关于中国风险投退出机制的问题研究.docVIP

关于中国风险投资退出机制的问题研究 　　【摘要】 在当今，高新 科技 产业已经成为国家 发展 的热门产业，而风险投资作为其创业所需资本投入的一个最佳选择，已经越来越成为一种主流的资本运作模式。风险投资发源于美国，从上世纪80年代中期我国开始发展风险投资到如今20年，虽然取得了不小的进步，但是与世界发达国家相比，尤其是美国仍有不小差距，尤其是在退出机制上，我国由于 法律 、法规、市场体制等因素的制约，使得作为风险投资收益实现的退出过程阻碍重重，这已经成为制约我国风险投资发展的主要 问题 。本文旨在通过对风险投资退出机制的介绍以及现今我国风险投资退出机制的现状与美国相比较得出问题症结，即我国的风险投资退出机制受到法制以及市场的制约，使得退出方式不合理，资本退出困难重重。并且针对此问题，提出完善资本市场，完善政府（法律法规）职能，完善投资机构三方面的改进意见，以此健全我国的风险投资退出机制。 　　 　　【关键字】：风险投资，退出机制，IPO， 企业 并购，回购，清算 　　Abstract 　　High-tech industry has become a focus　which　our country put more and more emphasis on. While venture capital as the best choice for the investment，has increasingly become a mainstream mode of operation of the capital. Venture capital originated in the United States. Since the mid-1980s China has begun to develop venture capital for over 20 years. Though many developments have been introduced，compared with the developed countries of the world，especially the United States ,there is still a long way to go. Capital exit process as the main method to realize investment revenue has meet many obstacles as a result of our laws and regulations，market structure，and other factors. This has become the major problem which constraining the development of venture capital in China. This paper intends to illustrate the Venture Capital Exit Mechanism and compare China’s modern with that of America to draw a conclusion. As a result of our law and market structure, exiting from the capital market is extremely difficult. Aiming to solve this problem，the improvement of the capital market, the improve of the government functions, and the improvement of investment institutions have to be introduced. Only in this way, the evolution of venture capital exit mechanism in China can be witnessed.　 　　 　　Keywords : venture capital，exit mechanism，IPO，mergers and acquisitions，repurchase，write- off 　　目 录 　　一 序言…………………………………………………………………………1 　　二　文献 综述……………………………………………………………………1 　　三　风险投资退出机制概述……………………………………………………1 　　(一)风险投资定义的发展……………………………………………………1 　　(二)风险投资的运