【作者】 姜英丽；

【导师】 姜炳麟；

【作者基本信息】 哈尔滨工程大学 ， 金融学， 2008， 硕士

【摘要】 在如今的知识经济时代,创业投资在推动高新技术产业化方面具有十分重要的作用。为了支持科技发展和知识创新,加快科技成果的市场化、产业化步伐,大力发展我国高新技术产业,我国政府正在致力于发展我国的创业投资,以谋求新的经济增长点。但是由于我国创业投资起步较晚、金融市场不发达、资本市场发展滞后、法律法规不健全等客观原因,此外由于创业资本市场体系功能定位等方面存在问题,使我国的创业资本运营带有明显的政府主导色彩,从而严重阻碍了创业投资业的发展。尤其是我国缺乏有效的退出机制,退出渠道不畅通,严重制约了创业投资事业的发展。本文在借鉴国内外理论成果的基础上,对影响创业投资退出的宏观与微观因素进行了综合分析,系统而深入地研究了我国创业投资退出机制,对创业投资退出方式的选择进行量化分析,并利用层次分析法构建了退出方式选择模型。在此基础上为完善我国创业投资退出机制提出了相应的政策建议和对策。全文共分为六部分:第一部分是本文的写作背景、目的和意义;第二部分为相关概念综述。首先对创业投资及创业投资退出机制进行界定,其次通过介绍创业投资的运作流程,分析了创业投资退出在创业投资体系中的重要性及其作用,最后对创业投资退出的主要方式,如IPO,出售,兼并,清算等进行分析,找到不同投资退出机制的优劣性;第三部分通过对美国、德国以及我国台湾地区的创业投资退出机制进行比较研究,为我国创业投资退出机制的完善提供借鉴。第四部分对影响我国创业投资退出机制的宏观环境和微观条件进行深入分析;第五部分分析了我国创业投资退出机制的现实选择,构建退出渠道的可行性模型,并进行绩效评价;第六部分对完善我国创业投资退出机制提出建议,从而为解决我国创业投资的退出提供一个总体思路。更多还原

【Abstract】 Venture Capital (VC) plays an important role in promoting the industrialization of high-tech in the knowledge economy era. In order to accelerate the transformation of high-tech to real productivity, developing the high-tech industry, the government is bending itself to develop the VC in China. However, because the immaturity of the financial market and the capital market, especially the absence of exit mechanism, the development of VC in China has been restarted seriously.The importance of venture capital exit mechanism has been arose the attention of the foreigner experts, but little attention pay on the microcosmic part of VC’s exit mechanism. Based on the published theories, the author deeply analyzed the macroscopical and microcosmic factors of VC’s exit mechanism in quality, and established the exit channel choosing model. At the same time we gave the policy suggestion.There were six sections in this thesis: Section 1 was about the background, the purpose, the significance and the frame of this thesis. An overview of VC and VC’s exit mechanism was given in section 2.Firstly, this thesis gave a definition of VC and its characteristics. Secondly, we analyzed the importance of VC’s exit mechanism.At last, we analyzed the main channel of VC exit, such as IPO, Sale of Enterprises, and Write-off , and pointed out the advantages and disadvantages of them. In section 3, We compaired the exit mechanism in America, German and the district of Taiwan, in order to prompt the development of Chinese VC’s exit mechanism from learning from the experience of them. In section 4, we analyzed the exit mechanism of VC in China from macroscopical and microcosmic factors.Based on the analysis of Chart 4, we analyzed the main channel which the VC invest insitutions could choose in China, and established the model of exit channels to appraise the feasibility of the main exit channels in Section 5. In section 6, some reasonable suggestions and countermeasures were also proposed to strengthen Chinese exit mechanism of VC.更多还原