论风险投资退出机制及我国2板市场的建设
摘要：我国风险投资已经发展了20多年,但从中国本地化投资人的投资行为来看, 风险投资的孵化器作用还不能体现出来。最大的问题还是风险投资退出机制的问题。为了建立我国2板市场,改善我国风险投资退出渠道,深圳证交所的中小企业板在人们的`热切期盼下诞生了。中小企业板在2004年5月27日成立,但其毕竟不是真正的2板市场,作用并不明显。2板市场与风险投资到底有什么关联?本文根据风险投资运作机理,指出了退出机制的重要性，并比较了几种退出方式,得出IPO在激励作用和风险投资家获得企业的控制权方面有明显的优势,是最佳退出途径。但由于主板市场的上市标准高，监管严格，而风险企业1般是中小高科技企业，在连续经营历史、净资产、净利润等方面难以达到要求。因此1般股票市场不适应IPO退出。于是美国成功建立了NASDAQ，世界各地纷纷仿效。笔者着重从市场监管,上市标准,市场交易制度等方面分析了美国NASDAQ和香港创业板这两大证券市场,指出我国也应该积极培育2板市场。NASDAQ的成功经验以及香港创业板的经验和不足,使我国建设和完善2板市场在服务对象,上市条件,市场交易制度和市场监管等许多具体的规则和制度安排方面得到许多启示,例如,宽松的上市条件,做市商制度,严密的监管体系等等。
关键词:IPO；上市标准；做市商；保荐人制度
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
.........................
