我国风险投资的退出机制障碍及解决途径

本文从我国风险投资的退出情况入手,分析了我国风险投资的退出机制障碍。笔者认为完善我国风险投资退出机制的关键就是要创建国内二板市场,使风险资本可以通过上市的方式退出,具体构想就是从我国拟建二板市场的模式、机制出发,结合中国的特殊国情,分阶段、分步骤地把我国现有的中小企业板市场过渡为二板市场。     

深入探究我国风险投资主体

风险投资主体分为供给主体、运作主体、接受主体和政府。我国的风险投资主体应大量引入民间资本 ,为有限合伙制的推行扫除障碍 ,将高新技术企业与风险资本市场结合起来。政府应制定相关法律、政策推动风险资本的发展。     

我国风险投资机制模式的构想

我国发展风险投资事业于80年代中期创建以来,风险投资机构运作效果并不理想,其主要原因在于我国尚未建立起完善的风险投资机制.本文在分析存在的主要问题的基础上,探讨了风险投资机制模式的构造,即:以政府资金为引导,民间资本为主体的风险资本筹集机制和循环机制;市场化的风险资本运作机制;完善的退出机制;有力的政策法规支持.     

风险投资进入与退出的信息经济学分析

发展风险投资业及投资基金,通过风险资本投资组合,少数投资成功项目的高回报就可以弥补其它投资失败项目的损失,实现风险投资的盈利。在风险投资的退出方面,普遍认为风险投资退出难或成本高的主要原因是缺乏二板市场,使产权的转移或流动受阻。我们的研究表明,高风险并非高新技术产业的天然特质,风险投资进入困难的真正原因是风险资本供给者与风险企业之间信息的不对称(AsymmetricInformation)。改善信息条件将会有效地降低风险投资的风险程度,从而解决风险投资进入难的问题。二板市场只是为风险投资的方便快捷退出提供了可能的途径,但风险…     

风险投资理论和政策的研究

风险投资是一种高风险的资本运作方式。本文通过对其运作过程的风险揭示及我国风险投资存在的问题,应用层次分析(AHP)和模糊综合评价方法对我国市场进行分析得出结论:(1)投资者在进行风险投资决策时,考虑各风险因素的重要程度次序为:企业家风险、技术与生产风险、市场风险、退出风险。(2)目前我国风险投资市场中,投资者面临的风险由大到小的因素为:退出风险、市场风险、企业家风险、技术与生产风险、环境风险、金融风险。我国风险投资市场管理的主要目标应是吸引更多的风险资本,使我国的高科技成果有更多的机会得到开发和转化为现实的生产力。要解决风险投资发展中的“瓶颈”风险因素、完善市场机制,必须在转变观念、提高管理方式的灵活性、遵循市场管理各项原则以及完善法制和政策体系建设等方面作出努力。     

中国的NASDAQ——我国风险投资业的期盼

一、风险投资与二板市场风险投资和证券市场之间有密切的联系,风险投资要从风险企业中退出,在很大程度上依赖于证券市场。首次公开上市通常被认为是风险投资比较理想的退出方式,它不仅为投资者带来丰厚的收益,而且为风险企业打开了进入资本市场的大门,为其以后的发展提供了投融     

完善风险投资机制 激活民营企业融资新渠道

风险投资机制决定着风险资金的流向,我国风险投资机制存在的缺陷成了限制风险资本支持民营企业的瓶颈,为解决民营企业的融资困境,推进国民经济的发展,我们需要从风险资本募集机制、风险投资决策机制、风险投资跟踪机制和风险资本退出机制入手,引导风险资本更积极地流向民营企业。     

对二板市场的战略框架分析

由于我国的资本市场属于政府主导的模式,其功能定位及服务对象具有很强的行政色彩,因而在国内二板市场的建立过程中既要借鉴资本市场发达国的经验,又要紧密结合我国的实际情况,制订切实可行的短期目标和长远目标,设立多功能多选择具有很强流动性的二板市场.为防范风险,二板市场应采用分步骤分层次的发展战略.在中小企业板的基础上,条件成熟时再推出完全的二板市场.在区域选择问题上,由深圳向长江三角洲、环渤海经济区发展,逐步向中西部科技、风险投资较发达的地区推进.     

