关于我国风险投资退出机制的研究摘要近年来，由于受到全球金融危机的影响以及我国证券及资本市场的机制、法律法规等各方面的缺陷，导致我国风险投资退出机制存在一定的问题，退出存在一定的困难以及风险。根据一项关于美国13个风险投资基金的分析研究表明，风险投资总收益的50%来自于6.8%的投资，总收益的75%来自于15.7%的投资。也就是说真正能够为风险投资带来利益的项目是少数的，因此如何保证这仅有的项目给风险投资带来更多的利益对于我国未来发展风险投资的规模而言至关重要。但是从目前我国的资本市场而言，依然缺乏一套行之有效的便捷的退出机制，这也成为制约我国风险投资事业发展的最大障碍。鉴于上述原因，本文主要致力于从法律法规、各类退出机制的分析、影响退出机制的因素以及欧美成熟经济体在风险投资机制上的优越性的分析等多个方面剖析我国目前在风险投资退出机制上的不足以及未来发展的方向与目标。并且通过实证的方式，说明我国目前的风险退出机制建设的滞后，并且提出相关发展对策。关键词：风险投资，退出机制，IPO，金融改革，法律完善IAbstractInrecentyears,duetotheimpactoftheglobalfinancialcrisisandChina'ssecuritiesandcapitalmarketmechanism,lawsandregulationsandotheraspectsofthedefect,ledtothewithdrawalmechanismofventureinvestmentinChinahassomeproblems,therearesomedifficultiesandrisksexit.AccordingtotheUnitedStatesona13riskinvestmentfundanalysisshowed,riskinvestmentof50%oftotalreceiptsfrominvestmentof6.8%,of75%oftotalreceiptsfrom15.7%investment.Thatisreallyabletoriskinvestmentbenefitsoftheprojectisfew,sohowtoensuretheprojectriskinvestmentonlytobringmorebenefitstoourfuturedevelopmentofriskinvestmentisofgreatimportance.Butfromatpresentourcountry'scapitalmarket,isstillalackofasetofeffectiveandconvenientexitmechanism,thisalsorestrictsthedevelopmentofChina'sventurecapitalbiggestobstacle.Inviewoftheabovereasons,thispapermainlyfocusesonthevarioustypesofexitmechanism,fromthelawsandregulationsofexitmechanism,influencefactorsandEuropeandtheUnitedStatesinmatureeconomiesinthemechanismofventurecapitalinvestmentonthesuperiorityanalysisandmanyotheraspectsofourcountryatpresentintheventurecapitalexitmechanismoflimitationsandthefuturedevelopmentdirectionandtarget.AndthroughtheempiricalIIway,showsthatChina'scurrentrisktheconstructionofwithdrawalmechanismlag,andfromthisandbroughthighqualityenterpriseslistedoverseas,China'sriskinvestmentscaleandinvestmentyielddeclineproblem.Inaddition,themaininnovationisthehigh-techventureenterpriseIPOexitway,throughtheChinadoespoineeringworkboardandtheUnitedStatesmarketdifferencesbetweenthecomparison,analysisthegapandthesolutionstothem.Inthelightofourcountrythepromulgationofthenew"companylaw"provisionsforprivateequityinvestmentfundsthroughequitybuy-backwayoutoftheresearch,manyarticlesclearlywhichaffectstherecoveryofinvestmentefficiency,isnotconducivetothelong-termdevelopment.Keywords:riskinvestment,exitmechanism,IPO,financialreform,theperfectionoflaw目录摘要.................................................IAbstract...............................................I第1章绪论............................................1第2章我国风险投资退出机制概述........................12.1风险投资的概述...................................1III2.2风险投资退出方式.................................12.2.1首次公开上市退出（IPO）......................12.2.2并购退出.....................................22.2.3回购退出.....................................22.2.4清算退出.....................................22.3影响我国风险投资退出机制的因素分析.....
