2020年第一季度受新冠疫情影响，金融市场动荡开年，全球经济景气度在3月份以后显著下行。全球股票市场急剧动荡，美元流动性危机爆发，资产遭遇抛售，风险资产、避险资产价格陆续暴跌。VIX指数上升幅度超过2008年金融危机水平。在国际货币基金组织发布的最新一期《世界经济展望报告》中，世界经济增长正在遭遇上世纪30年大萧条以来最严重的打击：全球第一次面临发达经济体和新兴经济体同时进入衰退。

2020年第一季度受新冠疫情影响，金融市场动荡开年，全球经济景气度在3月份以后显著下行。全球股票市场急剧动荡，美元流动性危机爆发，资产遭遇抛售，风险资产、避险资产价格陆续暴跌。VIX指数上升幅度超过2008年金融危机水平。

2020年第一季度受新冠疫情影响，金融市场动荡开年，全球经济景气度在3月份以后显著下行。全球股票市场急剧动荡，美元流动性危机爆发，资产遭遇抛售，风险资产、避险资产价格陆续暴跌。VIX指数上升幅度超过2008年金融危机水平。

2020年第一季度受新冠疫情影响，金融市场动荡开年，全球经济景气度在3月份以后显著下行。全球股票市场急剧动荡，美元流动性危机爆发，资产遭遇抛售，风险资产、避险资产价格陆续暴跌。

2020年第一季度受新冠疫情影响，金融市场动荡开年，全球经济景气度在3月份以后显著下行。全球股票市场急剧动荡，美元流动性危机爆发，资产遭遇抛售，风险资产、避险资产价格陆续暴跌。

China’s VC/PE market was recovering from the COVID-19:LP: LP's contribution to new funds was hindered by the blocked due diligence. However, more people went back to work as the pandemic was controlled. State-owned assets have made the largest contribution in the LP market while overseas LP has encountered with difficulties.

以20世纪90年代初IDG进入中国作为开端，外资股权投资机构在华发展已有近30年历史。三十年间，我国出台了多项政策促进外资机构在华发展，同时，也不断完善法律体系加强外资机构的监管。随着国内不断加大对外开放力度，《外商投资法》于2019年初正式落地，在现行法律体系下外资机构应该如何设立募集、投资管理？有哪些优惠政策？又有哪些监管重点呢？清科研究中心发布的《2019年中国股权投资市场外资发展与运作研究报告》将为您一一解答。

At present, China's VC/PE exit route distribution still differs a lot from that of the world. However, judging from the change and trend, the Chinese market exits will be converging to that of the world. According to Preqin, the number of exit deals of global venture capital funds and buyout funds has declined since 2014, while the total amount of exit started to rise from 2016 to 2017, with the total amount of exit of global venture capital funds reaching a 10-year peak in 2018. Similarly, the exit amount in China's VC/PE market is also on the rise in recent years. Zero2IPO Research believes that the Matthew Effect is becoming more and more obvious, whether in the fundraising, the investment or the exit. Companies with higher valuations are often held by benchmarking institutions with large AUM and good historical performance. In the process of equity transfer and M&A, such companies are often more advantageous in finding suitable counterparties and transaction consideration, and can also obtain various resources of institutional investors to a certain extent during IPO. Among the large exits in 2018, Softbank Vision Fund has obtained considerate returns from the exit of Flipkart when it was acquired by Wal-Mart with US$16B, and Sequoia China also got returns from the IPO of Meituan Dianping and Alibaba's acquisition of ele.me. Relatively speaking, small-scale or young institutional investors are squeezed by large institutions due to the difficulty of raising capital and the limitation of project resources. It is difficult to make up for their scale disadvantage through high exit returns in the short term, and it is very likely for the top ones to remain their positions. In terms of exit options, unlike the global practices, China's investment institutions mainly exit via IPO except for early-stage institutions. Investment amount and time cost vary with the stages of institutions. Early-stage institutions exit mainly through equity transfer, while VC/PE institutions prefer IPO of invested enterprises, followed by M&A and equity transfer exit. As far as exit earnings are concerned, the median IRR of all private equity investments in the world is about 14%, while the overall exit earnings of China's market are about 20% after 2013, and the exit earnings of VC institutions are slightly higher than the overall market. Thanks to the rapid economic growth, as of Q1'19, the AUM in China has exceeded RMB10TN, becoming the second largest equity investment market in the world. Due to its late start and rapid growth, the exit returns of domestic market are higher than those of the whole world. The earnings brought by various exit options are also different: before 2014, the median IRR of IPO is significantly higher than that of others; after that, the IRR of M&A and equity transfer exit led the market respectively; in 2018, the earnings of IPO once again exceeded that of others. On the whole, the earnings trend of IPO is relatively clear, while the earnings of M&A exit and equity transfer exit will be on the rise amid great fluctuations. When China's VC/PE market converges with the global market in terms of exit routes distribution and returns, the policy design plays an important role in addition to the gradual maturity of the market and the more diversified and specialized participants. From the introduction of New Rules on CDR and New Rules on SSE STAR Market in the domestic market to the biggest listing system reform in HKEx in 25 years and the direct listing path of NYSE, high-quality unicorns have become the targets all capital markets are fighting for. In addition, the favorable policies for M&A under the impetus of deepening the supply-side reform coupled with the rapid development of the PE secondary market, the exit channels for institutional investors continue to widen. Zero2IPO Research believes that the more diversified exit channels will provide more options for institutional investors, which, in the long run, will be conducive to the liquidity of private equity market, and the further investment in potential sectors through newly raised funds, forming a virtuous circle of fundraising, investment and exit, and further promoting the development of key industries supported by the state.

