“前些年，创投在很大程度上是搬运工，把红苹果拉到超市、五星级宾馆卖了5倍、10倍的价钱。最近一段时间则是渔民，看到某个地方有很多鱼，就开着船撒一个网，谁知IPO通道一堵，大家出海到半途进也不是，退也不是。所以，回归本源，创投还是要做农民，不管是风险投资、私募股权投资还是并购，最终还是要找一个好的苗子，根据环境精耕细作、浇水施肥。”中科招商董事总经理谢勇如是说。

"Before some year,Vc in the very great degree is a porter,The red apple pull to the supermarket/Five star hotel sold five times/10 times the price of.A recent period of time is fishermen,See a place there are a lot of fish,And then open the ship and a network,But an ipo channel,Everybody to sea to halfway into the is not,Retreat is not.so,Regression source,Vc still need to do farmers,Whether risk investment/Private equity investment or mergers and acquisitions,Finally to find a good young plant,According to the environment intensive cultivation/Watering fertilizer."Zhongke investment managing director xie yong said.

　　证券时报记者 陈中 胡学文

The securities times reporter Chen zhong HuXueWen

　　11月19日，高交会第四天。作为本届高交会期间唯一一场创业投资主题论坛，“创业投资：创业升级驱动力与战略新抉择高峰论坛”的主办方将论坛地点选在了一家远离高交会现场深圳会展中心的酒店。一些参加过多届高交会的资深创投人士对此这样解读：眼下正值创投行业的冬天，正需要远离嘈杂，静下心来想想行业未来的发展。

On November 19,,Convention on the fourth day.As the convention only during a venture investment theme BBS,"Venture investment:Entrepreneurial upgrade driving force and strategic new choice peak BBS"The host will choose BBS site in a far away from shenzhen, the shenzhen convention and exhibition center hotel.Some attended a lot of shenzhen, the senior people venture to read that way:At the moment when the winter of venture capital industry,Needed away from noisy,Calm down and think about the future development of the industry.

　　经过一天的峰会碰撞，创投大佬们给出了这样的结论：行业的冬天也酝酿着机遇，创投机构需要调整状态，从一个摘红苹果的幸运儿，变身为精耕细作的农民。

After a day's summit collision,Vc guies gives such a conclusion:Industry winter also ferment opportunities,Vc institutions need to adjust the state,From a pick the red apple's a lucky dog,Change as intensive cultivation of farmers.

　　创投遭遇前所未有挑战 Vc encountered unprecedented challenges

　　作为深圳创投业，乃至全国本土创投行业的领头羊，深创投总裁李万寿的观点很鲜明。他认为，创投业目前面临着前所未有的挑战，首先是来自全球经济环境的挑战，中国经济有可能是中速增长，也有可能是低速增长，这使得创投行业的生态处在冬天；另一方面，创投行业竞争加剧，行业自律方面也面临着监管机构的压力，创投行业自身似乎处在一个恶性竞争的环境当中，所以整个行业需要大洗牌，需要大调整，需要建构一个新的格局。

As shenzhen venture capital industry,And even the whole country local vc industry leaders,Deep venture President LiWanShou point of view is very bright.He thinks,Vc industry are currently facing the unprecedented challenge,The first is from global economic environment challenge,China's economy may be medium speed growth,It is also possible that a low growth,This makes the vc industry ecology in winter;On the other hand,Vc industry competition,Self-discipline aspects also faces pressure regulators,Vc industry itself seems to be in a vicious competition environments,So the industry needs a big shuffle,Need big adjustment,Need to construct a new pattern.

　　李万寿表示，未来做投资也将面临很多陷阱，因此不仅仅是经济转型有“中等收入陷阱”，投资也会有相应的陷阱和转型。李万寿说：“例如我们投资项目，可能投的时候看起来利润很可观，但是没过几天就峰回路转变成亏损。所以投资也面临着巨大的风险。”

LiWanShou said,The future investment will face a lot of traps,So is not only economic transformation have"Middle-income trap",Investment will also have corresponding trap and transformation.LiWanShou said:"For example we investment projects,Could throw time looks very considerable profits,But after a few days will turn into a loss.So investment also faces great risk."

