論風險投資退出機制及我國2板市場的建設
摘要：我國風險投資已經發展了20多年,但從中國本地化投資人的投資行爲來看, 風險投資的孵化器作用還不能體現出來。最大的問題還是風險投資退出機制的問題。爲了建立我國2板市場,改善我國風險投資退出渠道,深圳證交所的中小企業板在人們的`熱切期盼下誕生了。中小企業板在2004年5月27日成立,但其畢竟不是真正的2板市場,作用並不明顯。2板市場與風險投資到底有什麼關聯?本文根據風險投資運作機理,指出了退出機制的重要性，並比較了幾種退出方式,得出IPO在激勵作用和風險投資家獲得企業的控制權方面有明顯的優勢,是最佳退出途徑。但由於主板市場的上市標準高，監管嚴格，而風險企業1般是中小高科技企業，在連續經營歷史、淨資產、淨利潤等方面難以達到要求。因此1般股票市場不適應IPO退出。於是美國成功建立了NASDAQ，世界各地紛紛仿效。筆者着重從市場監管,上市標準,市場交易制度等方面分析了美國NASDAQ和香港創業板這兩大證券市場,指出我國也應該積極培育2板市場。NASDAQ的成功經驗以及香港創業板的經驗和不足,使我國建設和完善2板市場在服務對象,上市條件,市場交易制度和市場監管等許多具體的規則和制度安排方面得到許多啓示,例如,寬鬆的上市條件,做市商制度,嚴密的監管體系等等。
關鍵詞:IPO；上市標準；做市商；保薦人制度
The Venture Capital Withdrawal and the Construction of China’s Second Board
Abstract : Venture investment has been in progress for 20 years, but from the investment behavior of Chinas local investor,Venture Capital incubator role can not be demonstrated。 The biggest problem is risk withdrawal from the investment mechanism。 To establish Chinas second board market and improve our risk investment from channels,Shenzhen Stock Exchanges SME board was born in people under the earnest hope。 SME board is tenable in May 27, 2004,but it is not after all the genuine two boards market, the function is not certainly obvious。What is the connection between Second Board Market and Venture Capital Association in the end? Based on the operational mechanism of risk investment, this article pointed out the importance of the withdrawal mechanism, and compared with several more from the way, came from that IPO have the obvious superiority at obtaining the enterprise in the drive function and Venture Investmentor having the domination aspect, and it is the best withdrawal way。 However, as the Main Board listing standards, strict supervision, and that the risk is small and medium-sized enterprises generally high-tech enterprises, continuous operating history, the net assets, net profit and other hard to meet the requirements。 It is generally not suited to withdraw from the IPO。 So the United States successfully established NASDAQ, and all parts of the world followed。The author has analyzed American NASDAQ and Hong Kong medium small enterprise board in market supervising and managing, went on the market the standard, aspect and so on market transaction system , pointed out our country also should at the right moment promote Chinas Second Board。The success experience of NASDAQ as well as the experience and the insufficiency of Hong Kong , causes our country many enlightenment to construct two boards markets in the service object, goes on the market the condition, the market transaction system and market supervising and managing and so on many concrete rules and the system arrangement aspects obtains, for example, loose goes on the market the condition, makes the city business system, strict supervising and managing system and so on 。
Keywords : IPO（Initial Public Offering）;the market standard ; Market Maker ; Printable Version
.........................
