风险投资退出方式的探析

Analysis on the Ways of Venture Capital Withdrawing in China

风险投资是本世纪以来全球金融领域最成功的创新成就之一。但是从总体上看 ,我国的风险投资业无论是在规模、发展速度 ,还是在质量、效益上与发达国家相比存在着相当大的差距。造成这种局面的原因很多 ,其中一个主要原因就是风险投资在我国缺乏有效的退出机制。对美国的风险资本几种退出方式的优、劣势以及各自的适用条件进行了详细分析。指出公开上市方式往往是一种被优先考虑的退出方式 ;相比之下 ,兼并与收购往往是最容易的成功的退出方式 ;而执行偿付协议通常是一种候补性质的退出方式 ,往往在风险投资不太成功时使用 ;至于公司清算则是风险投资退出的无奈之举 ,但也不失为明智之举。最后结合我国的实际情况 ,对我国的风险投资退出方式提出建议。

Venture capital is one of the most successful financial innovations in this century. Although it has been developed in China for more than ten years, China lags behind the developed countries in many aspects not only in scale and speed but also in efficiency and effect. Among those many reasons the most important reason is lack of effectual withdrawing mechanism. The article analyzes the popular ways of venture capital withdrawing in America in details. It is pointed out that IPO has high priority and is the optimal way. M and A often is the easiest way and LA is also an option, while liquidating is the last option. Finally, several suggestions are given on the withdrawing of venture capital in China.