風險投資有哪些退出方式

1、公開上市

公(gong)開上市(shi)是(shi)指將風險企業(ye)改組為(wei)上市(shi)公(gong)司，風險投(tou)資的(de)股(gu)份通過(guo)資本市(shi)場(chang)第一次(ci)向(xiang)公(gong)眾發(fa)行，從(cong)而(er)實(shi)現投(tou)資回收和(he)資本增(zeng)值。上市(shi)一般分為(wei)主板(ban)(ban)上市(shi)和(he)二(er)板(ban)(ban)上市(shi)，主板(ban)(ban)上市(shi)又(you)稱為(wei)第一板(ban)(ban)上市(shi)，是(shi)指風險投(tou)資公(gong)司協助創業(ye)企業(ye)在(zai)股(gu)票市(shi)場(chang)上掛(gua)牌上市(shi)，從(cong)而(er)使資金退出。二(er)板(ban)(ban)上市(shi)又(you)稱為(wei)創業(ye)板(ban)(ban)市(shi)場(chang)，主要服務于(yu)中(zhong)小(xiao)企業(ye)的(de)股(gu)票市(shi)場(chang)，其相對于(yu)主板(ban)(ban)市(shi)場(chang)而(er)言(yan)，上市(shi)的(de)條(tiao)件(jian)比較寬松，企業(ye)進入的(de)門檻較低，比較適合(he)于(yu)新興的(de)中(zhong)小(xiao)企業(ye)，尤(you)其是(shi)具有增(zeng)長潛(qian)力的(de)高科技企業(ye)。

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2、股份回購

如(ru)果風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)企(qi)業(ye)(ye)(ye)(ye)在(zai)(zai)渡過了技術風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)和(he)(he)市場風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)，已經成(cheng)長為一(yi)(yi)個有發展潛力的(de)(de)(de)(de)中型企(qi)業(ye)(ye)(ye)(ye)后(hou)，仍然達(da)不到公開上(shang)市的(de)(de)(de)(de)條件，它們可以(yi)選擇(ze)股(gu)(gu)(gu)(gu)(gu)(gu)權回購(gou)(gou)的(de)(de)(de)(de)方式(shi)實(shi)(shi)現風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)退出(chu)。股(gu)(gu)(gu)(gu)(gu)(gu)份(fen)回購(gou)(gou)一(yi)(yi)般包括(kuo)兩種回購(gou)(gou)方式(shi)，一(yi)(yi)種是(shi)(shi)創(chuang)業(ye)(ye)(ye)(ye)者回購(gou)(gou)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)者的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)份(fen)，另(ling)一(yi)(yi)種是(shi)(shi)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)企(qi)業(ye)(ye)(ye)(ye)回購(gou)(gou)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)者的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)份(fen)。前(qian)者是(shi)(shi)通(tong)過買股(gu)(gu)(gu)(gu)(gu)(gu)期(qi)(qi)權的(de)(de)(de)(de)形(xing)式(shi)來實(shi)(shi)現的(de)(de)(de)(de)，是(shi)(shi)在(zai)(zai)引入風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)簽訂投(tou)(tou)資(zi)(zi)協議時，由創(chuang)業(ye)(ye)(ye)(ye)家(jia)(jia)或風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)企(qi)業(ye)(ye)(ye)(ye)給予風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)家(jia)(jia)一(yi)(yi)項選擇(ze)權，他(ta)可以(yi)在(zai)(zai)今(jin)后(hou)某一(yi)(yi)時間要求創(chuang)業(ye)(ye)(ye)(ye)家(jia)(jia)或風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)企(qi)業(ye)(ye)(ye)(ye)按照預(yu)先商定的(de)(de)(de)(de)形(xing)式(shi)和(he)(he)股(gu)(gu)(gu)(gu)(gu)(gu)票價格購(gou)(gou)買他(ta)手(shou)中的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)票。后(hou)者則是(shi)(shi)通(tong)過賣股(gu)(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)(gu)權的(de)(de)(de)(de)形(xing)式(shi)來實(shi)(shi)現的(de)(de)(de)(de)，即是(shi)(shi)給予創(chuang)業(ye)(ye)(ye)(ye)家(jia)(jia)或風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)企(qi)業(ye)(ye)(ye)(ye)一(yi)(yi)項選擇(ze)權，讓其在(zai)(zai)今(jin)后(hou)某一(yi)(yi)時間以(yi)相同或類(lei)似的(de)(de)(de)(de)形(xing)式(shi)及股(gu)(gu)(gu)(gu)(gu)(gu)票價格購(gou)(gou)買風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)家(jia)(jia)手(shou)中的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)票。在(zai)(zai)股(gu)(gu)(gu)(gu)(gu)(gu)權回購(gou)(gou)時到底(di)是(shi)(shi)采用買股(gu)(gu)(gu)(gu)(gu)(gu)期(qi)(qi)權或是(shi)(shi)賣股(gu)(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)(gu)權來進(jin)行，這主要看風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)企(qi)業(ye)(ye)(ye)(ye)對風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)吸引力的(de)(de)(de)(de)大小而定。

