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中国创投及私募(VC/PE)经历十余年发展,却仍处于发展的初级阶段。在前期掀起的一阵阵投资热潮后,VC/PE如何全身而退,成为大家需要认真思考的问题。现阶段,IPO仍为我国VC/PE退出的主要渠道。但面对2013年,IPO遥遥无期的煎熬,许多投资机构及企业选择了新的退出方式,如选择并购及新三板。在此类IPO通道分流的小队中,新三板的低流动性及转板不确定性造成了企业积极性很低。然而,国务院推出新三板扩容方案,明确将新三板挂牌企业范围扩充至全国,并指出转板的机制,挂牌企业可直接上市。在理顺流动机制和转板机制后,新三板的影响力将获得实质提升,对于VC/PE而言,新三板将是优秀候选退出通道。
China venture capital and private equity (VC / PE) experienced more than ten years of development, is still in the initial stage of development. In the pre-set wave of investment boom, VC / PE how to step backwards, as we need to seriously consider the issue. At this stage, IPO is still China’s main exit VC / PE channels. However, in the face of the IPO in 2013, the long-term IPO is on the wane. Many investment institutions and enterprises have opted for new exit methods, such as the choice of M & A and the third board. In such IPO channel diversion squad, the low turnover of the new three boards and transfer uncertainty caused the enthusiasm of enterprises is very low. However, the State Council launched the expansion plan for the new “Three Thirds and Three Growth Plans”, explicitly expanding the scope of the new three-listed companies to the whole country and pointed out the mechanism for transferring the shares, and listed companies can go public directly. After streamlining the liquidity mechanism and transfer mechanism, the influence of the New Third Board will be substantially enhanced. For VC / PE, the new third board will be a good candidate for exit.