改革与战略
改革與戰略
개혁여전략
Reformation & Strategy
2011年
6期
74~76
,共null页
风险投资IPO退出 市场结构 市场效率 法律规制
風險投資IPO退齣 市場結構 市場效率 法律規製
풍험투자IPO퇴출 시장결구 시장효솔 법률규제
venture capital's IPO and listing exit; market structure; market effeciency; legal regulation
风险投资IPO退出市场结构均衡是该市场资源最优配置的必要条件。目前,IPO退出市场存在基础市场建构不完善,创业企业供给与投资者资本需求数量结构失衡,交易制度非效率以及IPO退出的境内外空间结构失衡等若干问题。为促进IPO退出市场有效发展,需要完善境内IPO退出发行准入制度和IPO退出交易制度,并进而构建纵横统一的IPO退出法律制度体系。
風險投資IPO退齣市場結構均衡是該市場資源最優配置的必要條件。目前,IPO退齣市場存在基礎市場建構不完善,創業企業供給與投資者資本需求數量結構失衡,交易製度非效率以及IPO退齣的境內外空間結構失衡等若榦問題。為促進IPO退齣市場有效髮展,需要完善境內IPO退齣髮行準入製度和IPO退齣交易製度,併進而構建縱橫統一的IPO退齣法律製度體繫。
풍험투자IPO퇴출시장결구균형시해시장자원최우배치적필요조건。목전,IPO퇴출시장존재기출시장건구불완선,창업기업공급여투자자자본수구수량결구실형,교역제도비효솔이급IPO퇴출적경내외공간결구실형등약간문제。위촉진IPO퇴출시장유효발전,수요완선경내IPO퇴출발행준입제도화IPO퇴출교역제도,병진이구건종횡통일적IPO퇴출법률제도체계。
The equilibrium of venture capital's IPO and listing exit market is necessary for optimal allocation of resources.Currently,there are several problems in this market.Firstly,the construction of basic market is imperfect.Secondly,the structure of venture enterprises' supply and investments' need is unbalanced.Thirdly,trading system is inefficient.Lastly,the inside and outside spatial structure of IPO and listing exit is out of balance.To make the market efficient,united legal system based on improvement of access system of IPO and transactional system is to be needed.