北极光创投董事总经理姜皓天日前在参加第十二届中国创业投资暨私募股权投资中期论坛间歇接受《经济参考报》记者采访时表示，作为一家着重于早期投资的VC，现在不太好的市场环境对其影响并没有像对投资于中后期项目的PE影响那么大，不过，在市场不再狂热的时候，在估值方面更加敏感和谨慎是必须的。而相对于其他行业，他认为，当下，TMT（高科技、新媒体、通讯的统称）仍将是追求高成长的VC非常看重的一个领域。

Aurora borealis venture director general manager before our headquarters in the ginger 12 th Chinese venture capital and private equity investment mid-term BBS intermittent accept《Economic reference quote》The reporter said in an interview，As a focus on early the VC investment，Now not too good market environment on its influence and not like to invest in later period of PE influence project so big，but，In the market when no longer fanatic，More sensitive in valuations and careful is a must。And relative to other industries，He thinks，then，TMT（high-tech、New media、Communication collectively）Will still is to pursue GaoCheng long VC as very important one field。

　　市场降温估值需更加谨慎 Cool the market valuations need more cautious

　　根据清科研究中心统计的数据，2012年上半年，中国创业投资及私募股权投资市场在募资、投资和退出三方面，都呈现出明显的下降趋势。在资金募集方面，上半年仅募集85.85亿美元，同比2011年上半年下降77.1%，环比2011年下半年下降70.9%；在投资案例个数方面，上半年投资案例共653个，同比下降40.9%，环比下降40.4%；而在IPO退出案例个数方面，212个退出案例，同比下降20.2%，环比下降21.2%。

According to the research center of statistics, the data，In the first half of 2012，China's venture capital and private equity market in the whip round、Investment and out from the three aspects，Present a marked decline。Raise the capital in，Only raise us $8.585 billion in the first half，Down 77.1% year-on-year in the first half of 2011，Annulus comparing the second half of 2011 fell 70.9%；The number of cases in the investment，A total of 653 cases in the first half of investment，40.9% year-on-year drop，Annulus comparing fell 40.4%；And in the case of IPO exit the number，212 exit case，20.2% year-on-year drop，Annulus comparing fell 21.2%。

　　北极光创投官方网站信息显示，创立于2005年的北极光，目前，旗下共管理3只美元基金和3只人民币基金，管理资产总额10亿美元。“我们在去年三季度分别募资完成了一个美元基金和人民币基金，基金运作有一个周期，在未来的两三年内我们基本不会募资新的基金了。不过，坦率的说，现在市场募资是非常难的。”姜皓天指出。

Aurora borealis throws the official website information display，Founded in 2005, the aurora borealis，At present，Under the management of the fund and $3 only 3 only RMB funds，Total assets under management of $1 billion。“We in the third quarter last year were whip round completed a dollar fund and RMB funds，Fund operation to have a cycle，In the next two or three years we basic won't whip round new fund。but，frankly，Now the market from balking are very difficult。”Ginger our headquarters points out that。

　　然而，作为一家着重于早期投资的VC，姜皓天坦言，现在不太好的市场环境对其影响并没有那么大。他说，“早期投资主要是投第一轮，尽管说资本市场现在情况不好，但我们投的早期公司不是说期望它明年就上市，有可能在三到五年之后它真正上市的时候，市场情况反而比现在好。根据经验，我们做早期投资没有必要对资本市场情况如此敏感，因为我们投的公司并不是一到二年就要退出，所以这一到二年资本市场情况不好反而是个好事。”

however，As a focus on early the VC investment，Ginger our headquarters said，Now not too good market environment of the effect is not that big。He said，“Early investment primarily for the first round，Although said capital markets are now well，But we cast early company is not said it expected next year on the market，May in three to five years later it really listed，Market conditions but better than it is now。According to the experience，We do not need to early investment capital market conditions so sensitive，Because we've made a company is not one to two years to exit，So this one to two years capital market is bad but is a good thing。”

　　姜皓天说，回过头来看，北极光创投基本上保持了每年投10个左右公司的节奏，由于今年同时有两个基金在运作，所以今年投资的公司个数可能在15家左右。“具体投资的速度要看机会的好坏，但整体来说，我们的节奏是偏稳的，没必要加快，也没必要放缓。但是，现在的市场毕竟不像过去狂热的时候，所以我们在估值方面会更加敏感和谨慎。”他指出。

Ginger our headquarters said，Look back，Aurora borealis venture basically keep the 10 or so for a year the rhythm of the company，Because this year has at the same time two funds in operation，So the company this year the number may be in investment about 15 companies。“The speed of the specific investment to see the quality of the opportunity，But overall，Our rhythm is partial stability，Not necessary to speed up the，Also don't need to slow down。but，Now the market, after all, not like the past fanaticism，So we will be more sensitive in valuations aspects and cautious。”He pointed out that。

