中文摘要：

畅通、高效的融资渠道，是产业集群发展的关键。对产业集群的风险投资，与只对单个企业的投资是有区别的。在产业集群的萌芽阶段，风险投资宜占35％～40％；产业集群的成长阶段，风险投资宜占60％～65％；产业集群成熟阶段，风险投资宜退出；产业集群更新阶段，风险投资重新进入或另辟新径。

英文摘要：

Expedite and efficient financing channels are the sticking points of the development of industrial cluster. The operational path of venture capital is discussed in the paper from a new perspective of the development of the industrial cluster. Based on the essential characters of venture capital and industrial cluster, the relationship between venture capital and the development of industrial cluster is analyzed in the paper. Then some effective operational paths and modes are founded out. The venture capital to the industrial cluster is only different in the capital of a venture capital enterprise. From the above analysis the conclusion includes some below points. The percent of venture capital should be 35% - 40% in the budding phases of the industrial cluster and 60% - 65% in the developing phases. While in the mature phase of it the percent of the venture capital should retreat. However, in the renovating phase the venture capital should be fmanced again or have another new mode.