A股市场在2100点附近拉锯，股民亏钱；然而在这个市场中，还有一群人比股民更惨，随便一个失误就要亏上成百上千万。在昨天播出的《新财富夜谈》中，财经评论员叶檀和深圳同创伟业创投董事总经理王维、浙商创投发起合伙人华晔宇、清科创投董事总经理袁润兵等一起聊聊他们这段艰难的时光。

The A share market in the last near 2100，People lost money；However, in this market，And a group of people more miserable than investors，Just a mistake on the deficit will be millions。Yesterday in the broadcast《New wealth implausible》in，Financial commentators leaves and shenzhen create great blackwood venture capital managing director wang wei、Zhejiang merchants launched HuaYeYu venture partners、Qing, managing director YuanRunBing vc etc they talk about this difficult time。

　　2011年A股市场全年累计下跌21.68%，共有356家企业实现首次公开募股(IPO)，总计融资金额达到了615.32亿美元，较2010年上市数量减少120家，融资金额减少了41.6%，其中281家登陆A股市场，融资437.19亿美元，75家境外上市，融资178.13亿美元。

In 2011 A share market of annual accumulative total fell 21.68%，A total of 356 enterprises for initial public offerings(IPO)，Total financing amount to $61.532 billion，A listed in 2010 to reduce the number of 120，Financing amount by 41.6%，Of which 281 landing A share market，Financing 43.719 billion dollars，75 companies listed overseas，Financing 17.813 billion dollars。

　　2012年上半年，共有128家中国企业实现上市，融资总额仅有145.65亿美元，其中104家登陆A股，融资金额为115.84亿美元，同比减少56.2%，24家境外上市，融资金额为68.85亿美元，同比减少了58.6%。随着二级市场的估值回归，今年上半年创业投资（VC）/股权投资(PE)境内IPO，退出账面回报仅5.55倍，同比下滑35.3%，其中深圳中小板平均账面投资回报为6.38倍，深圳创业板和上海主板分别带来5.79倍和2.52倍的投资回报。海外方面，上市企业为投资者带来的平均账面投资回报仅为1.48倍。和2010年最高达73.2倍的VC/PE机构平均退出回报相比，风投今年的日子过得比较惨。

In the first half of 2012，A total of 128 Chinese enterprises to realize listed，The total amount of financing only $14.565 billion，Of which 104 landing A shares，Financing for the amount of $11.584 billion，Reduce 56.2% year-on-year，24 listed abroad，Financing for the amount of $6.885 billion，Up by 58.6%。With the return of 2 class market valuation，In the first half of this year venture investment（vc）/ equity investment(PE)IPO within the territory of the，Exit only 5.55 times book returns，Decline 35.3% year-on-year，Small and medium plate of shenzhen average return on investment is 6.38 times book，Shenzhen and Shanghai respectively gem motherboard bring 5.79 times and 2.52 times the return of the investment。Overseas aspects，For investors with the listed companies the average return on investment for the book only 1.48 times。And in 2010 the supreme of 73.2 times the vc/PE institutions than average exit returns，Wind cast this year's day is miserable。

　　叶檀：那你们难道还不承认这是一场危机吗？

Leaves wingceltis：That you are still not admit that this is a crisis？

　　华晔宇：危机这个词可以用，但我认为是成长的烦恼，而且这样的调整是有好处的，比如融资大规模的下降，对长线投资的VC来说，应该是个好事。去年我们发基金，有点大家争着把钱送过来的这种感觉，那么今年又冷下来，比我们预想的规模小了一点，我们原来预计三到五亿规模，最后是募到两个亿，说明市场冷了，而且冷得比较快。

HuaYeYu：Crisis this term can be used，But I think that is growing pains，And such adjustment is beneficial，Such as financing the scale of the decline，For long-term investment for the vc，Should be a good thing。Last year we send funds，A little competition for everyone to send money of this kind of feeling，So this year and cold down，The scale of the than we'd thought a bit small，We had expected the scale of three to five hundred million，The last is offering to two to，It is illustrated that the market cold，And cold faster。