3、兼并與收購

兼并(bing)與收購是風(feng)險資(zi)本退(tui)出的(de)(de)(de)比較常用的(de)(de)(de)一種方式(shi)，是風(feng)險投資(zi)商(shang)在(zai)時機(ji)成熟的(de)(de)(de)時候，通過并(bing)購的(de)(de)(de)方式(shi)將自己在(zai)風(feng)險企(qi)業中的(de)(de)(de)股(gu)份賣(mai)出，從而(er)實(shi)現(xian)風(feng)險資(zi)本的(de)(de)(de)退(tui)出。其(qi)中兼并(bing)是指(zhi)由一家實(shi)力較強(qiang)的(de)(de)(de)公司(si)與其(qi)他一家或幾(ji)家獨立的(de)(de)(de)公司(si)合(he)并(bing)組成的(de)(de)(de)新公司(si)，而(er)實(shi)力較強(qiang)的(de)(de)(de)公司(si)占主導地位。收購則是指(zhi)企(qi)業通過證券市場，購買(mai)(mai)目(mu)標(biao)公司(si)的(de)(de)(de)股(gu)份或者購買(mai)(mai)目(mu)標(biao)公司(si)的(de)(de)(de)產權(quan)，從而(er)達到控制目(mu)標(biao)公司(si)的(de)(de)(de)行為。

4、破產清算

破產清算(suan)是在風險投資(zi)不成(cheng)功，風險企業成(cheng)長緩(huan)慢，未來(lai)收益前景不佳的情況下，所采取的一種退(tui)出(chu)方(fang)式。雖(sui)然以清算(suan)方(fang)式退(tui)出(chu)一般(ban)會(hui)帶來(lai)部分損失(shi)，但也是明智之舉的，因為投在不良企業中的資(zi)金(jin)存在一定的機會(hui)成(cheng)本，與其被套(tao)牢，而(er)不能發揮作(zuo)用，倒不如及時收回資(zi)金(jin)，投入(ru)到下一個更有希望的項目中去。

退出風險企業什么意義

1、風險投資的本性是追求高回(hui)報的，這種(zhong)(zhong)回(hui)報不(bu)可能像(xiang)傳統投(tou)(tou)資(zi)一樣，主要從投(tou)(tou)資(zi)項目利潤中(zhong)得到(dao)，而是依賴于在(zai)(zai)這種(zhong)(zhong)“投(tou)(tou)入—回(hui)收—再投(tou)(tou)入”的不(bu)斷(duan)循環中(zhong)實(shi)現(xian)的自身價值增(zeng)值。所以，風險(xian)投(tou)(tou)資(zi)賴以生存的根本在(zai)(zai)于資(zi)本的高度周期流動(dong)(dong)，流動(dong)(dong)性的存在(zai)(zai)構筑了資(zi)本退出的有(you)效(xiao)渠道，使資(zi)本在(zai)(zai)不(bu)斷(duan)循環中(zhong)實(shi)現(xian)增(zeng)值，吸(xi)引(yin)社(she)會資(zi)本加(jia)入風險(xian)投(tou)(tou)資(zi)行列。

