金融学院知识库

2019 年 11 月 6 日，国务院金融稳定发展委员会在全国范围内举行了第九次 会议，强调要进一步健全金融支撑技术创新的各项政策，优化融资渠道、改进相 关的政策环境。要坚持市场化、法治化的方针，充分利用各种产业投资基金和创 业投资基金的引导功能，更好地为科创企业提供资金支持。这意味着科创企业有 望获得更多制度和政策红利，经过三年多的沉淀，科创板推进退出渠道逐步顺畅， IPO 退出仍然是中国风险资本市场退出的主流选择。但在当前的募资难的大背景 下，创投机构的长期发展受到不利影响，科创板疏通退出渠道，对创投机构的发 展产生的影响并不明确。因此为深入了解科创板影响创投机构退出的状况，对此 问题进行深入的讨论是十分有意义的。 本文对私募股权投资的定义、特点及运作流程进行简单的阐述。描述了目前 私募股权机构退出的主要方式和影响因素，随后通过对深创投退出西部超导案例 的描述，分析这些因素在案例中的具体影响，然后运用比较分析方法，综合比较 分析退出周期、收益率和资本市场等因素，在科创板、创业板和主板市场的影响 异同点，总结科创板对私募股权机构退出的正向影响。根据对实际案例的分析， 总结出私募机构在科创板退出所存在的问题，包括投资者活跃度影响力下降、流 动性问题开始显现、私募股权机构分化加剧。在这些问题的影响下，科创板难以 为私募股权投资行业提供高效退出的平台，在 IPO 发行市场持续低迷的情况下， 投资者的活跃度不断下降，私募股权机构迅速分化，使得私募股权企业难以获得 通过 IPO 待审，影响到私募股权投资行业的退出。最后，本文针对在科创板退出 存在的问题，提出完善资本市场体系的转板制度、加强科创板流动性管理、完善 退市机制、发挥科创板示范效应的建议。

On November 6, 2019, the Financial Stability and Development Committee of The State Council held its ninth meeting nationwide, emphasizing the need to further improve various policies for financial support for technological innovation, optimize financing channels, and improve the relevant policy environment. It is necessary to adhere to the principle of marketization and rule of law, make full use of the guiding function of various industrial investment funds and venture capital funds, and better provide financial support for scientific and creative enterprises. This means that science and technology enterprises are expected to get more system and policy dividends, after more than three years of precipitation, science and technology board to promote the exit channel gradually smooth, IPO exit is still the mainstream choice of China's venture capital market exit. However, in the context of the current fundraising difficulties, the long-term development of venture capital institutions has been adversely affected, and the impact of the science and technology board on the development of venture capital institutions is not clear. Therefore, in order to deeply understand the situation of the science and technology board affecting the withdrawal of venture capital institutions, it is very meaningful to conduct in-depth discussion on this issue.This paper briefly expounds the definition, characteristics and operation process of private equity investment. This paper describes the main ways and influencing factors of the exit of private equity institutions at present, and then analyzes the specific impact of these factors in the case through the description of the case of Deep Venture Capital's exit   from Western Superconductivity. Then, comparative analysis method is used to comprehensively compare and analyze the impact of factors such as exit cycle, return rate and capital market on the science and technology innovation board, GEM and main board markets. To summarize the positive influence of science and innovation board on the exit of private equity institutions. According to the analysis of actual cases, the paper summarizes the problems existing in the withdrawal of private equity institutions in the science and technology board, including the decline of investor activity influence, liquidity problems began to appear, and the differentiation of private equity institutions intensified. Under the influence of these problems, it is difficult for the Science and Technology Board to provide an efficient exit platform for the private equity investment industry. In the case of the continued downturn in the IPO issuance market, the activity of investors continues to decline, and the rapid differentiation of private equity institutions makes it difficult for private equity companies to pass the IPO pending review, which affects the exit of the private equity investment industry. Finally, in view of the problems existing in the withdrawal of the science and technology board, this paper puts forward suggestions on improving the transfer system of the capital market system, strengthening the liquidity management of the science and technology board, improving the delisting mechanism, and giving play to the demonstration effect of the science and Technology board.