2017年中国公司创业投资(CVC)发展研究报告

发布时间:2018-08-30 报告系列:VC 语言:中文

自1914年杜邦公司投资通用汽车以来,在20世纪美国商业巨头们的推动下,公司创业投资(CVC)逐渐在全球拉开序幕,之后便愈发活跃。关于公司创业投资的定义就一直在学术界争论不休。美国风险投资协会(NCVA)以及各大研究平台均给出过不同的定义,由于我国的CVC投资主要以企业内设投资部或外设投资机构的方式进行CVC投资,所以我们认为CVC投资限于非金融行业母公司的资金直接投资于初创企业,且是公司在没有第三方机构帮助下进行的投资活动,其中包括大公司直接进行的投资活动以及公司通过设立自我管理基金进行投资的活动 。CVC投资与传统风险投资最大的不同点在于它们的投资决策要服从于母公司的战略发展需要,所投企业一般是能够与母公司现有业务产生协同效应或有助于节约整体成本的企业。尽管我国CVC投资起步较晚,但近年来发展较快。值得注意的是我国第一波成长起来的互联网巨头企业现均已成为了市场中最为活跃的CVC投资者,它们以超前的战略眼光和雄厚的资金实力,以“长江前浪推后浪”的形式,投出了大量优秀的科技创新企业,推动了我国互联网以及相关行业的发展。在此背景下,清科研究中心推出《2017年中国公司创业投资(CVC)发展研究报告》,分析我国CVC投资的发展状况,重点梳理和解析国内CVC投资的最新情况,并剖析CVC的发展意义与影响。

2018年第一季度中国创业投资统计报告

发布时间:2018-07-17 报告系列:VC 语言:中文

  2018年第一季度中国创业投资市场投资活跃,平均投资额创历史新高。同时,IPO延续“严审核”态势,IPO退出案例数有所下降,但“四新”独角兽企业有望加速上市进程,VC机构或将迎来IPO退出新机遇。   大中华区著名创业投资与私募股权研究机构清科研究中心近日发布数据显示:2018年第一季度中国创业投资市场投资活跃,平均投资额创历史新高。同时,IPO延续“严审核”态势,IPO退出案例数有所下降,但“四新”独角兽企业有望加速上市进程,VC机构或将迎来IPO退出新机遇。

China Venture Capital Annual Report 2017

发布时间:2018-07-13 报告系列:VC 语言:英文

This research report was completed based on full market survey, in-depth research and analysis. The report provides full and detailed data statistics and analysis, and makes a detailed description and analysis of the current situation and trend of China's VC market in 2017. This report includes methodology, abstract, main content, and appendices. The main content is divided into four parts with six chapters: The first part is the market review, including Chapter 1, i.e. reviewing and summarizing the Chinese VC market environment and development in 2017. The second part is the statistical analysis, including Chapter 2, 3, and 4. We made detailed data statistics and analysis of Chinese VC market in 2017 according to the three stages of fundraising, investment and exit. This part contains a large number of first-hand statistics of Zero2IPO Research. The third part is the special issue, including Chapter 6. Zero2IPO Research released the Report on Regional Preferential Policy in Chinese VC/PE Industry 2017, raising questions about the current preferential policies and VC/PE regulations from the perspective of regional study as well as offering suggestions with reference to foreign VC/PE market. The fourth part is the market outlook, namely Chapter 6. In this chapter, we make a prediction about the trend and situations in the 2018 Chinese VC market through analysis of domestic and overseas macro-economic development as well as VC investment rules. Appendix includes 2017 China Venture Capital & Private Equity Annual Ranking and the principles of Zero2IPO industry classification, which explains the detailed industry classification standards used in this report. In addition, you will also find the profile of Zero2IPO and Zero2IPO Research.

