关于风险投资及其退出机制探讨.docVIP

关于风险投资及其退出机制的探讨 中文摘要：风险投资业自从二十世纪五六十年代在美国兴起后，很快在全世界范围内产生巨大的影响。我国的风险投资业始于上世纪八十年代，正处在初创阶段。在风险投资的整个运作流程中，风险资本的退出是十分关键的一个环节。我国风险投资事业起步比较晚，风险投资退出机制尚不完善。文章通过对我国风险投资退出方式的研究，提出完善我国风险投资退出机制的构想，力求完善我国风险投资退出机制，为风险投资退出提供更多渠道。 风险投资是投入到具有高成长性的风险企业中的一种权益投资，其根本目的是为获得高额投资收益。而在风险投资的筹资、投资与管理、退出的三个主要运作阶段中，只有风险资本的有效退出才能实现资本的价值增值。同时，只有风险资本的有效退出才能使其进入下一阶段的良性循环，促进风险投资业的发展。我国风险投资业发展缓慢，除与风险投资配套制度不健全有关外，如相关的法律法规、中介机构的不完善等，究其主要原因是我国缺乏有效的风险投资退出机制。鉴于此，本文选取了我国风险投资退出机制进行研究，希望能够对我国风险投资业的发展有所帮助。首先，对风险投资及其退出机制相关理论进行论述，为论文提供了理论的支撑。接着，分析了我国风险投资退出机制的现状和问题。最后，提出构建和完善我国风险投资退出机制的思考。 关键词：风险投资 退出方式 多层次资本市场体系 Abstract：Venture capital has influenced the world greatly．This industry in China has started not until 1980th，and it is now at the initial developing stage．The exit is a crucial part in the entire operation process of Venture Capital．As the Venture Capital started relatively late in China，the exit mechanism of Venture Capital is not perfect．According to the research on the change of Venture Capital＇s exits in China，the article provides the concept of improving the exit mechanism of Venture Capital and strives to improve the exit mechanism of Venture Capital in China providing more channels for Venture Capital＇s exits． Venture capital is a kind of investing mode that would invest capital into enterprises with growth risk，the basic objective of which is to obtain high investment benefits．In the circulation of venture capital，It is constructed with three phases：the raising of funds，the investing of venture capital and management，the withdrawing of venture capital．The effective withdrawing mechanism is leading to get expecting return and capital increment，and devote into the next round venture enterprise，promote the venture capital to develop．The reason why our country venture capital is growing slowly，which is closely related with the venture capital supporting systems．Such as legal restriction，lack of an efficient service environment．But the most important reason is that our country lack of effective withdr