本文選題：風險投資 + 退出方式　； 參考：《天津財經(jīng)大學》2014年碩士論文

【摘要】：風險投資行業(yè)起源于第二次世界大戰(zhàn)的美國。1946年,設(shè)立在美國波士頓的美國研究與發(fā)展公司(American Research and Development, ARD)最早從事風險投資事業(yè)。我國的風險投資起步較晚,經(jīng)過30年的發(fā)展探索,我國的風險投資雖然取得了一定的發(fā)展,但由于種種原因,發(fā)展的速度還相對緩慢。風險投資退出是整個風險資本市場正常運轉(zhuǎn)最重要的核心步驟。只有風險資本順利的退出才能將資本注入新的投資項目,從而拉動整個風險投資市場的發(fā)展。當前我國風險投資的退出通道并不通暢,風險投資領(lǐng)域也存在著諸多問題。這一方面是市場飽和度過高造成的經(jīng)濟邊際效益下降,另一方面,政府對于風險投資退出方式的干預也造成了一定的影響,這也是文章主要的選題背景。論文首先對風險投資退出領(lǐng)域的國內(nèi)外研究現(xiàn)狀進行了概括與整理。重點介紹常見的風險投資退出方式,并比較了不同方式的優(yōu)劣性。通過大量的數(shù)據(jù)佐證,從投融資規(guī)模、行業(yè)分布、退出回報等方面詳細的展現(xiàn)我國風險投資的現(xiàn)狀,試圖通過分析找出影響我國現(xiàn)階段風險資本退出方式的因素。通過比較國外發(fā)達國家或地區(qū)的風險投資退出機制,闡述了對我國風險投資發(fā)展的啟示。最后從宏微觀出發(fā),嘗試對現(xiàn)行法律、國家政策、融資渠道、金融體系等方面提出完善我國風險投資退出機制的建議,指出完善我國多層次資本市場的重要意義。
[Abstract]:The venture capital industry originated in the United States in the second World War. In 1946, the American Research and Development Corporation (Ard), founded in Boston, was the first to engage in venture capital. The venture capital of our country starts relatively late. After 30 years of development and exploration, although the venture capital of our country has made certain development, the speed of development is relatively slow because of various reasons. Venture capital withdrawal is the most important core step in the normal operation of the whole venture capital market. Only a smooth exit of venture capital can inject the capital into new investment projects, thus stimulating the development of the whole venture capital market. At present, the exit channel of venture capital in our country is not smooth, and there are many problems in the field of venture capital. On the one hand, the economic marginal benefit is decreased due to the over-saturation of the market, on the other hand, the government's intervention in the exit mode of venture capital also causes a certain impact, which is the main background of the article. Firstly, the paper summarizes and arranges the research status of venture capital withdrawal at home and abroad. This paper mainly introduces the common exit ways of venture capital, and compares the advantages and disadvantages of different ways. Through a large number of data to prove, from the investment and financing scale, industry distribution, exit return and other aspects of the detailed showing the status of venture capital in China, trying to find out the factors that affect the exit of venture capital at the present stage of our country. By comparing the exit mechanism of venture capital in foreign developed countries and regions, this paper expounds the enlightenment to the development of venture capital in China. Finally, from the macro and micro point of view, this paper tries to put forward some suggestions on perfecting the exit mechanism of venture capital in China from the aspects of current law, national policy, financing channel and financial system, and points out the significance of perfecting the multi-level capital market in China.
【學位授予單位】：天津財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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本文編號：1843107