　　TMT领域并非不被看好 TMT field is not the underdogs

　　北极光先后在高科技、新媒体、通讯、清洁技术、消费及健康医疗等领域投资了70多家公司。

Aurora borealis successively in high-tech、New media、communication、Clean technology、The consumption and health care, etc in over 70 companies。

　　市场的降温，也使得前两年很多VC跟风投资的大热行业TMT行业出现了融资困难的现象。不过，在姜皓天看来，TMT仍将是追求高成长的VC非常看重的一个领域。

Market cooling，Also makes the first two years of a lot of VC follow suit investment hot industry industry appeared TMT financing difficulties of phenomenon。but，In the ginger our headquarters looks，TMT will still is to pursue GaoCheng long VC as very important one field。

　　姜皓天并不认同TMT不被看好的这种说法，他指出，从历年投资金额和投资项目数量来看，TMT向来都处在第一位。“VC投资可以冒风险，但一定要高成长，因为这样才能在未来获得超额的收益。如果只是维持每年20%的稳定增长，那么其未来的收益必定是有限的。高成长靠什么？无非是靠技术创新或者是商业模式创新，也就是说，不创新却要高增长是不现实的。说到创新，无论行业变化最快、从业人员素质相对较高，还是国际水平差距最小，答案都是TMT。”姜皓天回答得信心满满。他直言，这个行业的机会向来层出不穷，只要有变化，只要有新东西出来，就代表有投资的机会。

Ginger don't agree with our headquarters TMT underachieving this statement，He pointed out that，From calendar year investment amount and investment project volume，TMT has in the first place。“VC investment may be at risk，But must high growth，Because such ability in the future earn extra income。If just to maintain the stable growth of 20% a year，So the future benefits must be limited。Rely on what high growth？It is to rely on technology innovation or business model innovation，That is，Not innovation will high growth is not realistic。Said to innovation，No matter the fastest industry changes、The jobholders relatively high，Or the international level disparity is the smallest，The answer is TMT。”Ginger answer to our headquarters with confidence。He talked bluntly，The industry has the opportunity to emerge in endlessly，As long as there is change，As long as there is new things out，Delegate have investment opportunities。

　　他也坦言，就TMT行业来说，长期来看，在国内上市的机会会越来越多，但短期来看，还是主要会选择在国外上市。“从投资者的角度来说，上市就是卖股票，得有投资者看好它、愿意买，股票才能卖得出去，这就涉及到投资者懂不懂这个行业。其实，国内的投资者相对而言更懂制造业、消费品行业或是国家政策鼓励的清洁环保业等等。相比之下，国外的投资者更了解这个TMT行业，能更认可公司的价值。甚至有可能公司是亏钱的，但他们仍然认为它很有价值，愿意买它的股票。”姜皓天谈了他自己的理解。

He also said，Is it TMT industry，In the long term，In domestic listed opportunities will be more and more，But in the short term，Or main will choose in foreign market。“Investors from point of view，Listed is to sell the stock，Must have investors spot it、Willing to buy，The stock to sell out，This is involved investors understand the industry。In fact，Domestic investors relatively more understand manufacturing、Consumer goods industries or national policy to encourage clean sunderban, etc。compared，Foreign investors know more about the TMT industry，Can more recognition to the company's value。There might even the company is losing money，But they still think it's valuable，Will want to buy it of the stock。”Ginger our headquarters talk about his own understanding。

　　中概股海外上市仍待信心恢复 Shares in listed overseas is still to restore confidence

　　北极光创投投资的公司中也有在美国纳斯达克上市的，关于最近被大家热议的中概股海外上市遭遇寒流的问题，姜皓天表示，外国投资者对中国概念股的信心何时能够完全恢复并不好预测。他指出，导致中概股在国外上市遭受挑战主要有两个原因，一是诚信问题，，有些公司可能作假，或者说信息披露有问题，会造成国外投资者信心下降；二是VIE结构存在不稳定性。“我们整体的诚信水平要提高，特别不好的是有的人怀着一种末路狂奔的心态，希望赶快赚到钱就走，不计后果。已经上市的公司能够用自己的经营成绩证明自己是好的，是立得住的商业公司，相信信心会恢复。”姜皓天指出。

Aurora borealis venture investment company are also listed on America's nasdaq，All about a recent hot debate in overseas listing of the stocks of will encounter cold snap，Ginger our headquarters said，Foreign investors for the whole group of Chinese stocks can be fully restore confidence when not good prediction。He pointed out that，Cause in foreign countries are shares in listed challenged there are two main reasons why，One is the trustworthiness，，Some companies may be false，Or information disclosure，Can cause foreign investors confidence drop；2 it is VIE structure of instability。“Our overall integrity level should be improved，Special not is some people with an end run state of mind，Hope to make money and then walk，reckless。Have a listed company to be able to use their own business results prove their is good，The company is stand before business，Believe that confidence to return。”Ginger our headquarters points out that。