摘 要
风险投资又称创业投资，是指通过向开发高新技术或使其产业化的中小高科技企业提供股权资本，通过股权转让(交易)收回投资的行为。风险投资一般不以控股和分红为目的，而是通过资本与管理投入，在企业的成长中促进资本增值，并且在退出时实现收益变现，再寻找新的投资对象。因此，风险投资的存在对于我国众多的中小规模的企业而言，对于其未来的企业的成长以及发展提供了大量的资金以及管理上的帮助。风险投资既然是以营利为目的，其一切的投资以及操作均是市场行为，那么风险投资为了谋求利益、利润的最大化必然需要一个国家以及经济体提供成熟的退出机制保证风险投资在退出时的利益。
但是近年来，由于受到全球金融危机的影响以及我国证券及资本市场的机制、法律法规等各方面的缺陷，导致我国风险投资退出机制存在一定的问题，退出存在一定的困难以及风险。根据一项关于美国13个风险投资基金的分析研究表明，风险投资总收益的50%来自于6.8%的投资，总收益的75%来自于15.7%的投资。也就是说真正能够为风险投资带来利益的项目是少数的，因此如何保证这仅有的项目给风险投资带来更多的利益对于我国未来发展风险投资的规模而言至关重要。但是从目前我国的资本市场而言，依然缺乏一套行之有效的便捷的退出机制，这也成为制约我国风险投资事业发展的最大障碍。
鉴于上述原因，本文主要致力于从法律法规、各类退出机制的分析、影响退出机制的因素以及欧美成熟经济体在风险投资机制上的优越性的分析等多个方面剖析我国目前在风险投资退出机制上的不足以及未来发展的方向与目标。并且通过实证的方式，说明我国目前的风险退出机制建设的滞后，并且由此而带来的优质企业海外上市、我国风险投资规模的扩大与投资收益的不断下降等问题。此外，本文的主要创新在于对高科技风险企业IPO退出方式，通过中国创业板与美国二板市场之间的差异进行比较，分析个中的差距以及解决方式。针对我国新颁布的《公司法》的规定中不利于私募股权投资基金通过股权回购的方式退出的研究，明确其中诸多条款影响了其收回投资的效率，不利于其长期发展。
因此对于我国风险投资退出机制的完善要从多方面开展，包括IPO机制改良、并购制度建设、VIE结构阻碍问题解决方法、股权回购方法制度建立以及证监会与相关政府的共同努力下，逐步完善我国的资本市场，发展壮大我国风险投资规模，只有保证了风险投资者的利益，提升风险投资企业的资本回报率才能使更多的企业受益于此，最终促进和带动我国资本市场的发展。
关键词：风险投资， 退出机制，IPO，金融改革，法律完善
Abstract
Risk investment or venture capital, refers to the development of high-tech or through the industrialization of middle and small high-tech enterprises equity capital, through the transfer of shares ( transaction) to recover the investment behavior. Risk investment is not generally and to holding the dividends for the purpose, but through capital investment and management, enterprise development in the promotion of capital appreciation, and exit achieve gains realizations, looking for new investment object. Therefore, the existence of risk investment in our country numerous small and medium-sized enterprises, for the future of the enterprise ‘s growth and development to provide a large number of capital and management help. Risk investment since it is for the purpose of profit, all of its investment and operation are market behavior, then the risk of investment in order to seek benefit, profit maximization must be in want of a country and economy with mature withdrawal mechanism of venture investment in exit to ensure the interests of.
But in recent years, due to the impact of the global financial crisis and China’s securities and capital market mechanism, laws and regulations and other aspects of the defect, led to the withdrawal mechanism of venture investment in China has some problems, there are some difficulties and risks exit. According to the United States on a 13 risk investment fund analysis showed, risk investment of 50% of total receipts from investment of 6.8%, of 75% of total receipts from 15.7% investment. That is really able to risk investment benefits of the project is few, so how to ensure the project risk investment only to bring more benefits to our future development of risk investment is of great importance. But from at present our country ‘s capital market, is still a lack of a set of effective and convenient exit mechanism, this also restricts the development of China ‘s venture capital biggest obstacle.
In view of the above reasons, this paper mainly focuses on the various types of exit mechanism, from the laws and regulations of exit mechanism, influence factors and Europe and the United States in mature economies in the mechanism of venture capital investment on the superiority analysis and many other aspects of our country at present in the venture capital exit mechanism of limitations and the future development direction and target. And through the empirical way, shows that China’s current risk the construction of withdrawal mechanism lag, and from this and brought high quality enterprises listed overseas, China’s risk investment scale and investment yield decline problem. In addition, the main innovation is the high-tech venture enterprise IPO exit way, through the China does poineering work board and the United States market differences between the comparison, analysis the gap and the solutions to them. In the light of our country the promulgation of the new” company law” provisions for private equity investment funds through equity buy-back way out of the research, many articles clearly which affects the recovery of investment efficiency, is not conducive to the long-term development.
