中国创业投资发展报告2024

自2002年以来，科技部持续开展全国创业风险投资调查工作，跟踪行业发展的新动态。《中国创业投资发展报告2024》结合2023年发展的宏观态势及全国创投专项调查数据，以及行业调研数据，分析了2023年全球与我国创业投资行业发展的新态势。同时，对行业未来发展提出了思考与展望。

中国科学技术发展战略研究院是中华人民共和国科技部直属事业单位。 研究院紧密围绕建设创新型国家，提高自主创新能力这条主线，开展前瞻性、全局性和综合性的战略问题研究。 坚持服务于国家、服务于科技事业的方针，努力将战略研究院建设成为能有效支撑科技宏观决策和管理、具有国际一流水平的国家科学技术发展战略研究基地。 战略研究院采取“小核心、大网络”的组织方式，建立国家目标和自由探索相结合的选题机制，形成开放、流动、竞争的选人机制。

\\\"1　中国创业投资机构与资本 ················································································1 1.1　2023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 ···················································································4 1.4　创业投资机构的资本规模及分布 ····································································5 2　中国创业投资的投资分析 ················································································9 2.1　中国创业投资行业特征 ················································································9 2.1.1　中国创业投资行业分布 ·······································································9 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 ············································································15 2.2.1　中国创业投资所处阶段总体分布 ··························································15 2.2.2　中国创业投资在主要行业投资项目的阶段分布 ········································17 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　中国创业投资机构联合投资的单项投资规模分布 ·····································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　中国创业投资项目平均R&D投入 ·································································28 2.6.1　中国创业投资行业的平均R&D投入 ·····················································28 2.6.2　中国创业投资概念板块的平均R&D投入 ···············································29 2.6.3　中国创业投资所处阶段的平均R&D投入 ···············································29 3　中国创业投资的退出 ····················································································30 3.1　中国创业投资退出的基本情况 ······································································30 3.2　中国创业投资的退出方式 ············································································31 3.2.1　中国创业投资的主要退出方式 ·····························································31 3.2.2　中国创业投资的IPO退出情况 ·····························································32 3.3　中国创业投资退出项目的行业分布 ································································33 3.4　中国创业投资退出项目的地区分布 ································································35 3.5　中国创业投资项目的退出绩效 ······································································37 3.5.1　中国创业投资退出的总体绩效表现 ·······················································37 3.5.2　中国创业投资不同退出方式的绩效表现 ·················································38 3.5.3　中国创业投资不同行业退出的绩效表现 ·················································40 4　中国创业投资的绩效 ····················································································44 4.1　创业投资机构的收入 ··················································································44 4.1.1　创业投资机构的收入情况 ···································································44 4.1.2　创业投资机构的收入来源结构 ·····························································45 4.1.3　创业投资机构当年最大收入来源 ··························································45 4.2　创业投资项目的收益情况 ············································································47 4.2.1　创业投资项目的主营业务收入 ·····························································47 4.2.2　创业投资项目的平均主营业务收入 ·······················································48 4.3　创业投资项目的总体运行情况 ······································································49 4.4　创业投资机构的总体运行情况评价 ································································51 4.4.1　创业投资机构对全行业发展情况的评价 ·················································51 4.4.2　创业投资机构的投资前景预测 ·····························································52 5　中国创业投资的经营管理 ··············································································53 5.1　中国创业投资项目来源 ···············································································53 5.2　中国创业投资决策要素 ···············································································54 5.3　中国创业投资对被投资项目的管理方式 ··························································55 5.4　与创业投资经营管理有关的人力资源因素 ·······················································57 5.5　投资效果不理想的主要原因 ·········································································58 5.6　创业投资机构最看好的投资领域 ···································································60 6　中国创业投资区域运行状况 ···········································································62 6.1　创业投资机构数量地区分布 ·········································································62 6.2　创业投资机构管理资本的地区分布 ································································64 6.3　各地区创业投资机构的规模分布 ···································································65 6.4　各地区创业投资机构管理资本来源 ································································67 6.4.1　按资本来源的机构性质划分 ································································67 6.4.2　按金融 / 非金融资本类型划分 ·······························································69 6.5　各地区创业投资的投资特征 ·········································································70 6.5.1　各地区创业投资机构投资项目比较 ·······················································70 6.5.2　创业投资机构所投资项目的地区分布 ····················································72 6.5.3　各地区创业投资的投资强度 ································································73 6.5.4　各地区创业投资项目的持股结构 ··························································75 6.5.5　各地区创业投资项目所处阶段 ·····························································76 6.6　各经济区域创业投资活动情况 ······································································78 6.6.1　创业投资项目的区域分布 ···································································78 6.6.2　我国不同区域创业投资的投资强度 ·······················································79 6.6.3　各区域创业投资的持股结构 ································································79 6.6.4　各区域创业投资项目所处阶段 ·····························································80 6.6.5　各区域创业投资项目的行业分布 ··························································80 7　中国创业投资引导基金发展情况 ·····································································84 7.1　创业投资引导基金支持创业投资发展概况 ·······················································84 7.2　中国创业投资引导基金投资项目的行业分布 ····················································86 7.3　中国创业投资引导基金投资项目所处阶段 ·······················································90 7.4　中国创业投资引导基金投资项目运作情况 ·······················································91 8　中国创业投资发展环境 ·················································································95 8.1　中国创业投资机构的政策环境 ······································································95 8.1.1　中国创业投资机构可以享受的政府扶持政策 ···········································95 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 ··································98 8.2　中国创业投资机构的政策需求 ······································································99 8.2.1　中国创业投资机构希望出台的政府激励政策 ···········································99 8.2.2　中国创业投资机构对中小企业政策需求的认知 ······································100 8.2.3　中国创业投资机构对政府引导基金政策落实的认知 ································101 8.3　中国促进创业投资发展的主要政策 ······························································102 附　录 ·········································································································109 附录A　2023年美国创业投资回顾 ··································································109 附录B　2023年欧洲创业投资回顾 ··································································116 附录C　2023年韩国创业投资回顾 ·································································121 附录D　主要政策文件 ·················································································126 附录E　通过审核的机构名录 ·········································································146\\\"