关于我国风险投资退出机制的思考

高新技术成果的产业化离不开风险投资业的支持 ,而风险投资的退出增值又是风险投资业发展的动力所在。目前 ,我国的风险投资尚处于起步阶段 ,发展也比较缓慢。制约我国风险投资业迅猛发展的因素很多 ,而缺乏有效的退出机制 ,导致大量的风险资金沉淀 ,显然是我国风险投资发展的一个障碍。因此 ,国家应加大对风险投资的政策倾斜力度 ,为风险投资的运作和退出增值创造良好的外部条件 ;在我国 ,还应建立完善的以二板市场 (第二股票市场 )为主的多渠道退出机制 ,利用二板市场、主板市场 (正式股票市场 )、场外交易市场或其他方式 (如兼并收购、清算等 )来实现风险资金的退出增值 ,进而推动我国风险投资业的健康良性发展

Reflectionon the withdrawal mechanism of venture investment in China

The industrialization of high new level technical achievements demands the support of the venture investment, and the withdrawal increment of venture investments is, in turn, the motive force for the venture development of investment. At present, the venture investment of our country is still in a primary stage, and the development of it is slower, too. There are many factors in restricting the rapid development of our venture investment, among which lacking effective withdrawal mechanism results in failing to find the increment channel of the venture capital ,and making large amount of capital sediment. This has become an obstacle in our venture investment development. Therefore, our country should strengthen the venture investment policy, and create good outer conditions for the venture investment operation and withdrawal mechanism increment. In our country mult channel withdrawal mechanism should also be established, headed by second board market. Our country should use second board, main board, and out of market trade markets, or other ways(e.g.annexation, purchase, clearing etc.) to realize the venture capital withdrawal increment, thus pushing our venture investment to achieve healthy and good result.