【作者】 钟翼；

【导师】 孙爱琳；

【作者基本信息】 江西财经大学 ， 金融学， 2003， 硕士

【摘要】 将风险投资退出机制问题置于国际经济和资本市场中研究是当前金融领域的一个前沿性课题。风险投资的退出机制对风险投资的最终成败有着举足轻重的作用，创造风险投资能够顺利运行所必需的各项条件，提供风险资本有效的退出路径是其中的关键。因此，建立健全风险投资退出机制，为具有创新能力的高新科技企业的创立和成长提供必要的金融支持，成为我国资本市场发展所面临的当务之急。本文首先对传统的风险投资退出机制进行研究，根据风险投资的国际借鉴和比较，提出了一条适合我国中小型高科技企业发展的道路，即在我国现有的资本市场上利用重组发行来使风险资本顺利退出，这可以为我国的风险投资及其退出机制的设计提供借鉴。文章分为风险投资与风险投资退出机制概述、传统的风险投资退出机制、风险投资退出机制的国际比较和借鉴、风险投资退出方式的创新即重组发行四部分。 第一部分为风险投资与风险投资退出机制概述。对风险投资的基本概念和特点进行了简明的阐述，列举了国内外几种对风险投资概念著名的观点，分析了风险投资和风险企业的关系，并由此得出了风险投资退出机制的基本原理是：风险投资机构在其所投资的风险企业发展相对成熟后，将所投的资金由股权形态转化为资金形态，即变现的机制及相关的配套制度安排。退出机制不仅为风险资本提供了持续的流动性，而且也为风险资本提供了持续的发展性。因此，如何设计一种机制既保证风险资本的撤出，又保证公司仍有继续发展所需的资本是十分重要的。 第二部分为传统的风险投资退出机制。阐述了风险投资传统的四种主要退出途径：在二板市场上首次公开发行股票上市(IPO)、风险企业或创业家股份回购、风险企业被兼并收购和风险企业清算。主要包括：(1)通过分析IPO的基本原理、二板市场的发展状况，并以NASDAQ为例示意了风险企业在二板市场上市的过程，得出IPO是创业家和风险投资家梦寐以求的结果，是风险投资的最佳退出方式，二板市场则是风险企业最佳的上市场所。(2)通过简析股份回购的主要方式，同时列举了五种股份回购中股票价格的确定方法，并对这几种方法的利弊进行了比较说明，确定了股票的价格由风险投资家和回购者以风险企业的某些经济指标作为定价的依据，并以协议的形式事先商定好。因此，当风险企业不是很成功的时候，股份回购对大多数风险投资家来说，是一个备用的退出方式。(3)对风险企业被兼并或收购是这一部分的重点。通过详细阐述风险企业被兼并或收购的过程、风险企业价值评估的内容，并详细分析和比较了风险企业价值评估的方法和风险企业被兼并或收购的主要支付方法，得出：风险企业被兼并或收购，不仅风险投资家可以收回投资并达到退出风险企业的目的，而且创业家也可以收回其投资并实现高额的创业投资利润。（4）通过对风险企业存续与否的博奕，阐述了当风险企业经营失败时，风险企业的清算就成为在企业经营状况恶化且形势难以扭转时减少损失的最好办法。 第三部分为风险投资退出机制的国际比较和借鉴。通过对风险投资主要的四种退出渠道在国际比较成熟的做法进行比较和分析，简要地分析了我国风险投资退出机制的现状，从表面上可以看出，我国风险资本同样能通过上市、并购、回购。清算等方式退出。但是，从实际情况看，这些方式在我国的法律适应性和操作可行性方面都存在问题，风险资本的退出渠道并不畅通，尤其是风险投资家期望的公开上市渠道不畅通。鉴于目前我国证券市场的发展状况，借鉴国外风险投资的成功经验，从长期目标来看，提出我国风险投资的退出机制应以IPO退出为佳，可以在时机成熟时建立二板市场；但是，从近期来看，应完善证券市场，建立以并购为主的多种退出机制。 第四部分为风险投资退出方式的创新即重组发行。这部分是本文的主体部分：首先对风险投资退出方式创新的动因和背景作了必要的说明，通过对重组发行实际操作过程中所必需的“壳”资源进行了解，对重组发行的可行性进行了深入分析，得出：重组发行的成功运作必须要考虑退出方式和实施周期这两个关键问题，合理利用证券市场中的“壳”资源作为载体，实现风险投资的增值和退出；由于重组发行涉及的过程较为复杂，可以通过成本分解，对各个具体环节所发生的买壳成本、资产置换成本、磨合成本进行控制，可以达到成本最低的目的。同时，通过分析实际案例了解重组发行对并购企业的发展战略所产生的影响，得到几点启示：（1）利用资本市场应着眼于综合效益：（2） 国有大股东应正面积极地承担责任和树立良好形象；（）非流通股的购买价格的定价依据是：以净资产值为依据，以目标公司资产状况为参照指标，根据大股东对目标公司发展方向的把握，确定的收购价格较为可行。 本文在将风险投资嵌入资本市场大系统中考察，将中国的风险投资退出机制问题置于国际大背景中考虑，力求通过对我国资本市场和风险投资退出的机理的探析、比较、借鉴与创新，揭示符合中国目前经济基础和投资环境的风险投资退出方式是通过重组发行即借壳上市。因此，应对我国资本?更多还原

