Report on Compensation and Operation Mechanism of Chinese VC/PE Firms 2017

发布时间:2018-07-13 报告系列:PE 语言:英文

In 2017, both fundraising and investment in China’s VC/PE market broke through the “trillion RMB mark”, with the assets under management accounting for 1.5% of the country’s GDP. VC/PE investment plays an important role in transforming the driving force of the economy while finance is giving full play to its role in serving the real economy. With China’s constant attention on the VC/PE market, banks, insurance funds, pension funds and listed companies have been actively joining the LP group as well, in addition to those high net worth persons including wealthy families and individuals. As key players in the market, VC/PE firms are the actual promoters and beneficiaries of the vigorous development of VC/PE industry. However, Internet giants such as Tencent and Alibaba have entered the industry as strategic investors, which brings considerable pressure to traditional VC/PE firms and thus reshapes the market. At the same time, the emerging bubbles in corporate valuations implies professional judgment of the investment team while the increasing number of sectors with great investment potential as well as hotspots of investment have been challenging the investors’ unique perception. The very situation of team structure and reserve of talents of VC/PE firms will have a significant impact on their overall performance and returns, which will directly influence their status and survival situation in market. How to attract highly talented professionals through reasonable salary and welfare? By adopting what kind of operation mechanism can they enhance their team stability? How can VC/PE firms operate efficiently to ensure that they stand still in the fierce competition? This report, namely Report on the Compensation & Operation Mechanism of Chinese VC/PE Firms 2017, will answer all these questions for you based on detailed data.

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. ​

China Private Equity Annual Report 2017

发布时间:2018-07-13 报告系列:PE 语言:英文

Since 2006, Zero2IPO Research has begun to make large scale surveys and professional researches and reports. The Report on Chinese Private Equity Market 2017 provides full and detailed data statistics and analysis from quarterly and annual market survey as well as supplement survey. The report also disclosed part of PE fundraising, investment and exit cases. It makes a detailed description and analysis of the current situation and trend of China’s PE market in 2017. This report includes main content, methodology and appendices. The main content is divided into five parts with nine chapters: The first part is the market review, including Chapter 1, i.e. reviewing and summarizing the Chinese PE 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 PE 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. This report also selects part of the typical cases and adds them to the end of every chapter for your reference. The third part is the special issue, including Chapter 5. In 2017, the fundraising and investment in China’s VC/PE market both broke through the “trillion mark” (in RMB). The total assets under management accounted for 1.5% of the country’s GDP so VC/PE plays an important role in transforming the economic engine and finance is giving full play to its role in serving the real economy. Along with the country’s constant attention to the VC/PE market, besides high-net-worth families and individuals, banks, insurance funds, pension funds, and listed companies have also actively joined the LP camp. As important market participants, VC/PE firms are the actual promoters and beneficiaries of the vigorous development of VC/PE industry. However, Internet giants such as Tencent and Alibaba Group have entered the industry as strategic investors, posing pressures on traditional VC/PE firms and the entire market. At the same time, the overvalued targets and regularly emerging investment hotspots need the professional judgment of the investment team and the investors’ insight. Whether the VC/PE firm has a stable team structure and elite talents in the industry will have a significant impact on the overall performance and returns, which will directly decide its status in the VC/PE market. In view of this, Zero2IPO Research released the Report on the Remuneration and Operation Mechanism of China’s VC/PE Firms 2017, conducted an investigation and analysis of the current operation and remuneration mechanisms of the VC/PE firms, and identified the features of the mechanism. It provides reference for all VC/PE firms and practitioners. The fourth part is the market outlook, namely Chapter 6. In this chapter, we make a prediction about fundraising, investment and exit in the 2018 Chinese PE market. 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.

