| 风险投资退出机制研究:来自广东的经验 |
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| 引用本文： | 程昆,刘仁和.风险投资退出机制研究:来自广东的经验[J].中央财政金融学院学报,2006(11):59-63. |
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| 作者姓名： | 程昆 刘仁和 |
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| 作者单位： | 华南农业大学经济管理学院 广州510642 |
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| 基金项目： | 广东省软科学基金;华南农业大学校科研和教改项目 |
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| 摘 要： | 股权退出机制使得风险资本能够实现循环投资,也是风险投资中潜在或外在的有关公司控制权的激励合约的组成部分之一。本文以广东为例,说明了退出机制差异造成了我国内外资风险投资机构的经营差距,而退出机制差异主要体现为国内资本市场体系不完善,进而提出了建设多层次资本市场的相关对策选择。
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| 关 键 词： | 风险投资 退出机制 多层次资本市场 |
| 文章编号： | 1000-1549（2006）11-0059-05 |
| 收稿时间： | 2006-10-09 |
| 修稿时间： | 2006年10月9日 |
Exit Systems of Venture Capital: Evidence from Guangdong |
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| CHENG Kun,LIU Ren-he.Exit Systems of Venture Capital: Evidence from Guangdong[J].Journal of Central University of Finance & Economics,2006(11):59-63. |
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| Authors: | CHENG Kun LIU Ren-he |
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| Institution: | CHENG Kun LIU Ren-he |
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| Abstract: | Equity exit systems make venture capital invest circularly,and it is the part of implicit and explicit incentive contracts of control rights.Taking Guangdong as a case,the paper finds that inner funded and foreign funded venture capital agencies develop differently in China with the differences of their exit systems.The differences of exit systems come mainly from limitation of our country's capital market systems.Finally,some suggestions that improve our country's capital market systems are put forward. |
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| Keywords: | Venture capital Exit systems Capital market systems |
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