2、投(tou)資(zi)(zi)(zi)家只有明晰地(di)看到資(zi)(zi)(zi)本運動的(de)出口，才(cai)會(hui)積極的(de)將資(zi)(zi)(zi)金(jin)投(tou)入風(feng)(feng)險(xian)企(qi)業。因此，一個順暢(chang)的(de)退出機制也是擴大風(feng)(feng)險(xian)投(tou)資(zi)(zi)(zi)來源(yuan)(yuan)的(de)關鍵(jian)，這(zhe)就從(cong)源(yuan)(yuan)頭上(shang)保證(zheng)了資(zi)(zi)(zi)本循環的(de)良性運作。可以說，退出機制是風(feng)(feng)險(xian)資(zi)(zi)(zi)本循環流(liu)動的(de)中心(xin)環節。

3、風險(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)與一(yi)般投(tou)(tou)資(zi)(zi)(zi)(zi)相比風險(xian)(xian)(xian)極高，其產生與發展(zhan)的(de)(de)基本(ben)動力在于(yu)追(zhui)求高額回報，而(er)且由于(yu)風險(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)企(qi)業(ye)本(ben)身所固有(you)的(de)(de)高風險(xian)(xian)(xian)，使風險(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)項目和非(fei)風險(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)項目相比更容易胎死腹中。一(yi)旦風險(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)項目失(shi)(shi)(shi)敗，不僅獲得(de)資(zi)(zi)(zi)(zi)本(ben)增(zeng)值的(de)(de)愿(yuan)望(wang)成為(wei)(wei)泡影，能否(fou)收回本(ben)金也將成為(wei)(wei)很大的(de)(de)問題。風險(xian)(xian)(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)家(jia)最不愿(yuan)看到的(de)(de)就是資(zi)(zi)(zi)(zi)金沉淀于(yu)項目之中，無法自(zi)拔。因此，投(tou)(tou)資(zi)(zi)(zi)(zi)成功的(de)(de)企(qi)業(ye)需要退出，投(tou)(tou)資(zi)(zi)(zi)(zi)失(shi)(shi)(shi)敗的(de)(de)企(qi)業(ye)更要有(you)通暢(chang)的(de)(de)渠道及時退出，如利(li)用公開(kai)上市或將股權(quan)轉讓給(gei)其他企(qi)業(ye)、規范的(de)(de)破(po)產清算等，以(yi)盡可(ke)能將損失(shi)(shi)(shi)減(jian)少至(zhi)最低水(shui)平。

4、風(feng)險(xian)(xian)(xian)投(tou)(tou)資(zi)是一(yi)種循環性投(tou)(tou)資(zi)，其賴以生(sheng)存的(de)(de)根本(ben)在于(yu)(yu)與高風(feng)險(xian)(xian)(xian)相對應(ying)的(de)(de)高度(du)的(de)(de)資(zi)本(ben)周期(qi)流動(dong)，它通過(guo)不斷進入和退(tui)出風(feng)險(xian)(xian)(xian)企(qi)(qi)(qi)業實現資(zi)本(ben)價值的(de)(de)增值。風(feng)險(xian)(xian)(xian)投(tou)(tou)資(zi)產(chan)(chan)生(sheng)的(de)(de)意義在于(yu)(yu)扶(fu)持潛力企(qi)(qi)(qi)業成長，那么其自身有限(xian)的(de)(de)資(zi)產(chan)(chan)就必(bi)須具備一(yi)定的(de)(de)流動(dong)性，才能不斷地扶(fu)持新(xin)企(qi)(qi)(qi)業。如(ru)果(guo)缺(que)乏(fa)退(tui)出機制，風(feng)險(xian)(xian)(xian)投(tou)(tou)資(zi)者投(tou)(tou)入到(dao)風(feng)險(xian)(xian)(xian)企(qi)(qi)(qi)業的(de)(de)資(zi)金達到(dao)預期(qi)增值目(mu)的(de)(de)后，卻難以套(tao)現，將會使風(feng)險(xian)(xian)(xian)投(tou)(tou)資(zi)者的(de)(de)資(zi)產(chan)(chan)陷入停滯狀態，它就無法再(zai)去(qu)尋找新(xin)的(de)(de)投(tou)(tou)資(zi)對象，那么，這(zhe)種風(feng)險(xian)(xian)(xian)投(tou)(tou)資(zi)本(ben)身也(ye)失(shi)去(qu)了存在的(de)(de)意義。