关于我国风险投资退出机制的研究

关于我国风险投资退出机制的研究

摘要

近年来，由于受到全球金融危机的影响以及我国证券及资本市场的机制、法律法规等各方面的缺陷，导致我国风险投资退出机制存在一定的问题，退出存在一定的困难以及风险。根据一项关于美国13个风险投资基金的分析研究表明，风险投资总收益的50%来自于6.8%的投资，总收益的75%来自于15.7%的投资。也就是说真正能够为风险投资带来利益的项目是少数的，因此如何保证这仅有的项目给风险投资带来更多的利益对于我国未来发展风险投资的规模而言至关重要。但是从目前我国的资本市场而言，依然缺乏一套行之有效的便捷的退出机制，这也成为制约我国风险投资事业发展的最大障碍。

鉴于上述原因，本文主要致力于从法律法规、各类退出机制的分析、影响退出机制的因素以及欧美成熟经济体在风险投资机制上的优越性的分析等多个方面剖析我国目前在风险投资退出机制上的不足以及未来发展的方向与目标。并且通过实证的方式，说明我国目前的风险退出机制建设的滞后，并且提出相关发展对策。

关键词：风险投资，退出机制，IPO，金融改革，法律完善

Abstract

In recent years, due to the impact of the global financial crisis and China's securities and capital market mechanism, laws and regulations and other aspects of the defect, led to the withdrawal mechanism of venture investment in China has some problems, there are some difficulties and risks exit. According to the United States on a 13 risk investment fund analysis showed, risk investment of 50% of total receipts from investment of 6.8%, of 75% of total receipts from 15.7% investment. That is really able to risk investment benefits of the project is few, so how to ensure the project risk investment only to bring more benefits to our future development of risk investment is of great importance. But from at present our country 's capital market, is still a lack of a set of effective and convenient exit mechanism, this also restricts the development of China 's venture capital biggest obstacle.

In view of the above reasons, this paper mainly focuses on the various types of exit mechanism, from the laws and regulations of exit mechanism, influence factors and Europe and the United States in mature economies in the mechanism of venture capital investment on the superiority analysis and many other aspects of our country at present in the venture capital exit mechanism of limitations and the future development direction and target. And through the empirical way, shows that China's current risk the construction of withdrawal mechanism lag, and from this and brought high quality enterprises listed overseas, China's risk investment scale and investment yield decline problem. In addition, the main innovation is the high-tech venture enterprise IPO exit way, through the China does poineering work board and the United States market differences between the comparison, analysis the gap and the solutions to them. In the light of our country the promulgation of the new" company law" provisions for private equity investment funds through equity buy-back way out of the research, many articles clearly which affects the recovery of investment efficiency, is not conducive to the long-term development.

Key words: risk investment, exit mechanism, IPO, financial reform, the perfection of law