我国风险投资的退出及其实践研究

发布时间：2018-01-31 05:12

本文关键词： 风险投资退出 IPO 并购　出处：《安徽农业大学》2012年硕士论文　论文类型：学位论文

【摘要】：退出是风险资本创造收益的过程，在整个风险投资运行体系中占有重要的地位。风险资本应该在特定的资本市场环境下以最佳的时机选择收益最大的退出方式。在发达国家，，特别是在一些风险投资发展比较成熟的国家，其退出的渠道一定是多元化的，这保证了风险资本的流动性，进而对风险投资的发展起到很好的推动作用。目前，我国风险投资事业发展还处于初步阶段，发展相对缓慢，究其原因是多方面的，但缺乏完善的风险投资退出机制是其中的重要一个方面。尽快建立完善的风险资本退出机制不仅是发展我国风险投资事业的前提，也会进一步加快我国产业结构升级和改变经济发展方式。因此，研究好我国风险投资的退出具有现实意义。本文首先就风险投资的定义和风险投资的运作流程进行了一般阐述，并介绍了我国风险投资的退出现状。其次对风险投资退出方式（IPO、股权转让、破产清算）予以阐述，重点阐述了每种退出方式的自身特点，以及会给风险投资的退出产生不同影响。第三，根据风险投资退出的实际情况，具体分析了首次公开上市、股权转让、破产清算退出方式在我国风险投资退出中所遇到的障碍。然后，通过阐述影响风险投资退出的内外因素，进而全面把握我国风险资本退出方式的选择问题。第四，从案例的角度，更加生动、全面的把握风险投资退出之道。最后，经过上面较为全面的认识，在此基础上提出完善我国风险投资的退出建议，希望能够对风险投资退出的实际操作提供帮助。
[Abstract]:Withdrawal is the process of venture capital to create profits. Venture capital plays an important role in the whole operation system of venture capital. Venture capital should choose the most profitable exit mode in the specific capital market environment. Especially in some countries where venture capital development is more mature, its exit channels must be diversified, which ensures the liquidity of venture capital, and then plays a good role in promoting the development of venture capital. The development of venture capital in our country is still in the initial stage, the development is relatively slow, the reasons are various. But the lack of perfect venture capital exit mechanism is one of the important aspects. It is not only the premise of developing venture capital enterprise to establish a perfect venture capital exit mechanism as soon as possible. It will also accelerate the upgrading of industrial structure and change the mode of economic development. Therefore, it is of practical significance to study the withdrawal of venture capital in China. In this paper, the definition of venture capital and the operation process of venture capital are described, and the exiting status of venture capital in our country is introduced. Secondly, the exit mode of venture capital is listed as IPO and equity transfer. Bankruptcy liquidation) to be elaborated, focusing on the characteristics of each exit mode, and will have different impact on the exit of venture capital. Third, according to the actual situation of venture capital exit. This paper analyzes the obstacles encountered in the exit of venture capital in China by means of initial public listing, equity transfer and bankruptcy liquidation exit. Then, it expounds the internal and external factors that affect the exit of venture capital. 4th, from the perspective of the case, a more vivid, comprehensive grasp of the exit of venture capital. Finally, through a more comprehensive understanding above. On this basis, the author puts forward the suggestion to perfect the exit of venture capital in our country, hoping to provide help to the actual operation of venture capital withdrawal.
【学位授予单位】：安徽农业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48

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