中美风投退出机制对比研究
发布时间：2018-10-31 08:36
【摘要】：在过去的半个世纪里,相较于传统的方法,风险投资表现出了很大的潜力,而发生美国和欧洲产业结构和经济升级对这种高风险投资方式起到了促进作用,被投资方不仅能够得到融资圆柱,同样还能得到风投资本家的指导,这些都有助于帮助他们将创新和科技成果转化为市场上的成功。风投在20世纪80年代进入入中国,不过在很长一段时间之后风投才在中国站稳脚跟。导致这种现象的原因有很多,其中主要原因之一是缺乏成熟的退出机制(Xiao,2009)。风投退出是从受风投支持的公司得到收益的过程,这种收益可以保证风投发展的良性循环,这正式是风投机构的经营目标之一。 本论文将阐述风投(VC)的理论和风投退出机制的研究成果,以及对比美国等发达的风投市场和中国等发展中风投市场的不同特点。上述目标将通过在两种市场的风投退出机制框架和环境下对比分析这两种风投退出机制来完成。论文第三部分将讨论风投资本家和企业主选择不同退出机制的动机(IPO, MA,回购和清盘)。这一部分将通过对退出机制进行详细讨论,总结中国大陆风投市场发展面临的主要问题后,我们将为中国的风投市场提供最优策略。
[Abstract]:In the past half century, venture capital has shown great potential compared with traditional methods, and the industrial structure and economic upgrading in the United States and Europe have played a role in promoting this kind of high-risk investment. Investors not only have access to financing columns, but also to the guidance of venture capitalists, which can help them translate innovation and technology into market success. Venture capitalists entered China in the 1980 s, but it took a long time for them to gain a foothold in China. There are many reasons for this phenomenon, one of the main reasons is the lack of a mature exit mechanism (Xiao,2009). Venture capital withdrawal is the process of obtaining profits from companies supported by venture capital, which can guarantee the virtuous cycle of venture capital development, which is one of the management goals of venture capital institutions. This paper will explain the theory of venture capital (VC) and the research results of venture capital exit mechanism, and compare the different characteristics of the developed venture capital market such as the United States and the developing venture capital market such as China. These objectives will be achieved by comparing and analyzing the two kinds of venture capital exit mechanism under the framework of the venture capital exit mechanism and the environment in the two markets. In the third part, we discuss the motivations of venture capitalists and business owners to choose different exit mechanisms, (IPO, MA, repurchase and liquidation. In this part, the exit mechanism is discussed in detail, and after summarizing the main problems facing the development of the venture capital market in mainland China, we will provide the best strategy for the venture capital market in China.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.48;F837.12
本文编号：2301538
[Abstract]:In the past half century, venture capital has shown great potential compared with traditional methods, and the industrial structure and economic upgrading in the United States and Europe have played a role in promoting this kind of high-risk investment. Investors not only have access to financing columns, but also to the guidance of venture capitalists, which can help them translate innovation and technology into market success. Venture capitalists entered China in the 1980 s, but it took a long time for them to gain a foothold in China. There are many reasons for this phenomenon, one of the main reasons is the lack of a mature exit mechanism (Xiao,2009). Venture capital withdrawal is the process of obtaining profits from companies supported by venture capital, which can guarantee the virtuous cycle of venture capital development, which is one of the management goals of venture capital institutions. This paper will explain the theory of venture capital (VC) and the research results of venture capital exit mechanism, and compare the different characteristics of the developed venture capital market such as the United States and the developing venture capital market such as China. These objectives will be achieved by comparing and analyzing the two kinds of venture capital exit mechanism under the framework of the venture capital exit mechanism and the environment in the two markets. In the third part, we discuss the motivations of venture capitalists and business owners to choose different exit mechanisms, (IPO, MA, repurchase and liquidation. In this part, the exit mechanism is discussed in detail, and after summarizing the main problems facing the development of the venture capital market in mainland China, we will provide the best strategy for the venture capital market in China.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.48;F837.12
【参考文献】
相关期刊论文 前1条
1 范柏乃;我国风险投资退出机制的实证研究[J];上海交通大学学报(社会科学版);2002年03期
，本文编号：2301538
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