清科研究中心发布《2021年中国企业服务行业投资机遇研究报告》，详解企业服务行业的发展脉络和投资机遇。

By the end of 2020, the available capital of China’s and foreign VC firms that can invest in mainland China reached RMB966.32 billion, up 5.3% YoY, yet a slowing down growth rate for 5 consecutive years. Two factors were at play here. On the one hand, in terms of funding sources, fundraising was still difficult with newly-raised funds at a low level for 5 years. On the other hand, there were many large investment deals and total investment amount rebounded at the same time.

2020年中国早期投资市场上半年受疫情影响，资金募集大幅遇冷，下半年活跃度逐渐回升。投资活动相对平稳，也呈现出随季度活跃度上升的趋势。根据清科旗下私募通统计，2020中国早期投资机构新募集70支基金，总计共募得130.49亿元，募资规模有所提升，募资情况有所改善；投资方面，2020年国内共发生1,076 起早期投资案例，披露投资金额约为123.11亿元，投资案例数量有所下降，但是涉及金额微增。IT、互联网、半导体、机械制造等与核心科技创新关联较强的行业投资依然活跃；退出方面，2020年中国早期投资市场全年共发生221笔退出案例，其中股权转让发生105笔，回购退出48笔，被投企业IPO 41笔。

2020年我国创业投资市场募、投稍有回暖，注册制改革稳步推进退出案例数又创新高。

2020中国并购市场全年共发生并购事件1,893起，涉及总金额12,111.77亿元，分别同比上升3.3%、19.6%。尽管2020年是黑天鹅事件频发的一年，但也是中国资本市场改革的关键一年。伴随着上交所科创板注册制常态化运行、深交所创业板试点注册制稳步落地，企业上市的通道逐步放开，通过资本市场实现业务整合升级的能力也逐步增强。全球范围内量化宽松的大环境和国内资本市场的改革带来的上市公司资金充裕小环境互相叠加，为并购市场带来了充足的“干火药”，进而推动了并购市场交易规模的回暖。 并购市场的变化也体现在被并购的热门行业向科创领域的倾斜。以被并购方统计，全年数量前三位的行业分别为机械制造（216起，+36.7%）、IT（182起，+14.5%）以及生物技术/医疗健康（153起，-13.6%）。上述行业与近期多项政策所支持的科技创新领域具有高度重合性，体现出本轮并购热潮在定位上更加偏重于科创相关实体经济领域。 并购市场金额集中于金融、机械制造和能源及矿产三个一级行业。自2018年以来持续开展的金融风险控制与金融供给侧改革推动了相关机构与企业的重组进程，间接推高了2020年金融领域的并购额度。 地理分布方面，2020年并购市场的地域集中特征更为明显。前20位地区的案例数占总并购数量的比例为87.7%，较2019年上升2.3个百分点，前20位总金额占比为90.0%，上升2.6个百分点。 国内外并购市场呈现了冰火两重天的景象。跨国并购的两大分支——外资交易（外买内）和海外交易（内买外）分别受制于美国政府对华投资设限、“长臂管辖”制裁、并购审查趋严等逆全球化贸易政策而开展困难。

清科研究中心数据显示，截至2020年底，私募股权投资市场可投资本量为26,860.94亿元，较2019年底同比增长10.8%，资金量小幅回升。

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2020年新冠疫情侵袭延缓中国股权投资市场回温态势，全年募资难趋势延续，投资小幅回暖。

The year 2019 marks the 70th anniversary of the People’s Republic of China, and it is also a critical year to achieve the goals and tasks of building a well-off society in an all-round way and the 13th Five-Year Plan. The external environment and internal conditions facing China's economic development are becoming more complex, and the difficulties and challenges caused various factors are obviously increasing.

The fundraising challenge continued in China’s VC/PE market in 2020, with the total scale of newly raised funds reaching RMB 1,197.21 billion, down 3.8% YoY. The quarterly data shows that in the second half of the year, thanks to the effective control of the pandemic in China, the fundraising gradually returned to normal level, and the pace was accelerated.