我国创业资本退出机制研究

发布时间：2018-03-07 03:29

本文选题：创业投资　切入点：创业资本退出机制　出处：《上海社会科学院》2013年硕士论文　论文类型：学位论文

【摘要】：2009年创业板诞生以来,我国创业投资进入崭新的发展阶段。在一系列国内外因素影响下,我国创业资本退出机制发生了深刻变化,时这一主题的研究也有了崭新的理论和实践意义。为此,本文旨在构建创业资本推出机制的一般分析框架,并以此为工具来分析我国创业资本退出实践。本文由导论和正文两部分构成。导论阐述本文的研究背景、意义、方法等内容,勾勒出全文的框架结构。正文部分共有六章,其中第一章对创业资本的相关内容进行概述；第二章提出创业资本退出机制的一般分析框架；第三章、第四章、第五章在相关数据和实践材料支持下,运用该框架分别从退出基本状况、退出方式和退出的市场环境三个角度对我国创业资本退出实践进行分析；第六章梳理全文结论并提出相应政策建议。经过分析,本文得出四点结论：首先,创业资本退出机制的一般分析框架应涵盖退出时点、退出方式、退出收益和退出环境四要素,分析我国情况时也应如此。其次,我国创业资本退出的基本状况方面,退出规模、收益率、行业集中度、区域聚集度等都在提高,但也出现了创业资本运作时间缩短、地域差距悬殊等问题。再次,在我国创业资本的十二种退出方式中,创业板IPO方式是最理想的方式,通过全国中小企业股份转让系统和区域性产权交易市场进行股权转让的方式是最具潜力的方式。最后,在我国创业资本退出的市场环境方面,应建立以地域性、规范性和灵活性为特点的四板市场,最终形成与不同生长阶段的企业相对应、可实现创业资本各种退出方式的多层次递进式资本市场体系。最后,本文提出四点建议：缩小创业投资的地域差异,充分利用创业资本发展重点行业；优化制度安排,扭转创业资本短期化运作趋势；理顺各资本子市场的发展定位,逐步完善多层次资本市场体系；着力培育创新精神,建立信誉机制,构建良好的创业投资氛围。
[Abstract]:Since the birth of the gem in 2009, venture capital in China has entered a new stage of development. Under the influence of a series of domestic and foreign factors, the exit mechanism of venture capital in China has undergone profound changes. Therefore, this paper aims to construct a general analysis framework of venture capital launch mechanism and use it as a tool to analyze the exit practice of venture capital in China. This paper is composed of two parts: introduction and text. The introduction describes the research background, significance, methods and other contents of this paper, outlines the frame structure of the full text. There are six chapters in the text, the first chapter summarizes the related contents of venture capital; The second chapter puts forward the general analysis framework of venture capital withdrawal mechanism. Chapter three, chapter 4th, chapter 5th, with the support of relevant data and practical materials, use this framework from the basic situation of exit respectively. This paper analyzes the exit practice of venture capital in China from three angles of exit mode and exit market environment. Chapter 6th combs the full text conclusion and puts forward corresponding policy recommendations. After analysis, this paper draws four conclusions: firstly, the general analysis framework of venture capital withdrawal mechanism should cover the exit time point, exit mode, exit income and exit environment, and the same should be done when analyzing the situation of our country. In terms of the basic situation of venture capital withdrawal in China, the scale of withdrawal, the rate of return, the degree of industry concentration and the degree of regional concentration are all increasing, but there are also problems such as shortening the operating time of venture capital and the disparity between regions. Again, Of the 12 exit modes of venture capital in China, the gem IPO is the most ideal, and the equity transfer through the national small and medium-sized enterprises' share transfer system and the regional property exchange market is the most promising one. In the market environment of venture capital withdrawal in our country, we should set up a four-board market with regional, normative and flexible characteristics, and finally form a market corresponding to different growth stages of enterprises. The multi-level progressive capital market system can realize various exit ways of venture capital. Finally, this paper puts forward four suggestions: to reduce the regional differences of venture capital, to make full use of venture capital to develop key industries, to optimize institutional arrangements, to reverse the short-term operation trend of venture capital, to rationalize the development of various capital sub-markets, Gradually improve the multi-level capital market system, focus on cultivating the spirit of innovation, establish a reputation mechanism, and build a good atmosphere for venture capital.
【学位授予单位】：上海社会科学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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