我国风险投资IPO退出障碍及对策研究

发布时间：2018-05-04 12:42

本文选题：风险投资 + 退出方式　；参考：《天津财经大学》2014年硕士论文

【摘要】：风险投资行业起源于第二次世界大战的美国。1946年,设立在美国波士顿的美国研究与发展公司(American Research and Development, ARD)最早从事风险投资事业。我国的风险投资起步较晚,经过30年的发展探索,我国的风险投资虽然取得了一定的发展,但由于种种原因,发展的速度还相对缓慢。风险投资退出是整个风险资本市场正常运转最重要的核心步骤。只有风险资本顺利的退出才能将资本注入新的投资项目,从而拉动整个风险投资市场的发展。当前我国风险投资的退出通道并不通畅,风险投资领域也存在着诸多问题。这一方面是市场饱和度过高造成的经济边际效益下降,另一方面,政府对于风险投资退出方式的干预也造成了一定的影响,这也是文章主要的选题背景。论文首先对风险投资退出领域的国内外研究现状进行了概括与整理。重点介绍常见的风险投资退出方式,并比较了不同方式的优劣性。通过大量的数据佐证,从投融资规模、行业分布、退出回报等方面详细的展现我国风险投资的现状,试图通过分析找出影响我国现阶段风险资本退出方式的因素。通过比较国外发达国家或地区的风险投资退出机制,阐述了对我国风险投资发展的启示。最后从宏微观出发,尝试对现行法律、国家政策、融资渠道、金融体系等方面提出完善我国风险投资退出机制的建议,指出完善我国多层次资本市场的重要意义。
[Abstract]:The venture capital industry originated in the United States in the second World War. In 1946, the American Research and Development Corporation (Ard), founded in Boston, was the first to engage in venture capital. The venture capital of our country starts relatively late. After 30 years of development and exploration, although the venture capital of our country has made certain development, the speed of development is relatively slow because of various reasons. Venture capital withdrawal is the most important core step in the normal operation of the whole venture capital market. Only a smooth exit of venture capital can inject the capital into new investment projects, thus stimulating the development of the whole venture capital market. At present, the exit channel of venture capital in our country is not smooth, and there are many problems in the field of venture capital. On the one hand, the economic marginal benefit is decreased due to the over-saturation of the market, on the other hand, the government's intervention in the exit mode of venture capital also causes a certain impact, which is the main background of the article. Firstly, the paper summarizes and arranges the research status of venture capital withdrawal at home and abroad. This paper mainly introduces the common exit ways of venture capital, and compares the advantages and disadvantages of different ways. Through a large number of data to prove, from the investment and financing scale, industry distribution, exit return and other aspects of the detailed showing the status of venture capital in China, trying to find out the factors that affect the exit of venture capital at the present stage of our country. By comparing the exit mechanism of venture capital in foreign developed countries and regions, this paper expounds the enlightenment to the development of venture capital in China. Finally, from the macro and micro point of view, this paper tries to put forward some suggestions on perfecting the exit mechanism of venture capital in China from the aspects of current law, national policy, financing channel and financial system, and points out the significance of perfecting the multi-level capital market in China.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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