近年来，我国股权投资市场已达10万亿级别，逐渐发展成为全球资本市场的重要组成部分。随着国内外经济环境变动因素增加、行业监管不断完善，我国股权投资市场逐渐进入调整期。尤其是2018年“资管新规”出台，打破多层嵌套，限制通道业务，加之IPO严审核趋势，机构投资者募资、退出两端压力剧增。在此背景下，清科研究中心发布《2019年中国VC/PE项目退出收益研究报告》，对国内外经济环境、股权投资市场退出现状及典型案例进行深入分析，为机构投资者退出安排提供参考。 宏观环境：现有政治经济环境利好哪类退出方式 上市政策改革 科技创新作为推动实体经济转型升级的重要力量，对经济有显著的带动作用，因而愈发成为各国政策的重点扶持方向。现阶段，境内外市场对优质科技创新企业争夺愈演愈烈，纷纷进行上市政策改革以加强资本市场对战略新兴产业的支持。境内市场，监管层先后出台“CDR新规”与“科创板新规”，允许尚未盈利或存在累计未弥补亏损的企业上市，有条件接纳红筹企业、“同股不同权”企业上市。符合“CDR新规”的红筹企业若满足上市标准亦可于科创板上市，降低拆除VIE架构、实现上市盈利标准的时间成本和资金压力。 境外市场也纷纷加入对优质独角兽企业的角逐之中，于2018年开展上市制度改革。香港交易所2018年4月生效的上市新规对不同投票权架构、不符合主板财务标准的生物科技公司放宽条件，吸引新经济公司赴港上市。纽约证券交易所推出直接上市路径，为无公开募资需求的独角兽企业提供更节省各项成本的选择。 并购重组政策松绑 我国并购重组政策自2017年下半年起逐渐进入“宽松期”，2018年第三季度起监管层先后发布关于并购重组的八项政策，放宽募集配套资金用途限制，缩短IPO被否企业重组上市时间，简化信息披露提高并购重组效率，市场活跃度得到有效提升。此外，创投企业税收优惠政策陆续落地，企业税负将有所减轻，利于降低创投企业成本从而于退出中获得更高的回报，进而促进股权投资市场资金回流。 经济环境不确定性仍存 尽管境内外监管层陆续出台政策以扶持科技企业上市或进行并购活动，但全球经济未来发展前景仍是相关机构在退出路径设计时考量的重要因素。2018年以来愈演愈烈的中美经贸摩擦无疑是造成全球经济前景不明的因素之一，根据相关机构统计全球贸易增长速度、中美GDP预期将受其消极影响而放缓增速。另一层面，市场避险情绪受中美经贸摩擦影响不断上升，股市波动幅度增加，给机构退出被投企业的收益造成负面影响。 此外，美国政府以国家安全为由进一步加强通信等高端技术领域技术壁垒，世界各国出于国家安全顾虑，跨境投资审查趋严，审查过程延长，大型跨境并购交易通过难度增高。

科创板是我国资本市场发展的重要里程碑。为推动资本市场改革，加大资本市场对科创企业的支持力度，科创板在制度建立和规则制定上有了较大的突破和创新。对此，清科研究中心推出《2019年中国科创板政策制度全解析》，对上市审核、发行承销和交易等规则进行详解，尤其是创新部分与国内现有板块进行重点比较，结合企业受理和上市情况，呈现给各位一个清晰可读的科创板。