Report on Regional Preferencial Policy in Chinese VC/PE Industry 2017

发布时间:2018-07-13 报告系列:VC 语言:英文

The Chinese VC/PE industry has gone through more than 20 years. Since the 1990s, foreign VC funds have kicked off the development of China’s VC/PE market, and China’s VC/PE industry has experienced ups and downs, which has also created a wave of upsurge. According to the changes of macro-economy, policy environment and active institutions in the past, we can divide China’s VC/PE market into three stages, namely, the embryonic stage, the initial stage and the development stage. Embryonic stage (1992-2008): USD funds were dominating the market, and individual state-owned institutions began to enter, with lower investment activity though. China’s VC/PE market began to sprout in 1992, and the main market participants were foreign-funded firms dominated by USD funds and a few state-owned institutions. In 1992, IDG began to make VC investment in China as the first foreign investment fund in the country, marking the start of China’s VC market. In 1998, Mr. Cheng Siwei put forward the Proposal On Developing China’s Venture Capital As Soon As Possible at the first session of the 9th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) (hereinafter referred to as “Proposal No.1”), which caused great social influence and ignited the enthusiasm of China’s VC industry. Since then, in 2005, the National Development and Reform Commission, Ministry of Science And Technology, Ministry of Finance, Ministry of Commerce, People’s Bank of China, State Administration of Taxation, State Administration for Industry and Commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange jointly released the Interim Measures for the Management of Venture Capital Enterprises, forming the preliminary management standard of VC industry. In this year, the fundraising reached a record high, and the internet became a hot spot of investment. Two years later, the revised Partnership Law came into effect, which provided legal basis for the establishment of limited partnership funds. Until 2007, influenced by the global financial crisis, the performance of overseas capital markets was sluggish, and the fundraising, investment and exit activities of foreign-funded firms were severely hit, while local firms rose in the steadily growing macroeconomic environment in China and the investment activity of RMB funds began to improve. During this period, VC/PE, as a new financing form, began to be recognized by domestic investors, and market policies were mainly encouraging then, but private capital participated less in VC/PE investment. Initial stage (2009-2014): the ChiNext was launched, and the investment activity of RMB funds rose steadily. In 2009, the long-awaited ChiNext opened, and the first batch of 28 companies were collectively listed. In the same year, the State Council promulgated the Measures for the Management of Foreign Enterprises or Individuals to Set up Partnerships in China, which provided policy basis for foreign PE fund management firms to conduct business in China. But then A-share market fell all the way, and the overall performance of China’s economy was poor. Coupled with the financial inspection of listed enterprises by regulatory authorities, the review of domestic new share issue was suspended in 2012. At the same time, the Securities Investment Fund Law of the People’s Republic of China was released, which included the non-public offering funds into the adjustment scope, giving CSRC the right to record the non-public offering funds and register fund managers. It was until 2014 that the domestic IPO review was restarted. In September of the same year, Premier Li Keqiang put forward the slogan of “mass entrepreneurship & innovation” for the first time at the summer Davos forum, thus opening the prelude. At this stage, the RMB fund in China’s VC/PE market develops rapidly and gradually occupies the leading position in the market. According to statistics of PEdata under Zero2IPO, 671 new RMB funds were raised in 2014 in China’s VC/PE market, accounting for up to 90.1%. Development period (2015- ): the market has expanded rapidly, the industry competition has intensified and the supervision has upgraded. Driven by the “mass entrepreneurship & innovation” and “ supply-side reform”, high-quality investable assets in China are constantly emerging, and a large number of private and state-owned VC/PE firms, financial institutions and strategic investors have entered the market in succession, injecting vitality into the VC/PE market, and making the competition increasingly fierce. During this period, the fundraising, investment and exit of China’s VC/PE market reached record high, the government guidance fund developed rapidly, the internet O2O, fintech, sharing economy, and artificial intelligence rose in turn. At the same time, China began to strengthen the supervision of VC/PE industry, but also encouraged VC/PE firms to support innovation and entrepreneurship. During this period, the State issued various laws and regulations on VC/PE industry, gradually establishing and improving the regulatory system, such as the Announcement on Further Standardizing the Registration of Private Placement Fund Managers promulgated in 2016 and Several Provisions on the Shareholding Reduction by the Shareholders, Directors, Supervisors, and Senior Executives of Listed Companies ([2017] No.9) promulgated in 2017. While strenghthening the supervision, the State also strongly supports VC/PE firms to invest in innovative and entrepreneurial enterprises. For example, in 2016, CSRC launched a pilot program of corporate bonds of entrepreneurship and innovative enterprises. Since then, in order to further solve the difficult and costly financing problem of entrepreneurship and innovative enterprises, in April 2017, CSRC released the Guidance of China Securities Regulatory Commission on the Pilot Project of Corporate Bond of Entrepreneurship & Innovative Enterprises (draft for comments), which extended the issuer of entrepreneurship & innovation bonds from entrepreneurship & innovation enterprises to corporate VC funds and VC firms that raised funds to invest in entrepreneurship & innovation enterprises. In addition, in May 2017, the Ministry of Finance and the State Administration of Taxation released the Circular on The Pilot Tax Policy for Venture Capital Firms and Angel Investors (Finance and Taxation, No.38 [2017]), which pointed out that VC firms and angel investors can deduct the tax as 70% of the amount of direct investment in technological enterprises in seed stage and early stage. ​

