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近几年随着中国经济的快速发展,境内外的创业投资公司(又称“风险投资公司”)也在我国风起云涌。创业投资是指投资于未上市企业,并通过资本经营服务,培育和辅导被投资企业成长,以期分享其高成长带来的长期资本增值,最主要的形式是股权投资。由于创业投资公司几乎不参与被投资企业的日常经营管理,外部投资者与被投资企业之间的信息不对称,给资本运作带来了较高的风险。如何有效地防范和控制投资后的高风险,以最终实现高收益,是创业投资公司必须认真思考的重要课题。
In recent years, with the rapid economic development in China, venture capital companies (also known as “venture capital firms”) both in China and abroad have surged in our country. Venture capital refers to investing in unlisted companies and nurturing and counseling the growth of the invested enterprises through capital management services in order to share the long-term capital appreciation brought by its high growth. The most important form is equity investment. As VCs hardly participate in the day-to-day operation and management of investees, the information asymmetry between outside investors and investees brings a higher risk to capital operation. How to effectively prevent and control the high risk after the investment and finally realize the high profit is an important issue that venture capital firms must seriously consider.