　　广东中科招商创业投资管理有限公司董事总经理谢勇认为，创投行业最大的挑战来自于如何应对变化了的形势。“前些年投的项目面临着形势的变化，如何在经济下行周期中发挥创投机构的专业能力，将这些项目真正管好、退好、收益好？”谢勇说，“投了企业之后怎么管理好，这是对我们行业，对我们公司一个很大的挑战。”

Guangdong zhongke investment venture investment management co., LTD. Managing director xie yong thought,Vc of the industry's biggest challenge comes from how to deal with the changed situation."Before some year put project faced with the change of situation,How to play in economic descending cycle vc institutions professional ability,Will these programs really mind/Back good/Gains good?"Xie yong said,"For enterprises how to manage after,This is on our industry,To our company a big challenge."

　　他举了广东中科招商的例子，该机构自2009年落户广州以来，已经投资了60个项目，目前有8家正式实现了新股公开发行（IPO），并且也有了第一笔退出，但还剩下50多家企业面临着投后管理的问题。“怎么把这些企业管理好，是我们最主要的挑战。”谢勇说。

He cited the example of guangdong zhongke investment,The agency in guangzhou since 2009 since,Have all invested 60 project,There are 8 official realizes the public issuance of new shares(ipo),It will also be the first pen exit,But that still leaves more than 50 enterprises faced with after for management."How to put these enterprise management,Is our most major challenges."Xie yong said.

　　对于当前创投行业面临的现状，达晨创投总裁肖冰有着清醒的认识。“我们今年投得不多，宁可少投也不能投错。”在论坛间隙私下交流时，肖冰坦承，目前的确面临着一定的投资压力。肖冰表示，从目前创投行业募资、投资、退出等环节的数据来看，跟以前相比都出现了比较明显的下降，与此同时，创投行业还面临着诸如出资人（LP）资金断供、一级市场价格没有充分调整、退出回报率下降等挑战，此外，从国内外的宏观经济环境来看，形势也不是那么乐观。诸多迹象都表明，在国内迅速崛起的创投行业似乎也迅速进入了寒冬阶段。

For the current situation of venture capital industry is faced,In the morning of venture capital XiaoBing President has a clear understanding."We throw much this year,Would rather cast less also can't wrong."In the BBS clearance private conversation,XiaoBing admits,Is faced with certain investment pressure.XiaoBing said,From the need to recapitalise venture capital industry/investment/Exit the links such as data to see,Compared with before there were obvious decline,meanwhile,Vc industry still faces such as the contributor(LP)Money off for/The primary market price not fully adjusted/Exit returns decline challenge,In addition,Judging from home and abroad macro economic environment to see,The situation is not so optimistic.Many signs show,In the rapidly rising domestic venture capital industry also seems to be quickly into the winter stage.

　　从摘苹果到做农民 From the pick apples to make farmers

　　“我们赶上了摘红苹果的时代。”东方富海总裁程厚博形容前些年创投机构的生存状态时如是说。

"We caught up with pick the red apple's age."Oriental rich sea President ChengHouBo describe some vc institutions survival state said.

　　程厚博总结，在创业板开启之初的一段时间，对创投机构而言，中国遍地都是“红苹果”项目，因为没多少人去摘，所以抢到一个就上市了，很便捷。“现在看来，抢红苹果的时代应该已经告一段落了，所以，我们做投资应该从培育青苹果，甚至从种树开始，整个的投资理念将发生很大的变化。”程厚博说。

ChengHouBo summary,In the gem open at the beginning of a period of time,Vc institutions to concerned,China is everywhere"Red apple"project,Because not many people go to pick,So grab a is listed on the stock market,Very convenient."Now it seems,The red apple's age should have over,so,We do from investment should foster green apple,Even from began to plant trees,The whole investment philosophy will undergo great changes."ChengHouBo said.