我国股票二板市场的制度设计

不同于传统主板市场的股票二板市场,其主要特征是:上市条件较低,强调上市公司的管治和信息披露,投资者自己判断风险,上市公司通常为中小型的高技术企业.我国股市二板市场的筹备工作正在紧锣密鼓地进行中.设立二板市场旨在为具有较大成长潜力的中小企业特别是高新技术企业提供融资支持,为风险投资资本提供退出套现的机制.二板市场对拟上市公司的股本总额、经营年限、盈利水平等方面的要求都将低于现有的主板市场,为此我国的《公司法》已作了相应的修改.与主板市场相比二板市场的投资风险明显要高,包括公司产品尚未成熟的经营风险,社会技术进     

我国风险投资业的发展现状、问题及建议

通过对我国风险投资发展现状的分析,本文从宏观环境和微观运营等角度,指出了我国风险投资发展中存在风险投资主体严重缺乏,投资规模较小,缺少风险投资运作的法律环境支持,参与各方对风险投资的认识和理念还不成熟,资本市场不完善和资本趋利的流动性不足制约风险投资的发展等问题,并提出了可供借鉴的国际经验及对我国风险投资发展的建议。     

Agency costs,institutions, learning,and taxation in venture capital contracting

This paper introduces a data set on forms of finance used in 12,363 Canadian and US venture capital (VC) and private equity financings of Canadian entrepreneurial firms from 1991 to 2003. The data comprise different types of venture capital institutions, including corporate, limited partnership, government, and labour-sponsored funds as well as US funds that invest in Canadian entrepreneurial firms. Unlike prior work with US venture capitalists financing US entrepreneurial firms, the data herein indicate that convertible preferred equity has never been the most frequently used form of finance for either US or Canadian venture capitalists financing Canadian entrepreneurial firms, regardless of the definition of the term ‘venture capital’. A syndication example and a simple theoretical framework are provided to show the nonrobustness of prior theoretical work on optimal financial contracts in venture capital finance. Multivariate empirical analyses herein indicate that (1) security design is a response to expected agency problems, (2) capital gains taxation affects contracts, (3) there are trends in the use of different contracts which can be interpreted as learning, and (4) market conditions affect contracts.     

Financing technology-based small firms in Europe: what do we know?

This paper reviews the evidence on financing technology-based small firms (TBSFs) in Europe. European TBSFs finance new investments by relying primarily on internal funds, due to capital market failures induced by asymmetric information. European venture capital has caught up with US venture capital, but this is mainly because of the growth in UK venture investments. It is unclear whether European venture capital has been able to certify the quality and enhance the growth of funded companies. Compared with the NASDAQ, there is little development of trading in high-tech stocks in Europe: the so-called New Markets established in the 1990s collapsed in the wake of the Internet bubble crash. Public venture capital and research and development (R&D) tax incentives seem to have positively affected high-tech firms.     

Venture Capital Investors, Capital Markets, Valuation and Information: US, Europe and Asia

This paper uses a large multi-country sample of venture capital firms to compare the approaches to investee valuation and sources of information used by venture capital investors in English, French and German legal systems as well as geographical regions. Different legal systems are significantly associated with the valuation mechanism used. In particular, compared to English-based Common Law systems, VC firms operating in a Germanic legal system are significantly more likely to use DCF based measures and significantly less likely to use PE comparators. This latter result is also the case for VC firms operating in a French legal system who are also significantly more likely to adopt historic cost valuation methods. VC firms in Europe and Asia are significantly less likely than US VC firms to make use of liquidation value methods but significantly more likely to use PE comparators. European firms are significantly less likely to adopt DCF methods compared to US VC firms. VC firms operating under a Germanic legal system are less likely to utilise information from the financial press but significantly more likely to use interviews with entrepreneurs. VC firms operating under a French legal system are more likely to utilise interviews with company personnel as well as sales and marketing information. VC firms in Europe and Asia are significantly more likely than US VC firms to use financial press. VC firms in Asia are significantly less likely to make use of interviews with entrepreneurs or business plan data. VC firms in Europe are significantly more likely to utilise sales and marketing information.     

