风险投资退出收益的比较研究
关键词 风险投资 退出方式 退出收益 退出现状
毕业论文外文摘要
Title Comparative research on venture capital exit returns
Abstract
As a special form of investment, venture capital plays an important role in promoting the real economy.Exit is most important aspect of venture capital.If venture capital can't exit successfully,the investors and management can't get effective rewards ,venture capital can't cycle effectively. This paper first introduces the venture capital and its exit in theory,analyzes the current situation of China's venture capital exit. Then through the analysis on China venture capital exit data,This paper finds that the overall exit return of IPO is the highest and fluctuates with the development of IPO and domestic macroeconomic situation. And it is higher in shenzhen sme board and the chinext board than in shanghai main board, but the scale of capital is highest in shanghai main board. In addition,the overall exit return of other exit ways ,like M&A and share transfer,is lower than it of IPO,but the gap among them is becoming narrowed because of the development of M&A and share transfer recent years.
Keywords Venture Capital Exit of Venture Capital Return of venture capital current situation of exit
目次
1 绪论 1
1.1 选题背景与意义 1
1.2 相关研究 1
1.3 研究思路与研究方法 2
2 风险投资与风险投资退出方式 4
2.1 风险投资的内涵 4
2.2 风险投资退出的内涵 5
3 我国风险投资退出方式现状 8
3.1首次公开发行(IPO)退出的现状分析 8
3.2股权转让退出方式的现状分析 9
3.3并购退出现状分析 9
3.4清算退出的现状分析 10
4 风险投资退出收益分析比较 11
4.1 数据来源 11
4.2 首次公开发行（IPO）退出收益的比较分析 11
4.3 各退出方式之间退出回报的比较分析 14
结论 16
致谢 17
参考文献 18
1 绪论
1.1 选题背景与意义
风险投资具有高风险高回报的特征从而吸引了众多资本,帮助其实现了资本的跨越式增值,造就了大批新生的亿万富翁的同时也令风险投资者赚得了可观的收益。另外，政府对发展各地产业投资基金的支持和政府的资金参与也为发展风险投资提供了新鲜血液,提高了风险投资的影响力,与此同时,风险投资也可以通过政策支持的高新产业来帮助政府实现产业优化,进行产业扶持,由此可见,我国风险投资的发展潜力十分庞大。
但从实际效果来看,我国风险投资基金的运作并不成功,依然存在很多问题，远远未达到预期的效果,风险投资退出不畅是制约我国风险投资业发展的重要因素。风险投资的退出是风险投资运行过程的最后一个环节,以实现资本增值收益为最终目的。风险投资能否顺利地退出既决定了前期投入资金是否能够收回还决定了资本是否能够顺利循环下去。
下一篇：风险投资的退出收益国内外研究现状