2018年第三季度中国创业投资市场统计报告

发布时间:2018-10-31 报告系列:VC 语言:中文

2018年第三季度受宏观金融环境及趋严监管政策影响,中国创业投资市场有所下降,募资和投资均表现“疲软”,募资难寒潮加重,投资案例数和金额同比有明显下降;但是随着美团、小米、拼多多等独角兽企业争相赴海外上市,创业投资机构迎来一波退出的小高潮。根据清科研究中心旗下私募通统计显示,募资方面,2018年第三季度中外创投机构共新募集141支可投资于中国大陆的基金,其中,披露募集金额的109支基金新增资本量为351.09亿元,同比下降69.9%%,环比下降29.5%,平均募资规模为3.22亿元人民币;投资方面,2018年第三季度中国创业投资市场共发生976起,同比下降22.4%,环比下降12.9%,其中披露投资金额的746起投资事件共涉及469.13亿元人民币,同比下降7.5%,环比下降27.7%,平均投资规模为6288.55万元人民币;退出方面,2018年第三季度共发生200笔VC退出交易,同比下降45.8%,环比上升44.9%,其中IPO退出仍是最主要的退出方式,共计发生127笔,占比63.5%。

2018年资管新时代下的股权投资策略

发布时间:2018-10-10 报告系列:VC 语言:中文

党的十九大会议指出,中国特色社会主义进入新时代,我国社会主要矛盾已经转化为人民日益增长的美好生活需要和不平衡不充分的发展之间的矛盾。我国经济已由高速增长阶段转向高质量发展阶段,正处在转变发展方式、优化经济结构、转换增长动力的攻关期。此外,2018年中央经济工作会议上也指出,我国要继续大力推动“三去一降一补”,注重供给侧结构性改革,振兴实体经济,围绕推动经济高质量原则开展工作。在新的经济背景下,中国股权投资市场的发展特点有哪些?资管新规的发布又将为市场带来哪些变化?监管模式的改变又将对市场产生哪些影响?股权投资市场的机遇和挑战有哪些?清科研究中心将在《2018年资管新时代下的股权投资策略研究》为您一一解答。

2018年第二季度中国创业投资市场研究报告

发布时间:2018-09-21 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。报告中基于调研数据进行了大量翔实的数据统计和分析,并对2018年第二季度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、研究方法和附录。其中主体内容分为四个部分共九个章节: 第一部分是市场回顾,即第一章,对2018年第二季度中国创业投资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2018年第二季度中国创业投资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。 ​第三部分是市场展望,即第八章。这一章中我们对2018年后续的中国创业投资市场的投资、募资和退出情况进行了趋势预测,为读者提供有益的参考。 附录包括清科行业分类原则,清科行业分类原则对本报告中所使用的行业分类标准进行了详细介绍。此外还对清科和清科研究中心进行了简要描述。

2018年海外机构投资者典型模式研究报告

发布时间:2018-09-21 报告系列:VC 语言:中文

本专题研究主要针对海外机构投资者展开分析。本文中提及的“海外机构投资者”是指总部在中国本土以外、以机构形式进行全球化投资且投资标的多样化的大型出资主体。这些海外机构投资者类型常见大学捐赠基金、市场化母基金、大型上市公司、公共养老基金等,其投资组合中常见的标的包括公开市场股票、固定收益、房地产、私募股权投资基金等。 各类机构投资者具有不同的文化背景、投资目的和投资理念,使其对于资产流动性、地域分布、流向行业等方面的偏好不尽相同。 我们期望通过研究的介绍和对比分析,能够为国内的股权投资基金募资工作提供参考,也希望能对国内的机构投资者出海、发展全球市场业务提供借鉴。 ​

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研究报告

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。

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