（中国人民大学商学院，北京 100872 ）
Abstract:Since 2015 the State Council encourage people to start their own businesses and to make innovations, the quantity of the Incubators of innovation and Entrepreneurship which were built by the Central State-owned Enterprises had a sharp increase. But the operating efficiency of the incubators is uneven. Through the in-depth analysis of Tianyi Technology Venture Capital Co., Ltd., this paper shows the operation mechanism of enterprise incubator which is based on the Central State-owned Enterprises: 1.To realize the risk aversion and risk-sharing of each participant through the incubator system innovation, and promote high-quality participants entered the incubator voluntarily; 2. Through the incubator system innovation to achieve the self-matching of risk for the participants who are in the incubator. That is, from the perspective of incubator risk, the essence of the high-efficiency incubator operation mechanism is to realize the voluntariness of the entry way and the cooperation way, and to solve the problem on the basis of voluntariness and self-selection, thus forming a risk self-matching platform.
Keywords: enterprise incubator risk aversion risk sharing risk matching