中小高科技企业风险投资退出与绩效分析-analysis on venture capital exit and performance of small and medium - sized high - tech enterprises.docxVIP

analyses the main exit ways of High-tech SMEs, and then evaluate the main exit ways. Focus on the comparison of IPO and MA, these two exit approaches, the author gives her preliminary advice on how to choose the right timing and the right way to exit. In the fifth part, the author analyses the exit barriers from government support, legal support, intermediary service institutions and capital markets. According to the problems existing in the main exit ways, the author make a strategic analysis on how to build a new venture capital exit mechanism of high-tech SMEs. And for the specific circumstances of the opening of Growth Enterprise Market, the author take her advice on how to choose the right exit way. The last part is the conclusion, it tells abut the features and innovative ideas of this thesis, and points out the shortcomings of this paper and the further study needed to this topic. we can see two innovated points from this theses. For one thing, the author use mathematical analysis to calculate max rate of yield of all kinds of exit ways, and choose the best exit way in theory. Then from a case by comparing, the author expatiates the maneuverability of different exit channels. For another, in the background of the implementation of new corporation law and security law and the joint-stock reform of SMEs, the author discusses the effect of ongoing GEM oriented to High-tech SMEs on consummating the quit mechanism of venture capital. Keywords: High-tech SMEs, venture capital, exit mechanism, Growth Enterprise Market(GEM) IV 第一章 第一章 引言 中小高科技企业风险投资退出与绩效研究 中小高科技企业风险投资退出与绩效研究 PAGE PAGE 13 PAGE PAGE 10 第一章 引言 1. 1 论文的研究背景和选题意义 风险投资在世界范围内的兴起是在20世纪50年代的美国，而我国风险投资业 于20世纪80年代才开始起步，1985年9月，第一家风险投资公司——中国新技术 创业投资公司( CVI C) 成立，标志着风险投资业开始在中国启动1。全美风险投资 协会将风险投资表述为：职业风险投资家对那些新兴的、有巨大发展潜力的企业 进行的一种股权投资。因此，那些具有高成长性的中小型企业成为其主要的投资 对象，尤其是中小高科技企业。这是因为中小高科技企业自身的高风险特点是与 商业银行稳健经营原则相冲突的，使得中小高科技企业很难从商业银行获得贷款 支持；而风险投资这种前沿性和前瞻性的投资又要求有较高的投资回报，这些都 与中小高科技企业“三高”的特点不谋而合，因而风险投资既可以满足中小高科 技