风险投资的退出机制与决策分析

Exit mechanism and decision-making analysis of adventure investment

风险投资作为一种中长期投资区别于其它投资的关键在于它的进入是为了最终地退出,能否顺利地退出是风险投资成功最为重要的一环。从风险投资的退出机制着手,并利用退出决策模型分析了风险投资的退出过程,提出了完善我国风险投资退出机制的建议,首先应该适当放宽高新技术企业上市条件或者建立第二股票市场,其次政府应该完善知识产权保护的立法和执法,按有关规定明确科技发明成果的产权归属,最后应该加快产权交易市场的建设,使风险权益能够在产权市场上顺利流通。

Adventure investment is a middle-long term investment, the most important difference between other investment and it is its safe exit after entry. The thesis begin from the exit mechanism and analyse the exit process by decision-making model, it bring forward some suggestions of exit mechanism of adventure investment. Fist, we must broaden the conditions of high-tech companies' coming into market or build second stock market; second, the government should perfect legislation and law-execution of protection of knowledge property rights, people can hold the property right properly under the law; last, the government should quicken the building of property right market which can make adventure profit circulate smoothly .