本文選題：創(chuàng)業(yè)投資　切入點(diǎn)：創(chuàng)業(yè)資本退出機(jī)制　出處：《上海社會(huì)科學(xué)院》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：2009年創(chuàng)業(yè)板誕生以來,我國創(chuàng)業(yè)投資進(jìn)入嶄新的發(fā)展階段。在一系列國內(nèi)外因素影響下,我國創(chuàng)業(yè)資本退出機(jī)制發(fā)生了深刻變化,時(shí)這一主題的研究也有了嶄新的理論和實(shí)踐意義。為此,本文旨在構(gòu)建創(chuàng)業(yè)資本推出機(jī)制的一般分析框架,并以此為工具來分析我國創(chuàng)業(yè)資本退出實(shí)踐。 本文由導(dǎo)論和正文兩部分構(gòu)成。導(dǎo)論闡述本文的研究背景、意義、方法等內(nèi)容,勾勒出全文的框架結(jié)構(gòu)。正文部分共有六章,其中第一章對(duì)創(chuàng)業(yè)資本的相關(guān)內(nèi)容進(jìn)行概述；第二章提出創(chuàng)業(yè)資本退出機(jī)制的一般分析框架；第三章、第四章、第五章在相關(guān)數(shù)據(jù)和實(shí)踐材料支持下,運(yùn)用該框架分別從退出基本狀況、退出方式和退出的市場環(huán)境三個(gè)角度對(duì)我國創(chuàng)業(yè)資本退出實(shí)踐進(jìn)行分析；第六章梳理全文結(jié)論并提出相應(yīng)政策建議。 經(jīng)過分析,本文得出四點(diǎn)結(jié)論：首先,創(chuàng)業(yè)資本退出機(jī)制的一般分析框架應(yīng)涵蓋退出時(shí)點(diǎn)、退出方式、退出收益和退出環(huán)境四要素,分析我國情況時(shí)也應(yīng)如此。其次,我國創(chuàng)業(yè)資本退出的基本狀況方面,退出規(guī)模、收益率、行業(yè)集中度、區(qū)域聚集度等都在提高,但也出現(xiàn)了創(chuàng)業(yè)資本運(yùn)作時(shí)間縮短、地域差距懸殊等問題。再次,在我國創(chuàng)業(yè)資本的十二種退出方式中,創(chuàng)業(yè)板IPO方式是最理想的方式,通過全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)和區(qū)域性產(chǎn)權(quán)交易市場進(jìn)行股權(quán)轉(zhuǎn)讓的方式是最具潛力的方式。最后,在我國創(chuàng)業(yè)資本退出的市場環(huán)境方面,應(yīng)建立以地域性、規(guī)范性和靈活性為特點(diǎn)的四板市場,最終形成與不同生長階段的企業(yè)相對(duì)應(yīng)、可實(shí)現(xiàn)創(chuàng)業(yè)資本各種退出方式的多層次遞進(jìn)式資本市場體系。 最后,本文提出四點(diǎn)建議：縮小創(chuàng)業(yè)投資的地域差異,充分利用創(chuàng)業(yè)資本發(fā)展重點(diǎn)行業(yè)；優(yōu)化制度安排,扭轉(zhuǎn)創(chuàng)業(yè)資本短期化運(yùn)作趨勢；理順各資本子市場的發(fā)展定位,逐步完善多層次資本市場體系；著力培育創(chuàng)新精神,建立信譽(yù)機(jī)制,構(gòu)建良好的創(chuàng)業(yè)投資氛圍。
[Abstract]:Since the birth of the gem in 2009, venture capital in China has entered a new stage of development. Under the influence of a series of domestic and foreign factors, the exit mechanism of venture capital in China has undergone profound changes. Therefore, this paper aims to construct a general analysis framework of venture capital launch mechanism and use it as a tool to analyze the exit practice of venture capital in China. This paper is composed of two parts: introduction and text. The introduction describes the research background, significance, methods and other contents of this paper, outlines the frame structure of the full text. There are six chapters in the text, the first chapter summarizes the related contents of venture capital; The second chapter puts forward the general analysis framework of venture capital withdrawal mechanism. Chapter three, chapter 4th, chapter 5th, with the support of relevant data and practical materials, use this framework from the basic situation of exit respectively. This paper analyzes the exit practice of venture capital in China from three angles of exit mode and exit market environment. Chapter 6th combs the full text conclusion and puts forward corresponding policy recommendations. After analysis, this paper draws four conclusions: firstly, the general analysis framework of venture capital withdrawal mechanism should cover the exit time point, exit mode, exit income and exit environment, and the same should be done when analyzing the situation of our country. In terms of the basic situation of venture capital withdrawal in China, the scale of withdrawal, the rate of return, the degree of industry concentration and the degree of regional concentration are all increasing, but there are also problems such as shortening the operating time of venture capital and the disparity between regions. Again, Of the 12 exit modes of venture capital in China, the gem IPO is the most ideal, and the equity transfer through the national small and medium-sized enterprises' share transfer system and the regional property exchange market is the most promising one. In the market environment of venture capital withdrawal in our country, we should set up a four-board market with regional, normative and flexible characteristics, and finally form a market corresponding to different growth stages of enterprises. The multi-level progressive capital market system can realize various exit ways of venture capital. Finally, this paper puts forward four suggestions: to reduce the regional differences of venture capital, to make full use of venture capital to develop key industries, to optimize institutional arrangements, to reverse the short-term operation trend of venture capital, to rationalize the development of various capital sub-markets, Gradually improve the multi-level capital market system, focus on cultivating the spirit of innovation, establish a reputation mechanism, and build a good atmosphere for venture capital.
【學(xué)位授予單位】：上海社會(huì)科學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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