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年美国天使投资研究报告

发布时间:2018-05-18 报告系列:早期 语言:中文

据新罕布什尔大学创业中心(CVR)报告,截至2016年底,美国共有29.78万活跃的天使投资个人,同比下降2.3%。根据新罕布什尔大学创业研究中心(CVR)的调查,2016年的总投资额为213亿美元,同比下降13.5%,平均投资金额为715万美元,同比下降11.4%。同期活跃天使投资人总数为297,880人,同比下降2.3%。2017年美国创业投资市场在天使/种子期的投资案例数仅为3,793起,同比下降13.3%,占总创业投资案例的比例下降至47%。2017上半年美国天使投资依然集中在软件、商业服务和消费三大领域。与2016年全年数据相比,软件和医疗健康领域投资活跃度虽仍然很高,但案例数量占比有所下降,分别下降7个和2.5个百分点。商业服务行业占比19.1%,较2016年全年提升6个百分点,延续了2015年的上升趋势。消费行业投资案例数占比大幅增加,从2016年的10.3%增长到2017年上半年的15.9%,增幅近6个百分点。美国天使投资正在向低风险的行业进行转移。2016年美国天使投资回报倍数整体有上升趋势,但投资失败率提升至7成。2016年天使投资回报倍数在2.5倍数左右,与2007年回报倍数2.6倍基本持平。 ​   通过对类型分析,我们发现美国VC投资天使/种子期的活跃机构主要有三种类型,分别是孵化器/加速器、天使团体和早期VC机构。具体来看,孵化器/加速器投资比较活跃,典型机构有Y Combinator、500 Startups、TechStars;天使团体比较活跃的有Keiretsu Forum、New Enterprise Associates;早期VC机构代表有Innovation Works、SV Angel、First Round Capital 和Liquid 2 Ventures。 ​   通过对比分析,我们总结出了美国天使投资市场可供中国早期投资借鉴的三点经验:1. 政府增强对早期投资的引导与支持;2. 发挥天使投资团体对早期市场的支撑作用;3. 建立多层次、完善的退出渠道。 ​

2017年中国私募股权投资年度研究报告

发布时间:2018-05-09 报告系列:PE 语言:中文

清科研究中心于2006年起,开始对投资于中国(大陆地区)的私募股权基金进行大规模调研以及专业性的研究与报道。此次推出的《2017年中国私募股权投资研究报告》以2017年各季度调研、年度调研以及补充调查数据为基础,为读者提供详实的统计信息;同时有选择地披露部分私募股权基金募资、投资和退出案例;此外,我们还对2017年中国私募股权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,包含第一章,即对2017年中国私募股权市场环境及发展情况进行了回顾和总结。 第二部分是统计分析,包含第二、三、四章。分别对2017年中国私募股权市场的募资、投资和退出活动进行了详细的统计分析,这一部分包含了清科研究中心在中国私募股权行业的大量一手数据。同时,本报告还筛选出部分重点和典型的募资、投资和退出案例附在各章结尾,以供读者参考。 第三部分是专题研究,包含第五章。2017年中国股权投资市场募资、投资双双突破“万亿大关”,管理资本总量占全国GDP 1.5%,股权投资在转换经济发展动力中扮演重要角色,金融正充分发挥服务实体经济的职能。伴随着国家对股权投资市场的不断重视,除了富有家族及个人等高净值人员外,银行、险资、养老金、上市公司也积极加入股权投资的LP阵营。VC/PE机构作为市场的重要参与者,是股权投资蓬勃发展的实际推动者和受益人。然而目前腾讯系、阿里系等大型互联网企业纷纷以战略投资者的身份入局开展股权投资业务,使得传统VC/PE机构遭受到不小的压力,市场格局面临重塑。同时泡沫层出的企业估值需要投资团队的专业判断,市场频出的行业风口和投资热点也越来越考验投资者的独到眼光。VC/PE机构是否拥有稳定的团队结构、行业的精英人才将对整体业绩与效益产生极大影响,从而直接导致其在股权投资市场中的地位与存亡。鉴于此,清科研究中心发布了《2017年中国VC/PE机构薪酬福利设置与运营机制研究报告》,对目前股权投资市场VC/PE机构的运营管理与薪酬福利机制进行调研分析,梳理了当前VC/PE机构运营管理的特征以及薪酬激励机制设置情况,为各类投资机构和从业人员提供有价值的参考信息。 第四部分是市场展望,包含第六章。在这一章中我们对2018年中国私募股权市场的投资、募资和退出情况进行了预测,以为读者提供有益的参考。 附录包含年内发布施行的相关法律、政策和文件,概念释义及清科分类原则,后者对本报告中所试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介绍。

