新型研发机构能有效发挥自身技术优势，组建创投基金实现金融资本的持续性增值。本文从股权分配、控制度和开放性角度，将创投基金发展模式分为独立控制、控股组建和合资管理三种类型，新型研发机构应根据发展阶段、资本规模、技术成熟度选择合适的发展模式。基于双方存在的委托代理关系，提出创投基金在运营上采用了二元决策机制、增值服务管理机制、利益分配机制、投资监管机制、信息传递机制，有效实现了新型研发机构对创投基金决策行为的激励和约束。最后，提出政府应深化管理机制创新，强化培育和监管，积极引进社会资本，提高创投基金的管理能力和运作效率。

New R&D institutions can effectively leverage their technological advantages and found venture capital funds to achieve sustainable value-added of financial capital. From the perspective of equity distribution, control and openness,this paper divides the development model of venture capital into three types:independent control,holding formation and joint venture management,the new R&D institutions should select appropriate development mode according to the development stage,capital scale and technology maturity.Based on the principal-agent relationship between the two parties,it is proposed that the venture capital fund adopts the dual decision-making mechanism, the value-added service management mechanism,the benefit distribution mechanism,the investment supervision mechanism and the information transmission mechanism in the operation,which effectively realizes the behavioral incentives and constraints of the new R&D institutions’ decision on the venture capital fund.Finally,it is proposed that the government should deepen the management mechanism innovation,strengthen cultivation and supervision, actively introduce social capital, and improve the management ability and operational efficiency of venture capital funds.

G311；G301

广东省省级科技计划项目“广东新型研发机构发展数据库建设及发展监测”(2069999)