我国创业投资退出通道设计

Study on the exit ways of venture investment

退出机制是创业投资体系中的核心机制。通过对国内外创业投资实践中的几种主要的退出方式的比较和研究 ,根据我国目前的国情 ,提出了适时建立创业板市场、有效利用现有主板市场直接或间接上市、推陈出新 ,建立规范的场外交易和产权交易市场 ,采用灵活多样的退出方式、积极引进海外创业投资 ,并利用海外市场退出的策略 ,建立一套适合我国国情的具有多层次的、互补性的。

Exit is the key mechanism of venture investment. The paper sums up and compares the main exit ways, and puts forward the relevant proposals such as setting up the second board market, improving the property rights exchange market and exploiting the main board market and the external capital market. The aim of this study is to establish an operative system with multi levels and mutual benefits in China.