two purposes: encourage innovation and protect the
intellectual achievements.
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The establishment and improvement of
China’s IFS
 Institutional evolution
• The innovation financing system that has emerged so far is highly
complex in terms of the variety and number of organizational actors,
as well the multiple dimensions on which these actors are linked
(see the next figure)
• This complexity is increased because all of the organizational and
institutional elements are themselves changing in response to policy,
technological and other developments.
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The establishment and improvement of
China’s IFS
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Actors and flows in China’s innovation financing system
Financing sources for entrepreneurship
enterprises
 Institutional evolution
special fund from
central government
2
incubators
1
four basic
financing
sources
university
Science Park
3
4
high-tech zone
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Financing sources for entrepreneurship
enterprises
 Institutional evolution
1
special fund from central government
 Policy guide fund , was established by China ministry of science and
technology in May, 1999
 From year 1999 to 2005, the innovation fund accepted 30,623
applications and approved 7,962 projects.
 Applicant qualifications for innovation fund are:
• Independent business entity
• Involving in high-tech R&D, production/services
• R&D investment/sales > 5%
• Technological personnel/total employees > 30%
• Various ownership (Chinese equity 50% up)
• Less than 500 employees
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Financing sources for entrepreneurship
enterprises
 Institutional evolution
1
special fund from central government
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Innovation fund: filling the market gap
Financing sources for entrepreneurship
enterprises
 Institutional evolution
1
special fund from central government
innovation fund projects 1999-2004
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Financing sources for entrepreneurship
enterprises
 Institutional evolution
2
3
High-tech zones & Incubators
• By 2000, the number of new ventures in these zones had exceeded 20,000
• These zones have generated benefits in two areas (Chen,2002)；
• they have provided the structure in which local governments can
express their creativity by adopting and improving the policies and
activities related to these zones.
• They have contributed significantly to the commercialization of China’s
science and technology (S&T) outputs by non-government S&T firms, as
well as by serving as an important base for training and education.
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Financing sources for entrepreneurship
enterprises
 Institutional evolution
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innovation process supported by incubators
Innovation financing system’s achievements
China’s innovation improvement from 1987 to 2005 under innovation financing system
1987
1997
2000
2005
University
15.95%1
11.3%2
8.6%2
10%5
Research Institute
54.74%1
40.5%2
28.8%2
21.1%5
Enterprise
29.31%1
48.2%
60%2
68.9%5
R&D Expenditure (%)
Invention Patents Granted（Item）3
University
18（1985）258
652
44535
Research Institute
11（1985） 304
910
24235
Enterprise
3（1985） 205
1016
77125
R&D Expenditure2
5.86
18.83
35.36
125.03
Technology Acquisition 2
9.02
23.65
24.54
29.68
Expenditure of Technology Absorption2
0.41
1.36
1.82
6.94
Amounts of Hi-tech Enterprises 4
2587
13681
20796
41990
Revenue of Hi-tech Industry Development Zone
8.7
338.8
920.9
3441.6
Amounts of Incubators 6
n.a
n.a.
131
534
Amounts of talents6
n.a
n.a.
7693
39491
Enterprise Innovation Capability (Billion)
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Innovation financing system’s achievements
Innovation fund
• Of the total early-stage Companies supported by the fund, 31% are
Start-up companies (<18 months), 60% are Companies with less than
100 people, 41% are Companies with less than 50 people.
• There are 4946 projects funded during 1999-2003 and 17% of the
projects hold IPR, which indicates the innovation fund promotes
innovation.
• The direct social welfare brought by the innovation fund is the
employment increment. The data shows that 63 new jobs created by
one project on average.
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Innovation financing system’s achievements
High-tech zones, Incubators and University Science Park
• There are totally 53 high-tech zones, 41990 tenant enterprises with 5.212
million employees. The enterprises create 3441.56 billion revenue, 111.65 billion
exports and 32.19 billion taxes.
• different industries: Electronics and Information; New Materials; Optical,
Mechanical and Electronic Integration; Biotechnology; New Energy; High
Efficient and Energy Saving Technology; Environment Protection Technology.
• R&D/Revenue ratio of the zones’ enterprises reached at 2.3%, account for
one third of total national R&D expenditures.
• There are 6222 Invention Patent Applications and 3962 of them are granted.
The amount of invention patents granted account for 27.2% of the whole
invention patents granted.
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Innovation financing system’s achievements
Venture capitals
In 2007, there are 428 successful deals and the amount invested reached
US$ 3.18 billion.
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Innovation financing system’s achievements
Venture capitals
The venture capital investment are distributed in the whole country and
the most three areas are Beijing, Shanghai and Shenzhen.
VC-geographical distributions
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Innovation financing system’s achievements
Venture capitals
VC exits by options & case number in 2008
VC exits by industry & case number in 2008
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Conclusions
• The four kinds of funding sources provide capital for a company in
different stages:
• Innovation fund, High-tech zones, Incubators and University
Science Park enters in the earliest period-seed stage
• Venture capitals invest company in the second period-start-up
stage
• Bank financing, is available only at the expansion and later
stages of a venture’s development
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Conclusions
• Two factors suggest that the role of government in developing
venture capital systems such as China’s will continue to be significant
and extend beyond simply creating appropriate institutions.
• First, the government has a strong paternalistic view of the
economy, and assumes that it both should and is able to provide
direct guidance to emerging actors
• Second, the lingering role of the government as itself an
economic actor is still strong, as evidenced by the still significant
number of enterprises held by local government holding
companies.
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Conclusions
• Two factors suggest that the role of government in developing
venture capital systems such as China’s will continue to be significant
and extend beyond simply creating appropriate institutions.
• First, the government has a strong paternalistic view of the
economy, and assumes that it both should and is able to provide
direct guidance to emerging actors
• Second, the lingering role of the government as itself an
economic actor is still strong, as evidenced by the still significant
number of enterprises held by local government holding
companies.
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Conclusions
• The government still has much work to do in strengthening and
clarifying the regulatory, legal and other elements of the institutional
systems that have an important impact on the venture capital system.
• Issuing relevant laws regulating venture capital firms
• Carefully considering the types of policies for promoting venture
capital and new ventures.
• Increasing coordination among government bureaus and
reducing dysfunctional competition between, for example, MOST
and the State Planning Commission.
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Thank you for your attention