【摘要】 本文采用1997-2005年我国66个创业投资退出项目的数据,研究了创业投资退出回报率及其影响因素。研究结果表明:我国创业投资平均退出回报率为158%,每1元的投资平均经过1.97年退出;退出回报与投资期限显著负相关,与注资阶段、投资规模显著正相关;退出回报与行业类型、创投类型、退出方式以及IPO地点没有显著的相关关系;投资年份越晚,退出回报越高;上海和深圳两地的项目退出回报水平相对较高。本文进而提出了相关的政策建议。更多还原

【Abstract】 Using the sample of venture capital exit data in China between 1997 and 2005,this article studies the factors which may affect venture capital returns.We find that the average return is 158% and the average investment period is 1.97 years.The returns negatively correlate with investment durations,and positively correlated with investment stages and sizes,while the returns do not correlate with industry,investor type and exit strategies.Moreover,the returns are higher when the investment is later,and the projects in Shanghai and Shenzhen provide higher returns.Furthermore some political suggestions are provided.更多还原