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Venture Capital Exit Mechanism Research

Posted on:2014-11-16Degree:MasterType:Thesis
Country:ChinaCandidate:Q SuFull Text:PDF
GTID:2296330425479380Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
Venture capital in the modern sense began in the1940s, the United States, beginningsome extremely wealthy individuals, or local private banks, because the accumulation of alarge number of idle funds, look at the time to obtain capital gains, investment funds stillanemerging oil petrochemical, iron and steel, railway transportation, aerospace, electronics andinformation industry. History has proved that the development of risk investment riskinvestment has greatly promoted the economic development of Europe and the United Statesand other developed countries, and led to the upgrading of industrial structure, manyworld-renowned companies such as Microsoft, Face book, Apple and Hewlett-Packard are insupport of venture capital to develop and grow.Eighties, China’s introduction of the venture capital industry, but trapped in the economicstructure and its own scientific and technological capabilities, venture investment in Chinahas been in a long time has not been developed by leaps and bounds. Until the new century,especially in swept the Information Technology, venture investment in China presents aleapfrog development. Now, in addition to the field of information technology, new energy,precision manufacturing, and other areas of common risk investment figure. But generallyspeaking, the risk of investment in our country is still stuck in a state of barbaric growth, riskinvestment mechanism is not standardized, incomplete and ineffective in promoting high-techindustries, promoting economic effect is not significant. From the eco-subsisting view of theentire venture capital industry chain, and venture capital, venture capital through financing,investment, exit and re-investment, the ideal state is a continuous cycle of state. Fundedconnected, recycling, due process exit, you become an important part of this process, if theexit mechanism for poor, cash flow will stagnate, not only can not realize its value added isexpected, will hinder the re-circulation. Therefore, the risk of investment to add value andliquidity, venture capital exit mechanism must be benign. At present, China’s venture capitalexit mechanism for the poor, has seriously hampered the development of the venture capitalindustry.First part of this article described Venture Capital Exit mode and the status quo ofChina’s venture capital exit; The second part describes the venture capital exit mechanism forinitial public offering (IPO) of the status quo and related disorders, focusing on analysis of the system of the current GEM market obstacles for the development of venture capital, and putforward recommendations for the GEM market system perfect;The third section describes thedevelopment of the OTC market M&A exit of venture capital and put forward suggestionsfor improvement; The fourth part of the venture capital equity repurchase exit barriers andsuggestions for improvement; Part V describes the perfect views of the venture capitalliquidation exit; The last part of the perfect proposal affect the development of venture capital,which restricts the smooth exit of venture capital professional intermediaries.
Keywords/Search Tags:venture capital, exit mechanism, GEM, legal system
PDF Full Text Request
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