⊙记者 赵晓琳 ○编辑 全泽源

Reporter ZhaoXiaoLin ○ edit all ⊙ zeyuan

　　近几年PE/VC行业可谓是经历了野蛮生长阶段，对利益的追逐使一些机构盲目扩张，项目之争硝烟弥漫，激烈的竞争态势推高了市场估值，行业环境逐步恶化。同时，自去年起，在欧债危机影响下，全球经济萎靡不振，境内外资本市场也寒风飕飕，VC/PE机构投资回报率锐降，开始品尝转型阵痛，寻求逆境生存之道。

PE/VC industry in recent years is the savage growth stage is experience，Profit pursuing that some institutions blind expansion，Project for the cloud of smoke，Fierce competition situation is pushing up the market valuations，Industry environment gradually deteriorated。At the same time，Since last year，In Europe debt crisis under the influence，The global economic slump，Domestic and overseas capital market also swishing cold wind，VC/PE institutions RuiJiang return on investment，Begin to sample the painful transformation，Seek adversity the way of existence。

　　首先，VC/PE退出回报大幅缩水。清科数据统计显示，2012年上半年67家VC/PE支持的上市企业仅为其背后的174支VC/PE投资基金带来5.27倍的平均账面投资回报，较去年同期剔除“华锐风电(601558,股吧)”极值后8.15倍的账面回报下降35.3%。境内上市的企业为VC/PE带来平均账面投资回报为5.55倍，其中，深圳中小板平均账面投资回报为6.38倍，深圳创业资者带来5.79倍和2.52倍的投资回报。海外方面，上市的企业为投资者带来的平均账面投资回报为1.48倍。

first，VC/PE exit return shrunk dramatically。The secco data statistics show，In the first half of 2012 67 home VC/PE support of the listed company for only what's behind the 174 a VC/PE investment fund brings an average of 5.27 times book return on investment，Compared to the same period last year out“Sinovel wind power(601558,Shares it)”After the extreme value of 8.15 times book returns fell 35.3%。The domestic listed enterprise for VC/PE bring average return on investment is 5.55 times book，Among them，Shenzhen small and medium plate average return on investment is 6.38 times book，Shenzhen venture capital brings the 5.79 times and 2.52 times the return of the investment。Overseas aspects，The enterprise listed for investors with an average of 1.48 times book investment returns。

　　其次，从退出市场方面来看，中概股前景令人担忧，PE/VC面临退出压力更大。2012年上半年，67家VC/PE支持的境内外上市企业中，境内市场有60家，占比89.6%；由于中概股信任危机依旧悬而未决，境外市场仅有7家，美国证券市场仅“唯品会”一家企业上市，且上市首日便遭破发。越来越多的外资开始设立人民币基金，外资机构开始将中国境内资本市场作为其投资项目退出渠道的重要选择。

second，From exit the market perspective，Shares in the future is a worry，PE/VC face more pressure exit。In the first half of 2012，67 home VC/PE support at home and abroad in the listed company，The domestic market has 60，More than 89.6% of；Because of the crisis is still up in the air is trust，Overseas market only 7 home，Us stock markets only“Only product will”A listed enterprise，And he had market-watchers break。More and more foreign capital began to set up the yuan fund，Foreign institutions within the territory of China capital market will start as their investment project exit channel of important choice。

　　再者，一级市场估值“泡沫化”始尝恶果。近年来国内VC/PE机构竞争日益激烈，不少PE机构为了赚快钱，甚至放弃了对企业的尽职调查就盲目投资，正是这种只谋求短期获利的行为使一级市场上成熟期项目的估值出现泡沫化趋势，再加上二级市场行情回落导致退出不畅。记者最近观察到，从账面价格算，一些PE机构在“高峰期”盲目投资的项目上市后（今年的创业板次新股）遭到二级市场投资者抛弃，股价一路下行，跌破当年投资价格。

moreover，Level 1 valuation of the market“Turning into a bubble-and”Beginning taste bad fruit。In recent years, domestic VC/PE agencies increasingly fierce competition，Many PE institutions in order to profit in the short run，Even give up to enterprise's due diligence is blind investment，It is the only short-term profits for the behavior in the primary market valuations of mature project appear turning into a bubble-and the trend，Plus 2 class market to fall out of poorly。Reporter recently observed，From the book prices，Some institutions in PE“peak”Blind investment projects listed（This year's gem second new）2 class market to investors was abandoned，Share price down all the way，When the price breaks the investment。

　　最后，基金存续期陆续结束，VC/PE面临减持套现压力。2009年IPO重启至2012年一季度减持的VC/PE机构，其投资时间大部分分布在2006-2008年，而中国境内VC/PE基金存续期多为“5+2”年，因此，这些VC/PE基金的运作周期自2011年开始将陆续结束，VC/PE机构也将纷纷减持退出以兑现投资人收益。

finally，The fund has during end，VC/PE face pressure to cash holdings。2009 to 2012 quarter IPO restart reduce held VC/PE institutions，The investment in the most of the time distribution in 2006-2008，And China's domestic VC/PE allocates funds for more“5 + 2”years，so，The VC/PE fund operation cycle since 2011 will end in succession，VC/PE institutions will also have reduced their exit to cash investors gains。

　　“与往年相比，目前PE融资、投资都发生了大变化，仅仅会打枪不代表会打仗了。换言之，我们要思考的是在当前状况下如果要成为优秀的创业投资、股权投资管理机构。”江苏高新科技投资集团总裁张伟近日在接受本报记者采访时如是感慨。

“Compared with previous years，Current PE financing、Investment have happened to the big change，Will merely's shooting going on, not war。In other words，We want to think in the current situation is to become an excellent if venture investment、Equity investment management institutions。”Jiangsu high and new science and technology investment group President zhang wei recently in accepting our newspaper reporter to interview if regrets。

　　面临上述困境，PE/VC该如何逆境求生存？

Face the dilemma，PE/VC how to adversity of survival？

　　首先，“IPO为上”观念需转变，必须尝试多元化退出方式。清科研究中心认为，下半年会有更多基金选择通过股权转让和并购方式退出，多元化退出方式是市场发展的必然趋势。从当前资本市场环境来看，境内IPO审核越发严格，且等待周期较长，二级市场持续疲软，回报不尽如人意，海外方面投资者何时恢复对中概股的信心还不能确定，VC/PE通过IPO方式退出阻力不言而喻。在此背景下，考虑时间成本、选择见好就收、以其他方式提早退出、返还投资人收益便成了VC/PE机构不得不慎重考虑的问题。再者，改变战略，进行投资前移，由低技术转向高技术，从低附加值转向高附加值。

first，“IPO on for”Ideas need to change，Must try to diversified exit manner。The secco centre said，The second half will have more choice fund through stock transfer and m&a exit，Diversified exit manner is an inevitable trend in the development of the market。From the current capital market environment and see，The more strict review within the territory of the IPO，And wait for a long period，The secondary market remains weak，Return not satisfactory，In overseas investors when resumed the confidence of almost shares is still uncertain，VC/PE through the IPO way out of resistance is self-evident。In this context，Consider the time cost、Choose get close、Early exit in other ways、Return the investor returns became VC/PE institutions have to consider very carefully。moreover，Change strategy，Investment moved forward，From low technology to high technology，From low added value to the high added value。