我国创投机构风险投资退出研究

发布时间：2018-05-01 03:19

本文选题：创投机构风险投资 + 退出方式　；参考：《西南财经大学》2014年硕士论文

【摘要】：创投机构风险投资起源于西欧,之后在美国迅速发展,20世纪80年代由一批在硅谷工作的中国留学生引入中国的中关村,创投机构风险投资开始在我国发展,目前,我国创投机构风险投资进入高速发展阶段,创投机构风险投资的相关问题越来越多地受到广泛关注。作为创投机构风险投资运作过程的最后环节,创投机构风险投资的退出机制是至关重要的。创投机构风险投资的退出机制是否完善有效,退出方式的选择是否适当,是决定创投机构风险投资能否获得成功的关键所在。文章运用规范的分析方法,结合案例分析,通过对创投机构风险投资几种不同的退出方式和时机的介绍,分析了不同的退出方式和时机分别适合哪一种创投机构风险投资,并指出了我国创投机构风险投资目前存在的问题和改善措施。创投机构应该根据被投资的企业的情况和市场经济形势选择最佳的退出方式。本文主要包括七个部分,前两章,阐述本文的背景和选题意义,国内外相关文献综述,研究对象和方法等,为后面创投机构风险投资的介绍做了铺垫；第三章,引入相关理论基础,并对创投机构风险投资的涵义,运作模式以及在国内外的发展做了介绍,并介绍了创投机构风险投资退出的概念和作用；第四章,创投机构在美国,欧洲以及我国的现状做了分析,对创投机构风险投资退出的影响因素做了介绍,全面系统地分析了创投机构风险投资的几种退出方式,比较了其优势劣势,并指出了每种退出方式适合的退出时机,同时通过对我国创投机构退出的研究,指出了我国创投机构风险投资退出的问题并对这些问题进行了分析；第五章,引入高科创投案例引入了高科创投并购退出案例,把之前对于不同的退出方式以及退出时机选择的分析运用到了这个案例中,对于高科创投选择不同的退出方式可能的收益做了分析比较,并得出此案例中并购退出是在相同时间范围的最优方式,因此得出被同行业市场占有率很高的企业收购也是一个很好的退出路径；第六章,根据之前对我国创投机构风险投资退出的研究,针对其存在的问题,并结合案例所解释的问题,对如何完善我国创投机构风险投资退出提出了建议；最后,通过对前面章节的归纳总结,指出创投机构风险投资退出方式和时机选择的注意问题,希望能对创投机构风险投资退出提供帮助。本文的创新之处在于基于我国目前创投机构风险投资发展的情况,运用比较分析的方法,并结合最新的案例,先分析了IPO退出,并购退出以及清算退出的可行性,在此基础上将IPO退出和并购退出再做进一步比较,通过被投资企业利润增长,发展情况等指标,深入分析了分析了高科创投IPO短期不能实现的原因以及此时并购退出的优势,并分析了创投机构从最初以IPO为目标到最后却并购退出的原因,对此案例中的高科创投并购退出中存在的问题提出了自己的看法和改善建议。
[Abstract]:Venture capital of venture capital originated from Western Europe, and then developed rapidly in the United States. In 1980s, a group of Chinese students working in Silicon Valley were introduced to Zhongguancun in China. Venture capital of venture capital began to develop in China. At present, the venture investment of the venture capital institutions in China entered the high speed development stage, and the related problems of venture capital investment of the venture capital institutions More and more attention has been paid to it.
As the last link in the venture capital operation process of the venture capital organization, the exit mechanism of venture capital investment of the venture capital institution is very important. It is the key to determine whether the exit mechanism of the venture capital investment institution is perfect, and the choice of the exit mode is appropriate. Analysis method, combined with case analysis, through the introduction of several different ways and timing of venture capital investment of venture capital institution, this paper analyzes the different exit modes and timing suitable for the venture investment of the venture capital organization, and points out the existing problems and improvement measures of venture investment in the venture capital organization of our country. This article mainly includes seven parts, the first two chapters, the background and significance of this article, the literature review at home and abroad, the research objects and methods, and the third chapter, the third chapter, the introduction of the relevant theoretical basis, The meaning, mode of operation and development at home and abroad are introduced, and the concept and function of venture capital exit of venture capital institution are introduced. In the fourth chapter, the present situation of venture capital institutions in the United States, Europe and China is analyzed, and the influencing factors of venture capital investment exit of venture capital institutions are introduced, and the comprehensive system is introduced. This paper analyzes several ways of venture capital in venture capital, compares its advantages and disadvantages, and points out the appropriate exit time for each mode of withdrawal. At the same time, it points out the problems of the venture investment exit of our country's venture capital institution and analyzes the problems through the study of the exit of our country's venture capital institution. The fifth chapter introduces the high science creation. The case is introduced into the case of the merger and acquisition of high tech venture capital investment, and the analysis of the different exit methods and the choice of exit timing is applied to the case. Therefore, it is also a good exit path to get a very high market share in the same industry. In the sixth chapter, some suggestions on how to improve the venture investment exit of the venture capital institutions in China are put forward according to the previous research on the venture capital exit of our venture capital institutions and the problems explained by the cases. Then, through the summary of the previous chapters, it points out the problems of the venture investment exit mode and the time choice of venture capital investment institutions, hoping to provide help to venture capital investment exit.
The innovation of this paper is based on the development of venture capital investment in our country, using comparative analysis method and combining the latest cases, the feasibility of IPO exit, M & a withdrawal and liquidation exit is analyzed. On this basis, further comparison is made between IPO withdrawal and merger and acquisition, and the profit of the invested enterprise is increased. Long, development and other indicators, this paper analyzes the reasons for the short term realization of the high tech venture IPO and the advantages of the merger and withdrawal at this time, and analyzes the reasons for the venture's exit from the initial target of IPO to the final merger and acquisition. Good advice.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48

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