中美风险投资退出法律制度比较研究
发布时间：2019-02-11 13:58
【摘要】：在过去的五十年里,风险投资极大的推动了欧美国家产业结构的升级和经济发展。但自风险投资引入中国至今,都没有得到很好的发展与重视,更未发挥出其应有的作用。我国现阶段处于经济转型期,市场经济制度还不十分完善,相关的法律制度的不足影响了风险投资的顺利发展,突出表现为风险投资退出法律制度的亟待完善。所以,结合我国实际情况,借鉴发达国家的有用经验,实现风险投资退出机制的顺畅,对促进风险投资体系的发展便具有重要意义。本文将通过对美国的风险投资退出法律制度的介绍,和我国退出制度发展情况及问题的论述,对两国风险投资退出制度进行比较,最终提出我国风险投资业退出制度的完善建议。 文章主体内容分为5个部分,分别为： 第一部分写的是风险投资的法理分析,分别从风险投资的概念、作用、特征、运作模式和风险投资退出的重要性及退出的方式等方面,对风险投资做了一个概述。第二部分介绍了美国的风险投资退出法律制度,并对各个退出方式进行分别论述。其中,以美国首次公开上市的退出方式为论述重点,纳斯达克市场在美国的场外交易市场中,有着重要地位。本文从纳斯达克市场的上市标准、做市商制度、信息披露相关制度、市场监管制度、市场退市制度,五个方面进行了详细的介绍。第三部分,将我国的风险投资退出法律制度加以介绍,分别从我国风险投资业的发展历程和我国风险投资退出机制的现状,两个方面来对我国风险投资退出法律制度进行了论述。在本部分中,着重介绍的是我国风险投资退出机制的现状和问题,其中结合了我国退出制度中创业板块的最新发展,并提出了新问题。第四部分,结合文章前面的介绍,论述了中美风险投资退出制度差异的原因,并将中美的退出方式进行了比较研究。鉴于首次公开发行方式在风险投资退出机制的重要地位,本部分着重比较的也是中美首次公开各项制度的差异。第五部分,结合我国实际情况,对我国的风险投资退出制度提出了自己的建议构想,这是本文的创新部分,尽管我国的创业板块不断有新的制度推出,但我国仍需加强对相关法律制度的完善。我国的公开上市、兼并与收购、回购、清算四大风险投资退出方式,都有多方面可完善之处,在此部分,本文一一提出了自己的建议。
[Abstract]:In the past 50 years, venture capital has greatly promoted the upgrading of industrial structure and economic development in Europe and America. But since venture capital was introduced into China, it has not been well developed and paid attention to, let alone played its due role. Our country is in the economic transition period at present, the market economy system is not very perfect, the insufficiency of the related legal system has affected the smooth development of the venture capital, the outstanding manifestation is that the venture capital exited the legal system to be improved urgently. Therefore, it is of great significance to promote the development of venture capital system by using the useful experience of developed countries for reference and realizing the smooth exit mechanism of venture capital. Through the introduction of the legal system of venture capital withdrawal in the United States and the exposition of the development and problems of the withdrawal system in China, this paper compares the withdrawal system of venture capital between the two countries. Finally, the paper puts forward the suggestion of perfecting the withdrawal system of venture capital industry in our country. The main content of the article is divided into five parts: the first part is the legal analysis of venture capital, respectively from the concept, role, characteristics of venture capital. This paper gives an overview of the operation mode, the importance of venture capital withdrawal and the way of exit. The second part introduces the legal system of venture capital withdrawal in the United States. The NASDAQ market plays an important role in the over-the-counter market of the United States. This paper introduces in detail the listing standards of Nasdaq market, market maker system, information disclosure system, market supervision system, market delisting system, and five aspects. In the third part, the author introduces the legal system of venture capital withdrawal in our country, respectively from the development course of venture capital industry and the present situation of venture capital exit mechanism in our country. This paper discusses the legal system of venture capital withdrawal from two aspects. In this part, we mainly introduce the current situation and problems of venture capital withdrawal mechanism in China, which combines the latest development of entrepreneurial sector in China's exit system, and puts forward new problems. The fourth part, combined with the introduction above, discusses the reasons for the differences of venture capital withdrawal system between China and the United States, and makes a comparative study of the exit methods between China and the United States. In view of the importance of IPOs in the exit mechanism of venture capital, this part focuses on the differences between China and the United States. The fifth part, according to the actual situation of our country, put forward own suggestion to our country's venture capital withdrawal system, this is the innovation part of this article, although our country's entrepreneurial sector has been introduced new system constantly, But our country still needs to strengthen the consummation to the related legal system. China's public listing, mergers and acquisitions, buybacks, liquidation of the four major venture capital exit methods, can be improved in many ways, in this part, this paper put forward their own suggestions.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D971.2;D922.28;F832.48;F837.12
本文编号：2419792
[Abstract]:In the past 50 years, venture capital has greatly promoted the upgrading of industrial structure and economic development in Europe and America. But since venture capital was introduced into China, it has not been well developed and paid attention to, let alone played its due role. Our country is in the economic transition period at present, the market economy system is not very perfect, the insufficiency of the related legal system has affected the smooth development of the venture capital, the outstanding manifestation is that the venture capital exited the legal system to be improved urgently. Therefore, it is of great significance to promote the development of venture capital system by using the useful experience of developed countries for reference and realizing the smooth exit mechanism of venture capital. Through the introduction of the legal system of venture capital withdrawal in the United States and the exposition of the development and problems of the withdrawal system in China, this paper compares the withdrawal system of venture capital between the two countries. Finally, the paper puts forward the suggestion of perfecting the withdrawal system of venture capital industry in our country. The main content of the article is divided into five parts: the first part is the legal analysis of venture capital, respectively from the concept, role, characteristics of venture capital. This paper gives an overview of the operation mode, the importance of venture capital withdrawal and the way of exit. The second part introduces the legal system of venture capital withdrawal in the United States. The NASDAQ market plays an important role in the over-the-counter market of the United States. This paper introduces in detail the listing standards of Nasdaq market, market maker system, information disclosure system, market supervision system, market delisting system, and five aspects. In the third part, the author introduces the legal system of venture capital withdrawal in our country, respectively from the development course of venture capital industry and the present situation of venture capital exit mechanism in our country. This paper discusses the legal system of venture capital withdrawal from two aspects. In this part, we mainly introduce the current situation and problems of venture capital withdrawal mechanism in China, which combines the latest development of entrepreneurial sector in China's exit system, and puts forward new problems. The fourth part, combined with the introduction above, discusses the reasons for the differences of venture capital withdrawal system between China and the United States, and makes a comparative study of the exit methods between China and the United States. In view of the importance of IPOs in the exit mechanism of venture capital, this part focuses on the differences between China and the United States. The fifth part, according to the actual situation of our country, put forward own suggestion to our country's venture capital withdrawal system, this is the innovation part of this article, although our country's entrepreneurial sector has been introduced new system constantly, But our country still needs to strengthen the consummation to the related legal system. China's public listing, mergers and acquisitions, buybacks, liquidation of the four major venture capital exit methods, can be improved in many ways, in this part, this paper put forward their own suggestions.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D971.2;D922.28;F832.48;F837.12
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，本文编号：2419792
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