本文選題：風(fēng)險(xiǎn)投資 + 退出機(jī)制��； 參考：《暨南大學(xué)》2009年碩士論文

【摘要】： 風(fēng)險(xiǎn)投資運(yùn)作過(guò)程包含籌資、運(yùn)行、退出三個(gè)部分,它是通過(guò)在資本市場(chǎng)上籌資,然后投入到具有高風(fēng)險(xiǎn)、高收益特征的高新技術(shù)中小企業(yè)或項(xiàng)目,其間參與該企業(yè)或項(xiàng)目的管理,提供管理、財(cái)務(wù)、市場(chǎng)上的幫助,以期望該企業(yè)或項(xiàng)目快速成長(zhǎng)獲取高額收益,再通過(guò)一定的途徑出售股權(quán)以實(shí)現(xiàn)高額收益的一種投資體系。 風(fēng)險(xiǎn)投資退出環(huán)節(jié)是風(fēng)險(xiǎn)投資運(yùn)作過(guò)程中一個(gè)重要的、最后的組成部分,退出是實(shí)現(xiàn)高額收益、實(shí)現(xiàn)投資目的唯一渠道,只有建立通暢的退出機(jī)制,資本循環(huán)才能完成,資本增值才得以實(shí)現(xiàn)。風(fēng)險(xiǎn)投資的退出機(jī)制為風(fēng)險(xiǎn)資本提供了持續(xù)的流動(dòng)性和發(fā)展性。 對(duì)于風(fēng)險(xiǎn)投資退出領(lǐng)域,專家學(xué)者們已經(jīng)進(jìn)行了很豐富和深入的研究,在總結(jié)前人研究成果的基礎(chǔ)上,筆者通過(guò)風(fēng)險(xiǎn)投資退出機(jī)制的文獻(xiàn)綜述,對(duì)其進(jìn)行了總結(jié),然后結(jié)合中國(guó)目前現(xiàn)狀及創(chuàng)業(yè)板即將推出的事實(shí),首先研究了中國(guó)風(fēng)險(xiǎn)投資現(xiàn)狀與存在的問(wèn)題,然后比較了發(fā)達(dá)國(guó)家的風(fēng)險(xiǎn)投資退出機(jī)制如美國(guó)、英國(guó)和日本,以及欠發(fā)達(dá)國(guó)家與地區(qū)的風(fēng)險(xiǎn)投資退出機(jī)制如印度與以色列,在總結(jié)國(guó)外先進(jìn)經(jīng)驗(yàn)的基礎(chǔ)上,在比較了中國(guó)現(xiàn)實(shí)的各種退出方式的利弊并以案例加以說(shuō)明之后,構(gòu)建了中國(guó)的風(fēng)險(xiǎn)投資退出機(jī)制。中國(guó)的風(fēng)險(xiǎn)投資退出機(jī)制構(gòu)想包含完善相關(guān)的法律法規(guī)、構(gòu)建多層次的資本市場(chǎng)體系、建立規(guī)范公正的中介機(jī)構(gòu)三個(gè)部分。
[Abstract]:The operation of venture capital includes financing, operation, and withdrawal of three parts. It is raised by financing in the capital market, and then invested in high and new technology SMEs or projects with high risk and high income characteristics, during which it participates in the management of the enterprise or project, provides management, financial, and market help, in order to expect the enterprise or project to become fast. An investment system that gains high profits and sells shares through a certain way to achieve high returns.
The exit link of venture capital is an important and final part in the operation of venture capital. Withdrawal is the only channel to achieve high income and achieve the goal of investment. Only a smooth exit mechanism is established, the capital circulation can be completed and the capital appreciation is realized. The exit mechanism of risk investment provides a sustainable way for the venture capital. Liquidity and development.
In the field of venture capital withdrawal, experts and scholars have carried out a very rich and in-depth study. On the basis of summarizing the achievements of previous research, the author summarizes the literature review of the venture investment exit mechanism, and then combines the current situation in China and the fact that the gem is about to be launched, and first studies the risk investment in China. Then it compares the risk investment exit mechanism of developed countries, such as the United States, Britain and Japan, and the exit mechanism of venture investment in the underdeveloped countries and regions, such as India and Israel. On the basis of summarizing the advanced foreign experience, the advantages and disadvantages of various modes of withdrawal in China are compared and the cases are taken as cases. After the explanation, China's venture capital exit mechanism is constructed. The concept of China's venture capital exit mechanism includes perfecting relevant laws and regulations, constructing a multi-level capital market system and establishing a standard and fair intermediary organization of three parts.

【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2009
【分類號(hào)】：F832.48

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