风险投资是创业企业融资的主要来源,也是实现科技成果转化的重要手段.风险投资的成功退出是实现风险资本增值的基本前提,是风险投资在时序上和空间上不断循环的保证.国际上,风险投资退出有四种方式:IPO退出、企业并购、股权回购和公司清算.本文结合统计数据系统地梳理分析了我国风险投资退出渠道的现状,探讨了我国风险投资退出的主要障碍,并提出适宜于我国现阶段发展的几点对策建议.%The venture capital is the main source of financing start-ups, and also an important means to achieve transformation of scientific and technological products. The success exit of venture capital is the basic premise to achieve capital appreciation, and also the guarantee of achieve continuous loop on investing in temporal and spatial. Internationally, there are four ways for exit: IPO exit, mergers and acquisitions, stock buybacks and corporate liquidation. In this paper, combining with the statistical analysis data, we combed the channels of Chinese venture capital, discussing the main obstacles of Chinese venture capital and to propose some suitable policy proposals for the development of Chinese venture capital.
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