2017年中国VC/PE行业区域性优惠政策报告

发布时间:2018-05-18 报告系列:VC 语言:中文

股权投资行业在中国市场从开端至今已经走过了20多年的发展历程,自上世纪90年代,国外创业投资基金拉开了中国股权投资市场发展的序幕,我国股权投资行业经历了起起伏伏,也创造了一波波的热潮。根据过往宏观经济、政策环境、活跃机构数量变迁,我们可将中国股权投资市场划分为三个阶段,分别是萌芽期、起步期、发展期。 萌芽阶段(1992-2008年):美元基金为市场主导,个别国资机构开始进场,但投资活跃度较低。中国股权投资市场在1992年开始萌芽,主要市场参与主体是以美元基金为主的外资机构和少数国资机构。1992年,IDG进入中国开始进行风险投资,成为最早进入中国的外资投资基金,从而拉开了中国创业投资市场的序幕。1998年成思危先生在全国政协九届一次会议上提出了《关于尽快发展我国风险投资事业的提案》(简称“一号提案”),在社会上引起巨大反响,自上而下点燃了中国风险投资的热情。此后2005年国家发展改革委、科技部、财政部、商务部、中国人民银行、国家税务总局、国家工商行政管理总局、中国银监会、中国证监会、国家外汇管理局联合发布《创业投资企业管理暂行办法》,形成了对创业投资行业的初步管理规范,并且在该年度中国股权投资市场募资创历史新高,互联网成为创业投资热点。两年后,修订后的《合伙企业法》开始实施,为有限合伙制基金的设立提供了法律依据。直到2007年,受全球金融危机影响,境外资本市场表现低迷,外资机构募资、投资及退出活动均受重创,而本土机构则在国民经济稳步增长的宏观经济环境下乘势而起,人民币基金投资活跃度开始提升。在此期间,股权投资作为一种新的融资形式开始被国内投资者认识,市场政策以鼓励为主,但民间资本参与股权投资积极性不足。 起步期(2009-2014年):创业板推出,人民币基金投资活跃度稳步上升。2009年市场翘首以盼的创业板开市,首批28家公司集体上市。同年,国务院颁布《外国企业或者个人在中国境内设立合伙企业管理办法》,为外资私募股权基金设合伙制的管理企业在中国境内开展业务提供政策依据。但随后A股一路下跌,中国经济整体表现较差,加上监管层对已上市企业进行财务大检查,2012年境内新股发行审核工作暂停。与此同时,《中华人民共和国证券投资基金法》发布,将非公开募集基金纳入调整范围,赋予证监会对非公开募集基金备案、基金管理人登记等事项的权利。直至2014年,国内IPO审核工作才重新启动。同年9月,在夏季达沃斯论坛上,李克强总理首次提出“大众创业、万众创新”的口号,从而拉开了中国“双创”的序幕。在这一阶段,中国股权投资市场人民币基金发展迅速,逐渐占据市场主导地位。根据清科旗下私募通统计,2014年中国股权投资市场共新募集671支人民币基金,占比高达90.1%。 发展期(2015年至今):市场规模迅速增长,行业竞争加剧,监管升级。在“双创”大发展和“供给侧改革”的推动下,国内优质可投资产不断涌现,大批民营和国资VC/PE机构、金融机构、战略投资者等纷纷入场,为股权投资市场注入活力,行业竞争也日益激烈。在此期间,中国VC/PE市场募、投、退数据屡创新高、政府引导基金发展迅速、互联网O2O、金融科技、共享经济、人工智能等创业热潮轮番兴起。与此同时,我国开始加强对股权投资行业的监管,但也鼓励VC/PE机构支持创新创业。在此期间,国家多部门发布股权投资行业法规,逐步建立和完善股权投资监管体系,例如2016年颁布的《关于进一步规范私募基金管理人登记若干事项的公告》和2017年发布的《上市公司股东、董监高减持股份的若干规定》等。在监管趋严的同时,国家也大力支持VC/PE机构投资创新创业企业。例如,2016年中国证监会推出创新创业公司债(以下简称“双创债”)试点。此后,为进一步解决双创企业融资难、融资贵等问题,2017年4月,证监会发布了《中国证监会关于开展创新创业公司债券试点的指导意见(征求意见稿)》,将双创债的发行主体从创新创业公司扩展到募集资金专项投资于创新创业公司的公司制创业投资基金和创业投资企业。除此之外,在2017年5月,国家财政部、税务总局发布了《关于创业投资企业和天使投资个人有关税收试点政策的通知》(财税【2017】38号),指出创业投资企业和个人天使投资人直接投资种子期、初创期的科技型企业可以按照70%的投资额进行抵税。 综上所述,目前我国中国股权投资市场尚处于初级发展阶段,在股权投资市场逐渐发展的同时,国家对VC/PE行业的法制建设也不断健全,监管也将越加严格,股权投资行业监管体系将进一步完善。 ​