中美创业投资发展对比及政策建议

目前,我国创业投资业的发展在规模、速度、质量上都与发达国家有相当大的差距。其原因主要是个人资本和企业资本相对缺乏,民间资本未能积极参与,交易制度和监管措施不健全。加快我国创业投资业的发展,应借鉴美国创业投资成功经验,加快完善法律制度,加快促进资本市场发育。我国政府对创业投资应该给予合理有效的引导,加大支持力度。通过规范创业投资市场,发展创业投资中介机构,保护好投资者权益,来促进我国创业投资市场的健康发展。     

An institutional view of China's venture capital industry: Explaining the differences between China and the West

Institutional theory argues that institutions in general, and culture in particular, shape the actions of firms and individuals in a number of subtle but substantive ways. The theory has been used to explain a number of significant and substantive managerial differences found in different parts of the world. To date, the examination of venture capital outside the US and Europe, however, has been rather limited. Institutional theory also suggests that there would be differences in how venture capital may operate in other parts of the world, such as Asia where the culture is substantially different from the West. Based on interviews with 36 venture capitalists in 24 venture capital firms investing in China, this exploratory research finds that China's institutional environment creates a number of significant differences from the West. The article discusses the impact of these findings on future research on Asian venture capital, theory development, and the activities of venture capital professionals in that region.     

Strategic alliances by venture capital backed firms: an empirical examination

A growing body of literature examines the formation of strategic alliances as an important value-added role provided by venture capital firms. This paper contributes to this literature by examining two related questions: whether venture capital firms use strategic alliances as a substitute or compliment to capital infusion, and how venture capital firms use alliances to mitigate different types of risk. Results from 2505 venture-backed startups reveal that venture capital firms treat alliance formation as a substitute for capital infusion and that the breadth of the network of syndication partners investing in the startup increases the number of its strategic alliances. We also find intentionality in alliance formation. Specifically, firms operating in industry environments characterized by technical risk are more likely to form alliances with partners capable of mitigating technical risks, and firms operating in environments characterized by market risk are more likely to form alliances with partners capable of mitigating market risk. Our findings lend additional support to the perspective that alliances represent an important mechanism through which venture capital firms add value to their portfolio companies.     

我国风险投资存在的问题与对策研究

风险投资在我国还是一个新兴的产业。在我国风险投资的发展历程中,政府起了主要的推动作用。与发达国家相比,我国的风险投资业还处于刚起步的阶段。我国风险投资业的发展面临的最主要问题是缺少优秀的具有远见卓识的风险投资人才、风险投资公司自身的问题以及风险投资面对的市场环境问题。在探讨分析我国风险投资业的现状和问题的基础上,提出适合我国风险投资业发展的政策和建议,对我国风险投资业的健康发展具有极其重要的现实意义。     

完善黑龙江省风险投资资金筹集机制的研究

受多种因素的影响,黑龙江省风险投资的主体仍然是以政府和银行为主。这种单一的投资主体,不适合市场经济发展的要求,尤其是政府不应作为风险投资的主体。黑龙江省应借鉴发达国家的风险投资资金筹集机制,建立适合黑龙江省情的风险资金来源模式,即在政府引导下,以民间资本为主体,积极吸引国外资本,实现风险资本来源多元化的模式。     

国有中小企业引进风险投资初探

风险投资在为企业发展和开发新技术提供资金方面有重要的作用。国有中小企业引进风险投资,可以为企业提供所需资金,使企业得到发展。国有中小企业应利用风险投资促进企业发展和技术创新。国有中小企业引进风险投资还存在着一些问题,国有中小企业引进风险投资较少。     

创业资本中的融资工具选择与融资策略选择:国外研究综述

国内对创业资本(VentureCapital)的探讨主要是运行机制方面的定性研究,对创业资本运作过程中涉及的融资工具选择及融资策略选择等问题的研究却很少,而近年来,国外这方面的研究已比较成熟,作者在此对国外相关文献进行了综述,希望能对国内这方面的研究有所裨益。