本文選題：創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資 + 退出方式��； 參考：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資起源于西歐,之后在美國(guó)迅速發(fā)展,20世紀(jì)80年代由一批在硅谷工作的中國(guó)留學(xué)生引入中國(guó)的中關(guān)村,創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資開始在我國(guó)發(fā)展,目前,我國(guó)創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資進(jìn)入高速發(fā)展階段,創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資的相關(guān)問(wèn)題越來(lái)越多地受到廣泛關(guān)注。 作為創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資運(yùn)作過(guò)程的最后環(huán)節(jié),創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資的退出機(jī)制是至關(guān)重要的。創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資的退出機(jī)制是否完善有效,退出方式的選擇是否適當(dāng),是決定創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資能否獲得成功的關(guān)鍵所在。文章運(yùn)用規(guī)范的分析方法,結(jié)合案例分析,通過(guò)對(duì)創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資幾種不同的退出方式和時(shí)機(jī)的介紹,分析了不同的退出方式和時(shí)機(jī)分別適合哪一種創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資,并指出了我國(guó)創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資目前存在的問(wèn)題和改善措施。創(chuàng)投機(jī)構(gòu)應(yīng)該根據(jù)被投資的企業(yè)的情況和市場(chǎng)經(jīng)濟(jì)形勢(shì)選擇最佳的退出方式。本文主要包括七個(gè)部分,前兩章,闡述本文的背景和選題意義,國(guó)內(nèi)外相關(guān)文獻(xiàn)綜述,研究對(duì)象和方法等,為后面創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資的介紹做了鋪墊；第三章,引入相關(guān)理論基礎(chǔ),并對(duì)創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資的涵義,運(yùn)作模式以及在國(guó)內(nèi)外的發(fā)展做了介紹,并介紹了創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資退出的概念和作用；第四章,創(chuàng)投機(jī)構(gòu)在美國(guó),歐洲以及我國(guó)的現(xiàn)狀做了分析,對(duì)創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資退出的影響因素做了介紹,全面系統(tǒng)地分析了創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資的幾種退出方式,比較了其優(yōu)勢(shì)劣勢(shì),并指出了每種退出方式適合的退出時(shí)機(jī),同時(shí)通過(guò)對(duì)我國(guó)創(chuàng)投機(jī)構(gòu)退出的研究,指出了我國(guó)創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資退出的問(wèn)題并對(duì)這些問(wèn)題進(jìn)行了分析；第五章,引入高科創(chuàng)投案例引入了高科創(chuàng)投并購(gòu)?fù)顺霭咐?把之前對(duì)于不同的退出方式以及退出時(shí)機(jī)選擇的分析運(yùn)用到了這個(gè)案例中,對(duì)于高科創(chuàng)投選擇不同的退出方式可能的收益做了分析比較,并得出此案例中并購(gòu)?fù)顺鍪窃谙嗤瑫r(shí)間范圍的最優(yōu)方式,因此得出被同行業(yè)市場(chǎng)占有率很高的企業(yè)收購(gòu)也是一個(gè)很好的退出路徑；第六章,根據(jù)之前對(duì)我國(guó)創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資退出的研究,針對(duì)其存在的問(wèn)題,并結(jié)合案例所解釋的問(wèn)題,對(duì)如何完善我國(guó)創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資退出提出了建議；最后,通過(guò)對(duì)前面章節(jié)的歸納總結(jié),指出創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資退出方式和時(shí)機(jī)選擇的注意問(wèn)題,希望能對(duì)創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資退出提供幫助。 本文的創(chuàng)新之處在于基于我國(guó)目前創(chuàng)投機(jī)構(gòu)風(fēng)險(xiǎn)投資發(fā)展的情況,運(yùn)用比較分析的方法,并結(jié)合最新的案例,先分析了IPO退出,并購(gòu)?fù)顺鲆约扒逅阃顺龅目尚行?在此基礎(chǔ)上將IPO退出和并購(gòu)?fù)顺鲈僮鲞M(jìn)一步比較,通過(guò)被投資企業(yè)利潤(rùn)增長(zhǎng),發(fā)展情況等指標(biāo),深入分析了分析了高科創(chuàng)投IPO短期不能實(shí)現(xiàn)的原因以及此時(shí)并購(gòu)?fù)顺龅膬?yōu)勢(shì),并分析了創(chuàng)投機(jī)構(gòu)從最初以IPO為目標(biāo)到最后卻并購(gòu)?fù)顺龅脑?對(duì)此案例中的高科創(chuàng)投并購(gòu)?fù)顺鲋写嬖诘膯?wèn)題提出了自己的看法和改善建議。
[Abstract]:Venture capital of venture capital originated from Western Europe, and then developed rapidly in the United States. In 1980s, a group of Chinese students working in Silicon Valley were introduced to Zhongguancun in China. Venture capital of venture capital began to develop in China. At present, the venture investment of the venture capital institutions in China entered the high speed development stage, and the related problems of venture capital investment of the venture capital institutions More and more attention has been paid to it.
As the last link in the venture capital operation process of the venture capital organization, the exit mechanism of venture capital investment of the venture capital institution is very important. It is the key to determine whether the exit mechanism of the venture capital investment institution is perfect, and the choice of the exit mode is appropriate. Analysis method, combined with case analysis, through the introduction of several different ways and timing of venture capital investment of venture capital institution, this paper analyzes the different exit modes and timing suitable for the venture investment of the venture capital organization, and points out the existing problems and improvement measures of venture investment in the venture capital organization of our country. This article mainly includes seven parts, the first two chapters, the background and significance of this article, the literature review at home and abroad, the research objects and methods, and the third chapter, the third chapter, the introduction of the relevant theoretical basis, The meaning, mode of operation and development at home and abroad are introduced, and the concept and function of venture capital exit of venture capital institution are introduced. In the fourth chapter, the present situation of venture capital institutions in the United States, Europe and China is analyzed, and the influencing factors of venture capital investment exit of venture capital institutions are introduced, and the comprehensive system is introduced. This paper analyzes several ways of venture capital in venture capital, compares its advantages and disadvantages, and points out the appropriate exit time for each mode of withdrawal. At the same time, it points out the problems of the venture investment exit of our country's venture capital institution and analyzes the problems through the study of the exit of our country's venture capital institution. The fifth chapter introduces the high science creation. The case is introduced into the case of the merger and acquisition of high tech venture capital investment, and the analysis of the different exit methods and the choice of exit timing is applied to the case. Therefore, it is also a good exit path to get a very high market share in the same industry. In the sixth chapter, some suggestions on how to improve the venture investment exit of the venture capital institutions in China are put forward according to the previous research on the venture capital exit of our venture capital institutions and the problems explained by the cases. Then, through the summary of the previous chapters, it points out the problems of the venture investment exit mode and the time choice of venture capital investment institutions, hoping to provide help to venture capital investment exit.
The innovation of this paper is based on the development of venture capital investment in our country, using comparative analysis method and combining the latest cases, the feasibility of IPO exit, M & a withdrawal and liquidation exit is analyzed. On this basis, further comparison is made between IPO withdrawal and merger and acquisition, and the profit of the invested enterprise is increased. Long, development and other indicators, this paper analyzes the reasons for the short term realization of the high tech venture IPO and the advantages of the merger and withdrawal at this time, and analyzes the reasons for the venture's exit from the initial target of IPO to the final merger and acquisition. Good advice.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.48

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