中国创业投资发展报告2021

本书系统地介绍和分析了中国创业投资行业及其发展，是按年度编辑出版的出版物。全书从中国创业投资机构与资本、中国创业投资的投资分析、中国创业投资的退出、中国创业投资的绩效、中国创业投资的经营管理、中国创业投资区域运行状况、外资创业投资机构的运作、中国创业投资发展环境、中国创业投资引导基金发展情况这几个方面对2020年中国创业投资业进行了详细的分析论述。

目 录 1 中国创业投资机构与资本················································································1 1.1　2020年度调查概述····················································································· 1 1.2　创业投资机构和管理资本············································································· 2 1.3　创业投资的资本来源··················································································· 3 1.4　创业投资机构的资本规模及分布···································································· 5 1.5　中国创业投资的总体投资情况······································································· 6 2 中国创业投资的投资分析················································································8 2.1　中国创业投资行业特征················································································ 8 2.1.1　中国创业投资行业分布······································································· 8 2.1.2 中国创业投资对高新技术产业与传统产业的投资比较·······························14 2.2 中国创业投资的投资阶段············································································16 2.2.1 中国创业投资所处阶段总体分布··························································16 2.2.2 中国创业投资在主要行业投资项目的阶段分布········································18 2.3　中国创业投资的投资强度············································································21 2.3.1　中国创业投资强度的变化趋势与行业差异··············································21 2.3.2　中国创业投资机构单项投资规模分布····················································24 2.3.3　中国创业投资的投资策略（联合投资）·················································25 2.4　中国创业投资的首轮投资与后续投资·····························································26 2.5　中国创业投资机构持股结构·········································································27 2.6 中国创业投资项目的平均R&D 投入······························································29 2.6.1 中国创业投资行业平均R&D 投入·························································29 2.6.2　中国创业投资概念板块平均R&D 投入···················································30 2.6.3 中国创业投资不同成长阶段的平均R&D 投入·········································30 3 中国创业投资的退出···················································································· 31 3.1　中国创业投资退出的基本情况······································································31 3.2　中国创业投资的退出方式············································································33 3.2.1　中国创业投资的主要退出方式·····························································33 3.2.2 中国创业投资的IPO 退出情况·····························································34 3.3 　中国创业投资退出项目的行业分布·······························································35 3.4　中国创业投资退出项目的地区分布································································38 3.5　中国创业投资项目的退出绩效······································································39 3.5.1　中国创业投资退出的总体绩效表现·······················································39 3.5.2 中国创业投资不同退出方式的绩效表现·················································41 3.5.3 中国创业投资不同行业退出的绩效表现·················································43 4 中国创业投资的绩效··················································································· 46 4.1　创业投资机构的收入··················································································46 4.1.1　投资机构的收入···············································································46 4.1.2　投资机构的收入来源结构···································································47 4.1.3　投资机构当年最大收入来源································································48 4.2　创业投资项目的收益情况············································································49 4.2.1　不同规模被投资项目的数量分布··························································49 4.2.2 不同规模被投资项目的平均主营业务收入··············································51 4.3　创业投资项目的总体运行与趋势···································································52 4.3.1　被投资项目总体运行情况···································································52 4.3.2　被投资项目总体运行趋势···································································52 4.4　创业投资机构的总体运行情况评价································································53 4.4.1 　投资机构对全行业发展情况的评价······················································53 4.4.2　投资机构的投资前景预测···································································54 5 中国创业投资的经营管理·············································································· 56 5.1　中国创业投资项目来源···············································································56 5.2　中国创业投资决策要素···············································································57 5.3　中国创业投资对被投资项目的管理方式··························································58 5.4　与创业投资经营管理有关的人力资源因素·······················································60 5.5　投资效果不理想的主要原因·········································································61 5.6　创业投资机构最看好的投资领域···································································63 6 中国创业投资区域运行状况··········································································· 64 6.1　创业投资机构地区分布···············································································64 6.2　创业投资管理资本的地区分布······································································66 6.3　各地区创业投资机构的规模分布···································································68 6.4　各地区创业投资机构的资本来源···································································71 6.4.1　按资金来源的机构性质划分································································71 6.4.2　按金融资本类型划分·········································································73 6.5　各地区创业投资的投资特征········································································74 6.5.1　不同地区创业投资机构投资项目情况····················································74 6.5.2 　各地区创业投资的投资强度·······························································78 6.5.3 各地区创业投资机构的项目持股结构····················································80 6.5.4 各地区创业投资项目所处阶段·····························································82 6.6　各经济区域创业投资活动情况······································································84 6.6.1　我国创业投资机构投资项目的区域分布·················································84 6.6.2 国不同区域创业投资的投资强度·······················································84 6.6.3　我国不同区域创业投资的持股结构·······················································85 6.6.4　不同经济区域创业投资项目所处阶段····················································86 6.6.5　各经济区域创业投资项目的行业分布····················································87 7 外资创业投资机构的运行状况········································································ 91 7.1　外资创业投资项目的行业分布······································································91 7.2　外资创业投资项目所处阶段·········································································94 7.3 外资创业投资项目情况···············································································95 7.4　外资创业投资项目总体运行情况···································································97 7.5 影响外资创业投资机构投资决策的因素··························································99 7.6　外资创业投资机构获取信息的主要渠道························································ 100 7.7　外资创业投资项目的管理模式···································································· 101 7.8　与外资创业投资机构经营有关的人力资源因素··············································· 101 7.9 外资创业投资机构对总体发展环境的评价····················································· 103 8 中国创业投资发展环境················································································104 8.1　中国创业投资机构的政策环境···································································· 104 8.1.1　中国创业投资机构可以享受的政府扶持政策········································· 104 8.1.2　中国创业投资机构享受的主要税收政策及缴税情况································ 107 8.2　中国创业投资机构的政策需求···································································· 108 8.2.1　中国创业投资机构最希望出台的激励政策············································ 108 8.2.2　中国创业投资机构对中小企业政策需求的认知······································ 109 8.2.3　新冠肺炎疫情下中国创业投资机构的政策需求······································ 110 8.3　中国促进创业投资发展的主要政策······························································ 110 9 中国创业投资引导基金发展情况····································································117 9.1　创业投资引导基金支持创业投资发展概况····················································· 117 9.2　中国创业投资引导基金投资项目的行业分布·················································· 119 9.3 中国创业投资引导基金投资项目所处阶段····················································· 123 9.4 中国创业投资引导基金投资项目运作情况····················································· 125 附　录··········································································································130 附录A2020 年美国创业投资回顾···································································· 130 附录B2020 年欧洲创业投资回顾···································································· 140 附录C2020 年韩国创业投资回顾···································································· 146 附录D国务院办公厅关于进一步做好稳外贸稳外资工作的意见······························ 151 附录E关于健全支持中小企业发展制度的若干意见············································· 154 附录F财政部　税务总局　发展改革委　证监会关于中关村国家自主创新示范区 公司型创业投资企业有关企业所得税试点政策的通知································· 160 附录G上市公司创业投资基金股东减持股份的特别规定······································· 162 附录H创业板首次公开发行股票注册管理办法（试行）······································· 165 附录I科创板上市公司证券发行注册管理办法（试行）······································· 179 附录J关于加强私募