我国风险投资退出机制研究

发布时间：2018-04-29 22:01

本文选题：风险投资 + 退出机制　；参考：《暨南大学》2009年硕士论文

【摘要】： 风险投资运作过程包含筹资、运行、退出三个部分,它是通过在资本市场上筹资,然后投入到具有高风险、高收益特征的高新技术中小企业或项目,其间参与该企业或项目的管理,提供管理、财务、市场上的帮助,以期望该企业或项目快速成长获取高额收益,再通过一定的途径出售股权以实现高额收益的一种投资体系。风险投资退出环节是风险投资运作过程中一个重要的、最后的组成部分,退出是实现高额收益、实现投资目的唯一渠道,只有建立通畅的退出机制,资本循环才能完成,资本增值才得以实现。风险投资的退出机制为风险资本提供了持续的流动性和发展性。对于风险投资退出领域,专家学者们已经进行了很丰富和深入的研究,在总结前人研究成果的基础上,笔者通过风险投资退出机制的文献综述,对其进行了总结,然后结合中国目前现状及创业板即将推出的事实,首先研究了中国风险投资现状与存在的问题,然后比较了发达国家的风险投资退出机制如美国、英国和日本,以及欠发达国家与地区的风险投资退出机制如印度与以色列,在总结国外先进经验的基础上,在比较了中国现实的各种退出方式的利弊并以案例加以说明之后,构建了中国的风险投资退出机制。中国的风险投资退出机制构想包含完善相关的法律法规、构建多层次的资本市场体系、建立规范公正的中介机构三个部分。
[Abstract]:The operation of venture capital includes financing, operation, and withdrawal of three parts. It is raised by financing in the capital market, and then invested in high and new technology SMEs or projects with high risk and high income characteristics, during which it participates in the management of the enterprise or project, provides management, financial, and market help, in order to expect the enterprise or project to become fast. An investment system that gains high profits and sells shares through a certain way to achieve high returns.
The exit link of venture capital is an important and final part in the operation of venture capital. Withdrawal is the only channel to achieve high income and achieve the goal of investment. Only a smooth exit mechanism is established, the capital circulation can be completed and the capital appreciation is realized. The exit mechanism of risk investment provides a sustainable way for the venture capital. Liquidity and development.
In the field of venture capital withdrawal, experts and scholars have carried out a very rich and in-depth study. On the basis of summarizing the achievements of previous research, the author summarizes the literature review of the venture investment exit mechanism, and then combines the current situation in China and the fact that the gem is about to be launched, and first studies the risk investment in China. Then it compares the risk investment exit mechanism of developed countries, such as the United States, Britain and Japan, and the exit mechanism of venture investment in the underdeveloped countries and regions, such as India and Israel. On the basis of summarizing the advanced foreign experience, the advantages and disadvantages of various modes of withdrawal in China are compared and the cases are taken as cases. After the explanation, China's venture capital exit mechanism is constructed. The concept of China's venture capital exit mechanism includes perfecting relevant laws and regulations, constructing a multi-level capital market system and establishing a standard and fair intermediary organization of three parts.

【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：F832.48

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