2017年中国并购基金发展研究报告

发布时间:2018-05-09 报告系列:并购 语言:中文

并购基金是以收购被投企业为核心投资策略的私募股权投资基金,其在自主或者协助其他股东获得企业控制权之后,会根据企业实际情况进行自上而下的改造,帮助企业实现快速发展,最终通过被投企业上市、被并购等方式实现退出,获得投资收益。 全球并购基金兴起于20世纪80年代,在美国第四次并购浪潮中,以国际私募资本巨头KKR为代表的杠杆并购投资基金开始崭露头角。从经历了低潮期到再次崛起,并购基金在全球私募股权投资市场中始终占有重要地位。并购基金市场在中国兴起于2000年之后,并由外资并购基金收购国有企业股权开始,这与当时的中国国有企业改革进程有密切关系。随着外资并购基金在中国的成功实践,中国本土并购基金也快速发展。2003年,弘毅投资的成立标志着本土并购基金的崛起,随后几年,以弘毅投资、天堂硅谷为代表的本土机构募得多支并购基金。同时,国资委、中国人民银行、银监会等国家部委也相继出台相关支持政策。在政策驱动下,中国并购基金市场正在快速发展。 现在的中国并购基金市场,面临着不少挑战,包括国际经济形势的变动、国内政策环境日益趋严,以及市场竞争日益激烈、基金管理机构专业水平缺乏。但是,机遇总是与挑战同时存在的。“十九大”指出,我国社会的主要矛盾为人民对于经济文化迅速发展的需要同当前经济文化不能满足人民需要的状况之间的矛盾,供给侧结构性改革和振兴实体经济为当前工作重心,要支持传统产业转型升级,培养新型经济增长点,加快建设制造强国,充分发挥金融服务实体经济的职能。而并购基金作为推动国企改革,促进产业整合,加快技术引进步伐的有力工具,正是金融服务实体经济的重要体现。

2017年中国并购市场年度研究报告

发布时间:2018-05-09 报告系列:并购 语言:中文

《2017年中国并购市场研究报告》的主体部分分为四个部分共六个章节: 第一部分是2017年并购市场回顾,即第一章。在这一部分中我们对2017年全球及中国宏观经济形势、并购市场发展情况进行了回顾和总结。 第二部分是统计部分,包括第二、三、四章。在这一部分中,我们从并购类型、行业及VC/PE相关等三个方面对2016年中国并购市场的状况进行了详尽的统计和描述,并对部分重点行业进行分析。清科研究中心统计数据显示:2017年,中国并购市场表现较为稳定,合计完成并购案例2,813起,同比下降9.4%,其中披露金额的案例数为2,429起,共涉及交易金额18,919.23亿元,同比增长2.6%,平均并购金额7.79亿元。 第三部分是专题研究部分,即第五章。我们以《2017年中国并购基金发展研究》为题,从全球及中国并购基金的发展历程入手,统计了中国并购基金的募资和投资情况,详细阐述了国内典型并购基金的运作模式,以及中国并购基金发展所面临的挑战和机遇,以期给企业及广大投资者提供一定的参考意见。 第四部分是分析与预测,即第六章。我们通过国内外宏观经济走势的分析并结合并购活动的规律,对2017全球及中国并购市场可能出现的状况和发展趋势进行分析与预测。 本报告的内容是清科研究中心在进行了大量调查和认真分析之后完成的,我们衷心希望您会对报告的内容感兴趣,从中获得您所需要的信息,并对我们的报告提出您的意见。由于时间仓促,涉及并购事件较多,再加上并购市场的纷繁复杂,变化较快,如报告中有不足之处,欢迎批评指正。 ​

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。

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