设立二板亦非万全之策——风险资本退出机制研究

近年来,人们不断讨论中国的二板市场是否应该建立及怎样建立,其中支持方的一个重要论据就是二板市场能够为风险投资的退出发挥巨大作用。然而,笔者经过分析认为,由于二板市场自身的不足是风险投资的内在特点,二板市场对于风险投资退出的作用是有限的,即要想解决风险资本的退出问题,仅设立二板市场是不够的,必须多种退出方式共同发展。

The establishing of second board is not perfect--the research of the mechanism of venture capital''''s exceeding

Whether and how to establish the second board in China is continually discussed recently One of the arguments of pro-establishing is that the second board can make great impaction in the exceeding of venture capital While I conclude that it can't come into existence because of the deficiency of the second board and the characteristics of venture investments If wanting to solve the exceeding of venture capital, we should develop multi-manners rather than mere the second board