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风险投资是高科技企业融资的重要来源。风险资本投资的主要目的不是获取产业利润 ,而是通过资本营运赚取巨额利润。因此 ,风险资本的退出机制是投资和利润回收的关键环节。国外风险投资的退出通常有 4个渠道 :初次公开发行退出、股权回购、项目并购和公司清算。文章借鉴国际经验 ,针对我国风险投资退出的主要难点 ,提出了推出二板市场、鼓励股权回购和项目并购、逐步开放场外交易中心、扶持地方拍卖市场及健全法律体系等重要对策。
Venture capital is an important source of high-tech corporate finance. The main purpose of venture capital investment is not to obtain industrial profits, but through the capital operation to make huge profits. Therefore, the exit mechanism of venture capital is the key link of investment and profit recovery. Exit of foreign venture capital usually has four channels: IPO exit, share buybacks, project mergers and acquisitions and corporate liquidation. The article draws lessons from the international experience and proposes some important countermeasures such as launching the second board market, encouraging share repurchase and project mergers and acquisitions, gradually opening the OTC trading center, supporting the local auction market and perfecting the legal system, aiming at the main difficulties of the withdrawal of venture capital in our country.