Abstract
With the continuous improvement of China’s capital market, China’s venture capital investment has also grown, regardless of the number of institutions or the size of funds managed. The exit from venture capital is the last and most important part. This paper sorts out the way and performance of China’s venture capital investment projects by sorting out the historical data. It is found that although the number of venture capital investment in China continues to grow, it is still close half of the projects withdrawn with lost. Although IPO exits have the highest revenue, it does not have a higher proportion than repurchase and mergers and acquisitions because of its long time and difficulty. In the case of relatively high repurchase and mergers and acquisitions, repurchase is a loss in most cases.
Highlights
Venture Capital is known as venture capital investment
According to the history of China’s venture capital development, there are about three main stages of development in China’s venture capital: The first stage is from the 1990s to 2000, investing mainly equity Investment in Domestic Growth Enterprises; The second stage is from the beginning of this century to 2005; most of venture capital institutions have closed down except that a small number of them strive
The main factor is the impact of the US Internet stock bubble, but it shows that the local venture capital institutions are still immature; The third stage is from 2005 to the present
Summary
According to the history of China’s venture capital development, there are about three main stages of development in China’s venture capital: The first stage is from the 1990s to 2000, investing mainly equity Investment in Domestic Growth Enterprises; The second stage is from the beginning of this century to 2005; most of venture capital institutions have closed down except that a small number of them strive. There were 1421 venture capital investment funds, an increase of 270 from 2015, an increase of 8.4%; and 624 venture capital investment management institutions, an increase of 160 from 2015. In 2016, the number of venture capital institutions in the United States reached 2460 (including 1562 venture capital funds and 8.98 management institutions), with a total management capital of 333 billion US dollars 2. This paper will study the exit performance of Chinese venture capital enterprises from the aspects of exit mode and performance
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