我國風(fēng)險投資退出法律機制研究.pdf

1、廈門大學(xué)碩士學(xué)位論文我國風(fēng)險投資退出法律機制研究姓名：申志遠申請學(xué)位級別：碩士專業(yè)：經(jīng)濟法學(xué)指導(dǎo)教師：林秀芹20080401ABSTRACTABSTRACTTheventurecapital(hereafter“VC’)industrywhichstartedfiomthe1920sand1930s，isdifferentfromthetraditionaldebtandequityfinancingInitshistoryofalmo

2、stacenturydevelopment，VChaspromoteddevelopmentoftheglobalhigh—techindustrydramaticallyandhascreatedalargenumberofworld—classscienceandtechnologyenterprisesIthasplayedatremendousroleinpromotingnationaleconomicgrowtheconom

3、icrestructuringandtechnologicaladvancesAsakindofequitycapital，theprimaryaimofventurecapitalistogainmaximumprofit，ratherthancontrolorowntheenterprisesWhentheventurebackedenterprisesdevelopintomaturityventurecapitalistswil

4、lconsidertoexittheventurebackedenterprisesandgainreturnSOastocarryonanewroundofinvestmentThereforeventurecapitalexitisaprerequisitetotheexistenceanddevelopmentofventurecapitalSmoothexitchannelensuresthathighreturnwillbea

5、ttainedanddetermineswhetherventurecapitalwillsucceedornotToestablishanefficientVCsystem，theexitmechanismofventurecapitalisanindispensableandimportantsegmentofventurecapitalactivitiesItalsohasafarreachingrealisticsignific

6、ancetothedevelopmentofventurecapitalindustryandpresenteconomicconstructionofChinaTherefore，fromthepointoflegalsystem，thearticleattemptstoanalyzeventurecapitalexitmechanismThefirstchapterintroducesthebasicprinciplesofinve

7、stmentandtheimportanceofventurecapitalexitmechanism，aswellaScomparesandevaluatesthemajorexitchannelssuchasIPO，mergerandacquisitionstockbuybackandbankruptcyliquidationAtlastitconcludesthatbasedonitsowncharacteristicshi曲一t

8、echSMEsenterprisesshouldchooseappropriatewaytowithdrawventurecapitalThesecondchapteranalyzesthestatusquo，problemsandshortageofventurecapitalexitsysteminChinaThethirdchapterusingthereferenceofexitmechanismofventurecapital

9、inAmericaproposetoestablishandconsummatetheexit①Thethesisdefinestheventurecapitalasaninvestmentmodethatventurecapitalistsinvesthigh—growthenterprisesbymeansofequityorquasiequityandprovidemanagementservicesinordertopartic