毕业论文：风险投资退出机制研究.doc

摘 要 随着资本市场的不断发展与完善，风险投资逐步成为企业获取发展资金的重要资金来源之一。退出机制作为风险投资的重要环节必不可少，只有建立顺畅完善的退出机制，资本循环和资本增值才能实现。在退出机制上，我国由于法律、法规、市场体制等因素的制约，使得作为风险投资收益实现的退出过程阻碍重重，这已经成为制约我国风险投资发展的主要问题。本文旨在通过对风险投资退出机制的介绍以及现今我国风险投资退出机制的现状与美国相比较得出问题症结，提出完善资本市场，完善政府（法律法规）职能，完善投资机构三方面的改进意见，以此健全我国的风险投资退出机制。 关键词：风险投资 退出机制 现状分析 对策 ABSTRACT With the continuous development of capital markets and improved access to venture capital business development funding has gradually become an important source of funding. Broad sense refers to all high-risk investment risk, high potential return on investment; the narrow sense refers to the high-tech venture capital-based, production and business investment in technology-intensive products. Exit mechanism for venture capital as an important part of essential, only by establishing an exit mechanism for smooth and perfect, capital circulation and capital gains can be achieved. Capital exit process as the main method to realize investment revenue has meet many obstacles as a result of our laws and regulations，market structure，and other factors. This has become the major problem which constraining the development of venture capital in China. This article aims to venture capital through the introduction of exit mechanisms for venture capital in China, as well as the current status of the mechanism of withdrawal, compared with the United States to draw a conclusion, put forward a sound capital market, improve the government (laws and regulations) functions, improve the investment institutions in three areas of improvements so as to improve the exit mechanism for venture capital in China. Key words：Venture capital ;Exit mechanism ; Analysis ; Measures 风险投资退出机制概述 1.1风险投资的内涵 风险投资(venture capita1) 简称是VC，在我国是一个约定俗成的具有特定内涵的概念．其实把它翻译成创业投资更为妥当。广义的风险投资泛指一切具有高风险、高潜在收益的投资；狭义的风险投资是指以高新技术为基础，生产与经营技术密集型产品的投资。根据美国全美风险投资协会的定义，风险投资是由职业金融家投入到新兴的、迅速发展的、具有巨大竞争潜力的企业中一种权益资本。从投资行为的角度来讲，风险投资是把资本投向蕴藏着失败风险的高新技术及其产品的研究开发领域，旨在促使高新技术成果尽快商品化、产业化，以取得高资本收益的一种投资过程。从运作方式来看，是指由专业化人才管理下的投资中介向特别具有潜能的高新技术企业投入风险资