　　谢勇的比喻更为形象：“前些年，创投在很大程度上是搬运工，把红苹果拉到超市、五星级宾馆卖了5倍、10倍的价钱。最近一段时间则是渔民，看到某个地方有很多鱼，就开着船撒一个网，谁知IPO通道一堵，大家出海到半途进也不是，退也不是。所以，回归本源，创投还是要做农民，不管是风险投资（VC）、私募股权投资（PE）、还是并购，最终还是要找一个好的苗子，根据环境精耕细作、浇水施肥。”

Xie yong parables more image:"Before some year,Vc in the very great degree is a porter,The red apple pull to the supermarket/Five star hotel sold five times/10 times the price of.A recent period of time is fishermen,See a place there are a lot of fish,And then open the ship and a network,But an ipo channel,Everybody to sea to halfway into the is not,Retreat is not.so,Regression source,Vc still need to do farmers,Whether risk investment(VC)/Private equity investment(PE)/Or merger,Finally to find a good young plant,According to the environment intensive cultivation/Watering fertilizer."

　　招商局科技集团有限公司董事长杨百千也认为，从找苹果到不得不去种树，创投机构要做更多的增值服务，而这就是创投机构存在的价值。“做创业投资一定要有专业服务能力，要能够了解创业者在创业阶段经历了哪些过程和需求，并为这些需求提供量身订制的服务，这包括公司内部治理、规范管理、产业整合以及技术提升等等方面。”杨百千说。

China merchants technology group co., LTD., chairman Yang 0.1 million also think,From looking for apple to have to plant trees,Vc institutions should do more value-added services,And this is vc institutions the value of existence."Do venture investment must have professional service capacity,To be able to understand entrepreneurs in the teething experienced what process and requirements,And for these needs to provide tailor-made services,This includes the internal management of the corporation/Standardized management/Industrial integration and technology promotion, etc."Yang said 0.1 million.

　　在肖冰看来，“行业低谷期往往是最佳投资时机”。肖冰认为，目前创投行业应该说处于危中有机，春种秋收的阶段。

In XiaoBing seems,"Industry trough is often the best investment opportunity".XiaoBing think,Venture capital industry at present should be said in a crisis in organic,Purchases the autumn harvest stage.

　　“以创业板为代表的新股三高发行，使得创投机构忘记了投资的本源，现在市场冷静下来对回归投资本源的确是好事。”肖冰举例说，在2006年没有退出渠道之前，大部分创投机构都只能认真专注地投资小企业，帮助中小企业成长，事实证明，最后恰恰是这些项目帮助创投机构赚了最多的钱。

"To gem as a representative of new shares issued three highs,Make vc institutions forgot the origin of investment,Now the market to calm down to return to investment source is really good."XiaoBing for example,In 2006 no exit channel before,Most of the vc institutions can only seriously focus investment small businesses,To help small and medium-sized enterprise growth,Facts have proved,The last is the these programs help vc institutions to make the most money.

　　肖冰认为，目前的市场环境正是创投机构回归投资本源的好时候。他表示，此前因为市场的原因，创投机构赚钱很容易，只要投资的项目能够尽快上市就能够赚钱，这使得很多创投机构热衷于抢项目，也直接导致了“全民PE”的出现。这显然有违创投机构投资最朴素的投资原理：投资就是要投资好的企业，赚企业成长价值的钱，而不是去追逐简单的IPO套利。

XiaoBing think,The current market environment is vc institutions regression investment source of good time.He said,Because the market after the reason,Vc institutions it's easy to make money,As long as the investment projects can listed as soon as possible will be able to make money,This makes a lot of vc institution to rob project,Is also directly contributing to the"National PE"appear.This is clearly contrary to venture investment institutions the most simple investment principle:Investment is to invest in good enterprise,To make the business enterprise growth value of money,Not to pursue simple ipo arbitrage.