　　对于大部分机构来说，从2010年高点到现在，整个PE行业的平均回报实际上是在收窄，也有许多创投机构耕耘多日，不仅颗粒无收甚至出现了亏损。在港股估值长期低位徘徊的背景下，企业赴港上市的意愿已今非昔比，投中集团最新的研究报告显示，上半年仅有6家具有VC/PE背景的企业在港交所上市，平均账面回报率跌至-0.1倍，有10个拟IPO项目选择退出。6月18日协众国际上市，给鼎晖投资、中信资本分别带来-0.29倍、-0.30倍的账面退出回报。而此前的4月27日，九鼎投资退出中盛资源获得-0.22倍账面退出回报，此次为九鼎投资在港股市场的首笔退出。

For most institutions for example，From 2010 to now high，The PE industry average return is actually in the narrow，Also there are many venture institutions for work，Not only is there the particles even losses。In the long-term stock valuations low under the background of wandering，Enterprise to visit Hong Kong listed will have is not what it was，The group made a new study shows，Only 6 companies in the first half with vc/PE of the background of the enterprise in the Hong Kong exchange listed，Average return on book dropped to 0.1 times，10 IPO project to select exit。June 18, xiezhong international market，To within the investment、Citic capital bring-0.29 times respectively、-0.30 times book quit returns。The previous April 27，The nine tripods investment and resources in the exit for 0.22 times book quit returns，The investment in the stock market for the nine tripods initial exit。

　　叶檀：做创投的人这两年心理预期是多少倍，是不是已经下来一点了？

Leaves wingceltis：Do this two years of vc expected is how many times，If it's down a bit？

　　华晔宇：我们其实一直跟我们的有限合伙人（LP）是这么说的，给我们三到五年时间，我给你三到五倍的回报，如果更高那是意外。

HuaYeYu：We in fact has been with our limited partners（LP）Says so，We have three to five years，I gave you three to five times as much in return，If higher that an accident。

　　袁润兵：能达到年化率20%以上的回报，我觉得这就非常不错了。

YuanRunBing：Can achieve annualised rate of more than 20% returns，I think it is very good。

　　叶檀：经历了前两年的飞速发展，2012年的风投行业迈入低迷期似乎已成定论，风投行业的暴利时代就此过去了吗？

Leaves wingceltis：After undergoing the first two years of rapid development，2012 years of wind cast into the industry downturn seems to have nothing concrete，Wind cast of the profits in times past industry？

　　鼎晖创投合伙人黄炎：暴利时代我觉得本来就不正常。按照今天的环境的话，不管是我们的投资人，我们自己，还是企业，都应该回归到一个更正常的，更合理的预期。

The venture partners HuangYan blazes：Profits age I think would not normally。According to today's environmental words，Whether our investors，Our own，Or enterprise，Should return to a more normal，The more reasonable expectations。

　　清科集团创始人倪正东：我没那么悲观。只是你本来今年打算收割的，要往后再推一两年吧。我觉得到2014年的时候，这个市场应该是非常好的，是中国下一个VC/PE的高潮。

The families, the founder of the group NiZhengDong：I didn't so pessimistic。You just have to harvest this year，To back a year or two then push it。I think by 2014，The market is very good，Is China's next vc/PE climax。

　　叶檀：有些行业冷得比较快，有些行业还是在高成长的。像新能源、农业、文化行业，这些政府鼓励的行业，你们会不会去投得多一点？

Leaves wingceltis：Some industry cold faster，Some industry or in the GaoCheng long。Like the new energy、agriculture、Culture industry，The government encourages industry，You will not go to throw a little more？

