摘  要

 

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,并且提出相关发展对策。

 

关键词:风险投资, 退出机制,IPO,金融改革,法律完善

 

 

Abstract

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.

 

Key words: risk investment, exit mechanism, IPO, financial reform, the perfection of law

 

 

目录

 

摘  要…………………………………………………………………… I

Abstract…………………………………………………………………. I

第1章 绪论……………………………………………………………….. 1

第2章 我国风险投资退出机制概述……………………………………………… 1

2.1风险投资的概述……………………………………………………… 1

2.2风险投资退出方式……………………………………………………. 1

2.2.1首次公开上市退出(IPO)………………………………………… 1

2.2.2并购退出……………………………………………………… 2

2.2.3回购退出……………………………………………………… 2

2.2.4清算退出……………………………………………………… 2

2.3影响我国风险投资退出机制的因素分析……………………………………. 3

2.3.1金融体系……………………………………………………… 3

2.3.2政府法律法规监管………………………………………………. 3

2.3.3经济景气程度………………………………………………….. 3

2.3.4风险投资方面的优秀人才匮乏……………………………………… 4

第3章我国风险投资退出机制的重要性…………………………………………… 4

第4章我国风险投资退出机制现状及问题…………………………………………. 4

4.1风险资本很难通过主板市场退出…………………………………………. 4

4.2相关法规制度不完善………………………………………………….. 4

4.3资本市场不健全.产权交易市场不健全…………………………………….. 5

第5章完善我国风险投资退出机制的建议…………………………………………. 5

5.1加快建立二板市场……………………………………………………. 5

5.2制定促进风险投资发展的法律法规……………………………………….. 5

5.3完善产权交易市场……………………………………………………. 5

第6章  案例分析——中华网收购掌中万维……………………………………….. 5

6.1收购背景…………………………………………………………… 5

6.2收购结果…………………………………………………………… 5

6.3退出经验总结……………………………………………………….. 6

第7章  总结………………………………………………………………. 7

参考文献…………………………………………………………………. 8

致谢…………………………………………………………………….. 9

发表回复

您的电子邮箱地址不会被公开。 必填项已用*标注

本站所有资源版权均属于原作者所有,这里所提供资源均只能用于参考学习用,请勿直接商用。若由于商用引起版权纠纷,一切责任均由使用者承担。更多说明请参考 VIP介绍。

最常见的情况是下载不完整: 可对比下载完压缩包的与网盘上的容量,若小于网盘提示的容量则是这个原因。这是浏览器下载的bug,建议用百度网盘软件或迅雷下载。 若排除这种情况,可在对应资源底部留言,或联络我们。

对于会员专享、整站源码、程序插件、网站模板、网页模版等类型的素材,文章内用于介绍的图片通常并不包含在对应可供下载素材包内。这些相关商业图片需另外购买,且本站不负责(也没有办法)找到出处。 同样地一些字体文件也是这种情况,但部分素材会在素材包内有一份字体下载链接清单。

如果您已经成功付款但是网站没有弹出成功提示,请联系站长提供付款信息为您处理

源码素材属于虚拟商品,具有可复制性,可传播性,一旦授予,不接受任何形式的退款、换货要求。请您在购买获取之前确认好 是您所需要的资源