Wang Shuhai, general manager of Tianjin Equity Investment Fund Center, said that most venture capital companies are now too much to pursue capital value-added income, and venture investment has been made into insurance investment. In order to reduce investment risks and maximize investor returns, many are investment growth Even companies that are already highly competitive in the industry, and those companies that urgently need "snow in the snow" with innovative high-tech projects or start-ups are hardly favored by venture capital. In the economic development, the original intention of industrial structure adjustment and upgrade is getting farther and farther away.

Tianjin Equity Investment Fund Center is China's largest equity investment fund gathering and service center. At present, there are more than 150 accumulated funds, and the scale of management funds has exceeded 100 billion yuan.

"At present, China's early investment accounts for less than 10% of all investment, and it is also showing a declining trend. This is difficult to fulfill the mission of cultivating strategic new industries." Wang Shuhai said, historical experience tells us that it is venture capital Only when an enterprise transformed an early project into a large-scale commercial investment, it triggered the industrial revolution and established an indispensable position for venture capital.

Wang Shuhai believes that in order to solve this situation, we need to start from the following aspects. First, increase the proportion of government or public welfare funds, avoid excessive use of government funds for financial leverage, and enhance the government ’s role in venture capital enterprises. Decision-making power. Second, it is necessary to reduce the proportion of investment income in the performance appraisal and evaluation mechanism, and to avoid the management layer from excessively pursuing investment reporting. The third is to use taxation and subsidy policies to guide and adjust the investment industry and enterprise stage. The fourth is to improve the construction of the integrity system, so that the risk of investors is controlled at the bottom.

Wang Shuhai believes that the difference between China's venture capital companies and private equity investment funds is becoming less and less obvious. The state needs to achieve differentiated positioning in relevant regulations, so that venture capital companies mainly focus on investing in early-stage companies, while private equity The main focus is on mid- to late-stage enterprises, so that they can play their respective advantages and play their due role.

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