　　华晔宇：毕竟目前我们还是以IPO退出为主，不可能跟国家的引导背道而驰。比如说现在房地产上市很难，你非得去投房地产，那肯定是脑子有问题了。

HuaYeYu：After all, at present we are out to IPO to give priority to，Not with countries may run counter to guide。For example now listed property is difficult，You have to vote for real estate，It is certainly brain has a problem。

　　王维：这个新能源行业可以做一个非常典型的案例来分析。新能源行业在2007年~2009年，在中小企业板，创业板上市了一批公司，2007年前进入的不少投资人获得了很高额的收益。相反在2008、2009年，当时我们顺应潮流，大量钱砸到光伏、风能、电动汽车，后来情况非常不好，因为新能源中有太多同行。我们的教训是，如果没有一个足够的提前量，太功利于未来，是不能够挣到大钱，往往会踏空。因为中国的很多市场，由蓝海变为红海是一瞬间的事情。

Wang wei：This new energy industry can do a very typical case to analysis。New energy industry in 2007-2009，In the small and medium-sized enterprise board，Gem listing a batch of company，2007 years ago the many investors into won the very high returns。On the contrary in 2008、2009 years，At that time we conform to the trend，A lot of money hit pv、wind、Electric car，Then the situation is very bad，Because the new energy is too counterparts。What we learned is that，If not a enough DiQianLiang，Utility in the future too，Is not able to earn a lot of money，Often can step empty。Because many Chinese market，The blue ocean into the red sea is a moment of things。

　　叶檀：你们现在有没有比较看好的东西？

Leaves wingceltis：Do you have something is to value？

　　袁润兵：消费服务领域我们看得会比较多一点。消费企业的成长有一定的周期，需要比较长的时间，不像互联网或者很多新兴产业，它可能蓬勃起来比较快。中国很多消费企业并不理解消费，而是以制造理念去理解这个消费的，所以我们遇到的很多的食品安全。如果我们看中一个企业有成长起来的潜质，那么我们不介意多等它几年。

YuanRunBing：Consumer services we may see will be a bit more。Consumption is of certain firm growth cycle，Need a relatively long time，Don't like the Internet or a lot of new industries，It may be booming up quickly。China's many consumption enterprise doesn't understand consumption，But with manufacturing concept to understand the consumer，So we have a lot of food safety。If we saw an enterprise has the potential to grow up，So we don't mind if it is more than a few years。

　　从各大机构研究报告来看，尽管遭遇产业泡沫，政策利好出尽等因素，往年的热门行业依然集中了较高的关注度，比如互联网行业，就依然位居广大机构投资者关注度榜首。

From the major study report and see，Although encounter industry bubble，The factors such as good as policy，In past years popular industry is still focused on the high attention，Such as the Internet industry，The agency is still at the top investors' concern。

　　鼎晖创投合伙人黄炎：互联网和医疗行业并购的机会现在是越来越多。互联网行业，国内几个大的互联网需要战略性的去通过收购方式增加它的产品线，或者获得一些新的技术，这块的收购实际大家可以经常看得见。另外医疗行业，海外一些巨头也一直在看中国的市场，我认为未来这一两年，海外战略投资人进来收购我们中国公司的机会会比较多。

The venture partners HuangYan blazes：The Internet and the medical industry mergers and acquisitions opportunities now is more and more。The Internet industry，Domestic several large Internet need strategic to increase its way through the purchase of product line，Or get some new technology，The acquisition of actual you can often see。In addition the medical industry，Overseas some giant has been watching the market of China，I think the future for one or two years，Overseas strategic investors purchase of Chinese companies in our opportunities will be more。

　　清科集团创始人倪正东：估计在2013年的下半年和2014年的时候，资本市场好一些，电子商务公司也开始赚钱，这个市场开始慢慢好起来。

The families, the founder of the group NiZhengDong：Estimate is that in 2013 and 2014 in the second half of the time，Capital market better，E-commerce company also began to make money，The market began to slowly better。

　　(文字整理 陈靓)

(Text finishing Chen jing)