德国风险投资退出机制研究

A Study of German Exit Mechanism for Venture Capital

在风险投资的整个运行过程中,退出是最为关键的一个环节;退出质量的高低,直接决定了投资的成败与风险资本的增值程度。中国风险投资存在着退出渠道单一、相关法律不健全、多层次的资本市场未建立等一系列问题,制约了风险投资业的健康发展。德国风险投资业在发展过程中曾经历了与中国类似的阶段,德国法律与中国法律也因同属于大陆法系而具备法律移植的可行性,因此,对德国风险投资退出机制的法律研究,将对中国建立和完善高效、健康的资本市场有着重要的借鉴意义。

Exit is the most important link in the whole operation process of venture capital. The quality of exit can directly decide the success or failure of the investment and the degree of apprecia- tion of the venture capital. There exists a series of issues in China＇ s venture capital, which are re- stricting the healthy development of the venture investment industry, such as single exit channel, im- perfect related laws, unestablished multi-level capital markets, etc.. The venture investment industry in Germany has experienced similar stages like China in its development process; both German law and Chinese law have the possibility of law transplantation because both belong to the civil law system. Therefore, researches on the exit mechanism of German ventttre capital are of great significance, for they can provide reference for China to establish and perfect a healthy and efficient capital market.