2017年中国创业投资年度研究报告

发布时间:2018-05-09 报告系列:VC 语言:中文

本研究报告是在进行了充分的市场调研、深入的研究和分析之后完成的。报告中提供了大量翔实的数据统计和分析,并对2017年中国创业投资市场上的现状和趋势作了详细的描述和分析。 本研究报告包括主体内容、研究方法、报告摘要和附录。其中主体内容分为四个部分共六个章节: 第一部分是市场回顾,即第一章,即对2017年中国创业投资市场环境及创投市场发展情况进行了回顾和总结。 第二部分是统计分析,包括第二、三、四章,我们按照募资、投资和退出三个阶段分章节对2017年中国创投市场进行了详细的数据统计和分析。这一部分包含了清科研究中心的大量一手统计数据。 第三部分是专题研究。我们以《2017年中国区域股权投资优惠政策》为题,从分析各地对股权投资的优惠政策出发,提出现阶段优惠政策和股权投资监管的问题。在借鉴国外股权投资市场的基础上,给出将来优惠政策以及监管的建议和发展方向。 第四部分是市场展望,即第六章。我们通过国内外宏观经济走势的分析并结合创业投资活动的规律,对2018年中国创业投资市场可能出现的状况和发展趋势进行分析与预测。 其余附录包括在2017年发布的中国股权投资年度排名及清科行业分类原则,后者对本报告中所使用的行业分类标准进行了详细介绍。此外还对清科集团和清科研究中心进行了简要描述。

China Venture Capital Report Q3 2017

发布时间:2018-01-11 报告系列:VC 语言:英文

Fundraising Highlight Overview: In Q3‘17, Chinese and foreign venture capital firms raised 138 new funds. The 110 disclosed funds available for investment in Chinese mainland amounted to US$6,791.11M. The average fund size reached US$49.21M. Trend: 136 of the 138 funds were RMB-denominated, with an amount of US$6,657.08M. This was because RMB LPs are becoming mature, with insurance companies, banks, market-oriented FoFs, listed companies and SOEs engaging in VC funds, so the market is abundant with RMB. State Policy: On August 30, 2017, the State Council solicited opinions from the public on the Interim Administrative Regulations for Private Equity Investment Funds (Draft for Comment), in which private equity funds are defined and are regulated for the first time. Investment Highlight Overview: Q3’17 saw 832 VC investments in China, with 796 disclosing US$5,814.01M Trend: In Q3’17, VC investment in China is generally stable. With vanishing dividend in mobile internet, VC firms are facing with growing challenges because they are in a shuffling period in which only the fittest could survive. Exit Highlight Overview: In Q3'17, a total of 267 exit cases occurred in China's VC market, including 137 IPO exits and 72 NEEQ exits. ​ ​Highlight: Since the end of 2016, CSRS has sped up IPO review and approval, resulting in obviously more exits via IPO. Q3’17 saw 137 IPO exits of domestic VC firms, 1.9 times that of the same period last year. The exit channel has been improved greatly.