So for the exit mechanism of venture capital in China from the aspects of perfecting to carry out, including the IPO mechanism improvement, M & A, VIE structure system construction problem solutions, share repurchase method system is established and the Commission and the joint efforts of the government, gradually perfecting the capital market of our country, development and expansion of China’s risk investment scale, the only guarantee the risk investor interest, improve risk investment return on capital to make more enterprises to benefit from this, ultimately to promote and stimulate the development of capital market in china.
Key words: risk investment, exit mechanism, IPO, financial reform, the perfection of law
目录
第1章 绪论……………………………………….1
1.1选题背景及意义…………………………………………1
1.2研究结构与研究内容……………………………………….2
1.3研究方法……………………………………….3
1.4文献回顾及简评……………………………………….3
1.4.1国外研究现状……………………………………….4
1.4.2国内研究现状……………………………………….4
1.4.3国内外研究现状简评……………………………………….5
1.5本文的创新………………………………..5
1.5.1创新点……………………………………….5
第2章 我国风险投资退出机制概述…………………………7
2.1风险投资定义及内涵……………………………………….7
2.1.2风险投资机构的运营模式………………………………..7
2.1.3风险投资退出的意义……………………………………….7
2.1.4我国风险投资的现状……………………………………….8
2.1.4.1募资热潮不减，人民币基金主流地位受挑战…………………….8
2.1.4.2非金融类企业与个人成募资主渠道…………………….8
2.1.4.3优质型企业纷纷转投国外上市…………………….9
2.2风险投资退出方式及国内外情况的对比…………………….9
2.2.1首次公开上市退出（IPO）…………………….9
2.2.1.1 影响IPO的各环节因素…………………….10
2.2.1.2国外风险投资通过IPO退出的情况…………………….10
2.2.1.3我国风险投资通过IPO退出的情况…………………….11
2.2.1.4国外及香港证券市场的特点…………………….12
2.2.1.5我国证券市场不利于风险投资IPO退出的原因…………………….17
2.2.2并购退出…………………………………………19
2.2.3回购退出……………………………………….20
2.2.4清算退出………………………………………20
2.3影响我国风险投资退出机制的因素分析………………………..20
2.3.1金融体系………………………………………20
2.3.1.1VIE结构………………………………………20
2.3.1.2IPO制度………………………………………21
2.3.1.2法律法规的限制………………………………………21
2.3.2 IPO市场中的中介机构…………………………………….21
2.3.1.1管理混乱、良莠不齐…………………………………….21
2.3.1.2国内投行、审核机构缺乏专业性………………………23
2.3.3政府监管力度……………………………………23
2.3.3.1企业上市审核制度漏洞百出…………………………….23
2.3.3.2企业监管不力…………………………………….23
2.3.4经济景气程度………………………………………23
2.4.5文化环境………………………………………24
2.3.6风险投资方面的优秀人才匮乏……………………………24
2.4 改进我国风险投资退出机制的解决建议………………….24
2.4.1 IPO机制改良………………………………………24
2.4.2 加强监管机制………………………………………25
2.4.3 建立股权回购方法制度…………………………………..25
2.4.4 VIE结构阻碍及风险问题解决方法………………………25
第3章 实证分析我国风险投资业以及退出机制现状….26
3.1 我国风险投资退出方式总体回顾………………………26
3.2我国风险投资成功退出案例及分析………………………27
3.2.1案例主角………………………………………….28
3.2.1.1融资方………………………………………….28
3.2.1.2投资方………………………………………….28
3.2.2投资经过………………………………………….28
3.2.3案例评述………………………………………….29
3.3我国风险投资失败退出案例及分析………………………….29
3.2.1案例主角………………………………………….29
3.2.1.1融资方………………………………………….29
3.2.1.2投资方………………………………………….30
3.2.2投资经过………………………………………….30
3.2.3案例评述………………………………………….30
第4章 深入探讨改善我国风险投资退出机制的建议与方式…31
4.1构建多层次的资本市场………………………….31
4.2建立规范完善的上市监管制度………………………….31
4.2.1建立以交易制度创新为主的特别监管机制…………………..31
4.2.2建立以市场监察手段创新和投资人权益保护为主的特别监管措施………..31
4.3建立明确的淘汰退市制度………………………….31
4.4建立健全的投资人权益保护机制………………………….32
4.5完善与风险投资有关的立法………………………….32
4.5.1修改现行法律中不利于风险投资退出的有关条款…………………….32
4.5.2制定我国有关部门风险投资方面的法律……………………33
4.6建立健全适应我国国情的中介机构服务体系………………….33
4.7积极培养风险投资专业人才………………………….33
结束语………………………….34
参考文献………………………………………….35
致谢…………………………..37