【Abstract】 It’s an exploring task to research the retreating mechanism of venture capital (RMVC) under the circumstances of international economy and capital market. The retreating mechanism of venture capital plays a vital role in the final success of VC, as all necessities should be established to insure the success of VC, among which creating effective retreating path of the key point. Therefore, establishing and perfecting the RMVC to provide necessary financial support for the setup and growth innovation high-tech enterprises appears imperative to the development of China’s capital market. This thesis firstly studies traditional RMVC, and then based on international comparisons puts forwards a rode suitable for China’s high-tech enterprises of small-and-medium sizes. Namely, VC can retreat from capital market through restructuring issuing, which constitutes an example for designing VC and its retreating mechanism. The article divided into four parts: Summary on VC and RMVC, Traditional RMVC, International Comparisons and references, Innovation of RMVC: Restructuring Issuing.The first part is Summary on VC and RMVC. This part briefs basic concepts and features of VC, enumerates known concepts about VC at home and abroad, analyses the relationship between VC and venture enterprises. And consequently, concludes the basic mechanism of RMVC: after the venture enterprises grow mature, VC institutions transform its investment from the state of ownership into cash. That is liquidation mechanism as well as relevant corresponding institutional arrangement. RMVC doesn’t only provide continuous liquidity, but also present sustainability for VC. Thus, how to devise a mechanism to both insure the retreating of capital and make sure that enterprises still possess enough capital for development seems extremely important.The second part is about traditional RMVC. This part elaborates four approaches to retreating for VC:IPO in the second-board market, stock repurchase of venture enterprises or enterprisers, M&A of venture enterprises or enterprisers and liquidation of venture enterprisers. In details: (1) Through analyzing the principle of IPO. The development situation of second-board market, and the process off listing in second-board market like NASDAQ, the article concludes IPO is the results undertakers and venture capitalists dream of, and the best retreating manner, which second-board market becomes the best issuing place for venture enterprises. (2) Briefing major ways for stock repurchase, listing 5 approaches to determining the prices of storks, and comparing the weakness and strength of these approaches. We believe that the price ofstocks is decided by some economic indicator by venture capitalists and repurchase persons in the form of agreement beforehand. As a result, when venture enterprises don’t perform well, stock repurchase is a backup retreating manner to most venture capitalists. (3) Mergers and acquisitions of venture enterprises forms the key point of this part. Through elaborating the process of M&A of venture enterprises, the content of evaluating venture enterprises, and comparing ways to evaluate venture enterprises, and major payment approaches to M&A of venture enterprises, the article concludes: Through M&A of venture enterprises, not only venture capitalists can reclaim investment to retreat from venture enterprises, but also undertakers can take back their investment and realize high profits from startup investment. (4) Through the game to continue venture enterprises or not, the liquidation of venture enterprisers turns to be the best way to reduce losses when venture enterprises go bankrupt.The third part is international comparisons and references of RMVC. Through analyzing and comparing the relatively practices worldwide of four major retreating channels for VC, briefly analyzing the status quo RMVC in China. At first glance, the VC in China can also retreat through listing, M&A, repurchase, liquidation. But as a matter of fact, these manners lack legal applicability and workability in更多还原