中国风险投资退出机制的法律制度研究

发布时间：2018-04-26 05:34

本文选题：风险投资 + 风险投资退出机制　；参考：《中央民族大学》2012年硕士论文

【摘要】：风险投资在过去的半个多世纪里,推动了全球产业结构的升级和经济的发展。从上个世纪八十年代,风险投资被引入中国开始,政府就对其给予了重大的期望,但是其发展阻碍重重,有我国本身经济发展的问题,更多的是因为处于经济转型期的我国,市场的相关制度不够完善,与风险投资相关法律,法规更是不够完备,这些都对风险投资业的发展造成了诸多的阻碍。基于以上认识,怎样结合自身的实际,合理借鉴先进国家的经验,修改,完备我国的现有制度,保障风险投资退出机制,这一关键环节的畅通,是一个重大的课题。文章由四个部分组成。第一章介绍了何为风险投资及对风险投资退出机制的概述。首先收集整理了国内外不同学者对风险投资的理解,由此分析得出了风险投资的共性。在此基础上,通过对风险投资的循环过程的分析,得出风险投资的退出机制是循环过程的关键环节,并介绍了四种风险投资的退出方式,首次公开上市、并购、回购和清算,然后从收益、成本、时效性三个方面对几种退出方式进行了比较,分析了每种方式的优劣所在。第二章介绍中国风险投资业的发展历程,以及中国风险投资退出机制的现状,并结合实例,着重介绍了中国风险投资的退出方式。第三章是对创业板及三大场外股权交易市场的建设分析。由于创业板建板的不易及他们对中国风险投资业的重要性,将其独立作为一章,重点阐述。在这一章中亦分析了创业板及股权交易市场现存的问题,并提出了笔者的浅薄见解。最后一章是对中国风险投资退出面临的法律障碍的分析,并提出了完善建议,也是本文的落脚点。具体而言,分析了“国有股转持”政策,创业板限售制度对中国风险投资业发展的制约,及兼并收购,股份回购中的法律障碍。在此基础上,提出了对中国风险投资相关法律制度的建议。
[Abstract]:In the past half a century , venture capital has promoted the upgrading of global industrial structure and the development of economy . From the 1980s , the venture capital was introduced into China , and the government has given great expectation to it , but its development has hindered the development of venture capital , which has caused many obstacles to the development of venture capital .

The article consists of four parts .

In the first chapter , the paper introduces the introduction of venture capital and the summary of venture capital exit mechanism . At first , the author collects the understanding of venture capital by different scholars at home and abroad , and then analyzes the circulation process of venture capital , and draws the conclusion that the exit mechanism of venture capital is the key link of the cycle process , and introduces four kinds of exit ways of venture capital , first open listing , merger , purchase , buy - back and liquidation , then compares several kinds of withdrawal modes from three aspects of income , cost and timeliness , and analyzes the advantages and disadvantages of each mode .

The second chapter introduces the development course of venture capital industry in China and the status quo of China ' s venture capital exit mechanism .

The third chapter is the analysis of the construction of the GEM and the three external equity markets . As a result of the difficulty of the GEM and their importance to China ' s venture capital industry , its independence is regarded as a chapter . The existing problems in GEM and equity markets are also analyzed in this chapter , and the author ' s shallow opinions are put forward .

The last chapter is the analysis of the legal obstacles faced by the exit of venture capital in China , and puts forward some suggestions for improvement .

【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.28;F832.48

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