中国风险投资退出机制研究

发布时间：2018-01-04 07:07

本文关键词：中国风险投资退出机制研究　出处：《辽宁大学》2013年硕士论文　论文类型：学位论文

【摘要】：风险资本其本质就是一种权益资本，而且是投入到高成长性企业中，并且它追求的是最终获得比较可观的收益率。所有的风险投资，都会在企业股权购买一定时间段以后，考虑风险资本的退出，以致投资的收回，进而获得投资收益，接下来进行新一轮的投资打算。因此，做为高风险背景下能够获得高收益的风险投资活动，必需有其合适的退出机制作为保障。所以说，一项风险投资活动成功的关键在于拥有健全的风投退出机制。伴随国内高新产业的迅速发展，研究分析风险投资退出机制更加有利于发展国内的风险投资业。本文主要是按照退出机制所包含的退出渠道以及与之配套的相关制度两个大的方向进行研究，针对国内当前风投退出机制的一些现状及存在的问题，并且通过对比国外成功的风投退出机制，从中吸取经验教训，最终提出完善国内风投退出机制的相关建议。本文主要分为五部分：绪论，对本篇论文的研究背景及研究意义予以阐述，并综述了国内外学术界关于风险投资退出渠道及其配套制度等方面的研究成果。第一章主要是对风险投资相关理论的介绍，着重指出风险投资退出机制的相关概念，不同于以往单纯针对渠道的研究，本文特将退出机制界定为退出渠道与相关配套制度之和，将退出渠道的种类以及与退出渠道相关配套的保障制度进行了简单介绍。第二章阐述了国内风投退出机制的发展现状、存在的一些问题以及产生这些问题的原因，风险投资在我国起步较晚，相关退出机制不成熟，因此只有深入了解当前发展现状才能更好地完善我国的风投退出机制。第三章则是通过国外风险投资退出机制特点的简单介绍，并进行比较，，得出对中国风险投资退出机制的启示，为完善中国风投退出机制奠定良好的理论依据。第四章主要是吸取国外风险投资退出机制的经验教训，对比国内的发展现状得出我国首先需要开拓多渠道的风险投资退出方式，积极发展OTC柜台交易市场及地区性股权转让市场等。其次，我们要加快风险投资退出渠道的配套制度的建设，主要包括政府调控系统、法律支撑系统、社会中介服务系统等等，并且要逐步发展和完善中国的创业板市场，以此来完善我国的风险投资退出机制，更好的促进风险投资事业的健康发展。
[Abstract]:Venture capital is the essence of a kind of equity capital, but also into the high growth enterprises, and it is the pursuit of the ultimate gain considerable returns. All of the risk investment, will buy a certain time in the equity section, consider the exit of venture capital investment, so that the recovery of investment income, and next, a new round of investment plans. Therefore, as a high risk under the background of high returns of venture investment activities, must have the appropriate exit mechanism as a guarantee. Therefore, a risk investment success lies in having a sound venture capital exit mechanism. With the rapid development of the domestic high tech industry study on risk analysis, investment exit mechanism more conducive to the development of domestic venture capital industry.
This paper is in accordance with the two direction exit mechanism contains exit channels and related system and supporting, for some of the current situation of domestic venture capital exit mechanism and the existing problems, and by comparing the success of foreign venture capital exit mechanism, draw lessons and suggestions proposed to improve domestic venture capital exit the mechanism.
This paper is divided into five parts: the introduction, the author expatiates the research background and research significance of this thesis, and reviews the research results about the exit channels of risk investment and supporting system of the academic circles at home and abroad. The first chapter is the theory of risk investment introduction, emphasizes the concept of risk investment exit mechanism that is different from the previous research channels for simple, this paper will be defined as the exit channel exit mechanism and the related system and the types of exit channels and exit channels supporting security system were introduced. The second chapter describes the development status of domestic venture capital exit mechanism, some existing problems and the the causes of these problems, the risk of investment in China started late, the relevant exit mechanism is not mature, so only in-depth understanding of the current development situation to better The perfection of the venture capital exit mechanism. The third chapter is a brief introduction of the characteristics of foreign risk investment exit mechanism, and compared to that of venture capital exit mechanism Chinese enlightenment, lay a good theoretical foundation for the improvement of China venture capital exit mechanism. The fourth chapter is the lessons of the exit mechanism of venture capital abroad, the current situation of the development of compared to the domestic that China's first need to develop a multi-channel RMVC, actively develop the equity transfer market OTC OTC market and other areas. Secondly, we should speed up the construction of the supporting system of venture capital exit channel, including the government regulation system, legal system, social intermediary service system and so on. We should gradually develop and perfect the GEM market Chinese, in order to improve the exit mechanism of venture capital of our country, promote risk investment The healthy development of business.

【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.48

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