本文關(guān)鍵詞：中國風(fēng)險(xiǎn)投資退出機(jī)制研究　出處：《遼寧大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：風(fēng)險(xiǎn)資本其本質(zhì)就是一種權(quán)益資本，而且是投入到高成長性企業(yè)中，并且它追求的是最終獲得比較可觀的收益率。所有的風(fēng)險(xiǎn)投資，都會在企業(yè)股權(quán)購買一定時(shí)間段以后，考慮風(fēng)險(xiǎn)資本的退出，以致投資的收回，進(jìn)而獲得投資收益，接下來進(jìn)行新一輪的投資打算。因此，做為高風(fēng)險(xiǎn)背景下能夠獲得高收益的風(fēng)險(xiǎn)投資活動(dòng)，必需有其合適的退出機(jī)制作為保障。所以說，一項(xiàng)風(fēng)險(xiǎn)投資活動(dòng)成功的關(guān)鍵在于擁有健全的風(fēng)投退出機(jī)制。伴隨國內(nèi)高新產(chǎn)業(yè)的迅速發(fā)展，研究分析風(fēng)險(xiǎn)投資退出機(jī)制更加有利于發(fā)展國內(nèi)的風(fēng)險(xiǎn)投資業(yè)。 本文主要是按照退出機(jī)制所包含的退出渠道以及與之配套的相關(guān)制度兩個(gè)大的方向進(jìn)行研究，針對國內(nèi)當(dāng)前風(fēng)投退出機(jī)制的一些現(xiàn)狀及存在的問題，并且通過對比國外成功的風(fēng)投退出機(jī)制，從中吸取經(jīng)驗(yàn)教訓(xùn)，最終提出完善國內(nèi)風(fēng)投退出機(jī)制的相關(guān)建議。 本文主要分為五部分：緒論，對本篇論文的研究背景及研究意義予以闡述，并綜述了國內(nèi)外學(xué)術(shù)界關(guān)于風(fēng)險(xiǎn)投資退出渠道及其配套制度等方面的研究成果。第一章主要是對風(fēng)險(xiǎn)投資相關(guān)理論的介紹，著重指出風(fēng)險(xiǎn)投資退出機(jī)制的相關(guān)概念，不同于以往單純針對渠道的研究，本文特將退出機(jī)制界定為退出渠道與相關(guān)配套制度之和，將退出渠道的種類以及與退出渠道相關(guān)配套的保障制度進(jìn)行了簡單介紹。第二章闡述了國內(nèi)風(fēng)投退出機(jī)制的發(fā)展現(xiàn)狀、存在的一些問題以及產(chǎn)生這些問題的原因，風(fēng)險(xiǎn)投資在我國起步較晚，相關(guān)退出機(jī)制不成熟，因此只有深入了解當(dāng)前發(fā)展現(xiàn)狀才能更好地完善我國的風(fēng)投退出機(jī)制。第三章則是通過國外風(fēng)險(xiǎn)投資退出機(jī)制特點(diǎn)的簡單介紹，并進(jìn)行比較，，得出對中國風(fēng)險(xiǎn)投資退出機(jī)制的啟示，為完善中國風(fēng)投退出機(jī)制奠定良好的理論依據(jù)。第四章主要是吸取國外風(fēng)險(xiǎn)投資退出機(jī)制的經(jīng)驗(yàn)教訓(xùn)，對比國內(nèi)的發(fā)展現(xiàn)狀得出我國首先需要開拓多渠道的風(fēng)險(xiǎn)投資退出方式，積極發(fā)展OTC柜臺交易市場及地區(qū)性股權(quán)轉(zhuǎn)讓市場等。其次，我們要加快風(fēng)險(xiǎn)投資退出渠道的配套制度的建設(shè)，主要包括政府調(diào)控系統(tǒng)、法律支撐系統(tǒng)、社會中介服務(wù)系統(tǒng)等等，并且要逐步發(fā)展和完善中國的創(chuàng)業(yè)板市場，以此來完善我國的風(fēng)險(xiǎn)投資退出機(jī)制，更好的促進(jìn)風(fēng)險(xiǎn)投資事業(yè)的健康發(fā)展。
[Abstract]:Venture capital is the essence of a kind of equity capital, but also into the high growth enterprises, and it is the pursuit of the ultimate gain considerable returns. All of the risk investment, will buy a certain time in the equity section, consider the exit of venture capital investment, so that the recovery of investment income, and next, a new round of investment plans. Therefore, as a high risk under the background of high returns of venture investment activities, must have the appropriate exit mechanism as a guarantee. Therefore, a risk investment success lies in having a sound venture capital exit mechanism. With the rapid development of the domestic high tech industry study on risk analysis, investment exit mechanism more conducive to the development of domestic venture capital industry.
This paper is in accordance with the two direction exit mechanism contains exit channels and related system and supporting, for some of the current situation of domestic venture capital exit mechanism and the existing problems, and by comparing the success of foreign venture capital exit mechanism, draw lessons and suggestions proposed to improve domestic venture capital exit the mechanism.
This paper is divided into five parts: the introduction, the author expatiates the research background and research significance of this thesis, and reviews the research results about the exit channels of risk investment and supporting system of the academic circles at home and abroad. The first chapter is the theory of risk investment introduction, emphasizes the concept of risk investment exit mechanism that is different from the previous research channels for simple, this paper will be defined as the exit channel exit mechanism and the related system and the types of exit channels and exit channels supporting security system were introduced. The second chapter describes the development status of domestic venture capital exit mechanism, some existing problems and the the causes of these problems, the risk of investment in China started late, the relevant exit mechanism is not mature, so only in-depth understanding of the current development situation to better The perfection of the venture capital exit mechanism. The third chapter is a brief introduction of the characteristics of foreign risk investment exit mechanism, and compared to that of venture capital exit mechanism Chinese enlightenment, lay a good theoretical foundation for the improvement of China venture capital exit mechanism. The fourth chapter is the lessons of the exit mechanism of venture capital abroad, the current situation of the development of compared to the domestic that China's first need to develop a multi-channel RMVC, actively develop the equity transfer market OTC OTC market and other areas. Secondly, we should speed up the construction of the supporting system of venture capital exit channel, including the government regulation system, legal system, social intermediary service system and so on. We should gradually develop and perfect the GEM market Chinese, in order to improve the exit mechanism of venture capital of our country, promote risk investment The healthy development of business.

【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.48

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