风险投资退出渠道选择与地方产权交易市场改革——基于浙江的实证分析

Choice of Venture Capital Withdrawal Mechanism and Reform of Local Property Rights Trading Market—Based on the Empirical Analysis of Zhejiang

从国内外风险投资的实践来看,并购和回购是风险投资最常见的退出方式。产权交易市场功能及作用发挥程度对风险资本退出有着重要的影响。由于浙江产权交易市场功能错位,使得风险投资退出渠道更为不畅,进而影响了风险投资健康发展。文章对此做了分析,并对浙江产权交易市场功能的重新定位及交易制度改进提出了建议。

According to the domestic and foreign practice of venture capital investment, M＆A and repurchase are the most common withdrawal methods of venture capital. The function of a local property rights trading market and the degree of its function are playing a very important role in the venture capital withdrawal mechanism. Due to the functional dislocation of Zhejiang property rights trading market, the withdrawal channels of Zhejiang venture capital become less smooth, which further hinders the healthy development of Zhejiang venture capital. This paper analyzed this issue, and also made recommendations on the function repositioning and the trading system reform of the local property rights trading market.