私募通互联网/移动互联网行业周报 (2017年12月30日-2018年1月5日)

发布时间:2018-01-05 报告系列:VC 语言:中文

截止本周五下午,投资、并购、上市在互联网/移动互联网行业共23起事件,涉及披露总金额20.94亿元人民币。从交易事件地域分布看,目前主要分布在北京市、上海市和广东省,占比分别为26.1%,21.7%,17.4%。

2017年第三季度中国创业投资研究报告

发布时间:2017-12-29 报告系列:VC 语言:中文

  募资总体情况:2017年第三季度中外创业投资机构共新募集138支基金,披露募集规模的110支基金新增可投资于中国大陆的资本量为450.93亿元,平均募集规模为4.10亿元人民币。2017年第三季度中国创业投资募资市场两级分化严重,知名机构频频募集大额基金,募资金额超过10亿的就有5支基金。 ​   投资总体情况:2017年第三季度中国创业投资市场共发生832起投资案例,披露投资金额的796起投资交易共涉及386.05亿元人民币。与第二季度相比,第三季度活跃创投机构出手较为谨慎,投资节奏有所调整。 退出总体情况:2017年第三季度,中国创业投资市场共发生267笔退出案例,其中IPO退出137笔,排名第一。VC机构经过多年深耕,终于迎来爆发期。 创新创业生态环境系统性优化,更大范围、更高层次、更深程度上推进“双创” ​   2017年7月,国务院发布《国务院关于强化实施创新驱动发展战略进一步推进大众创业万众创新深入发展的意见》(国发〔2017〕37号),强调“双创”深入发展是实施创新驱动发展战略的重要载体,为扶持“双创”主体中小企业的发展,政府将适时推广创业投资企业和天使投资个人有关税收试点政策,且通过推动国家新兴产业创业投资引导基金、国家中小企业发展基金和国家科技成果转化引导基金设立一批创业投资子基金来破解创新创业企业融资难题。 ​   为不断充分释放全社会创新创业潜能,在更大范围、更高层次、更深程度上推进“双创”,政府将不断优化创新创业生态环境,着力推动“放管服”改革,提高创新主体积极性的同时,激发专业技术人才、高技能人才等的创造潜能,加速科技成果向现实生产力转化。

2017年中国基金小镇发展研究报告

发布时间:2017-12-29 报告系列:VC 语言:中文

  到目前为止,国内外对于基金小镇的定义尚未有明确统一的定论。通过梳理国内各基金小镇的情况,我们认为,基金小镇可以理解为金融和资本的聚集地。它通过雕琢“精小美”的软硬件环境、提供充满活力的机制和体制,来实现金融产业的聚集。通过这一新兴的资本运作方式,直接打通资本和企业的连接,紧密对接实体经济,有效支撑区域经济结构调整和产业转型升级。基金小镇将成为新常态下推动经济转型升级的一项重要战略举措。   基金小镇可以从四个维度进行解释,第一维度:金融产业聚集。基金小镇主要是以金融业为特色支柱产业,尤其是主要吸引各类基金及其管理机构的入驻,以资本的力量带动产业转型升级发展;第二维度:提供金融和其他产业发展所需的灵活体制机制,开展创新试点示范;第三维度:通过构筑美丽的生态环境,实现区域城镇化升级和绿色环境打造;第四维度:构建宜居、宜业、宜休、宜游、宜养的生活模式,逐步实现金融与产业、产业与城市、城市与人的协同共生发展。目前,我国基金小镇大多处于第一、第二维度上,重点在基金集聚和带动产业转型上发力,对于产融结合、产城融合仍有较长的路要走。 ​

更多免费资源,请前往www.pedata.cn免费下载
热门报告
    免费报告