During the ten years from 200 1 to 20 1 1, the entrepreneurial ecology in China has been constantly changing, and various preferential policies encourage the combination of entrepreneurs and capital; The private equity investment market is directly affected by policies. The threshold of fund-raising has been continuously liberalized, the investment space has been gradually released, and the exit channels have been smoother. With the securities companies and insurance companies being allowed to enter the PE market one after another, the private equity investment industry has become the most active part of China's economy. In the past ten years (200 1-20 1 1), the development of private equity investment industry in China has gradually entered the right track in terms of policies and regulations, and the most noticeable thing is the rapid growth of market scale. Whether it is fund raising, investment or withdrawal, the PE market in China has shown a rapid expansion trend, and even a crazy scene of "PE for all" has appeared. Looking at the current situation of private equity investment market in China, China is also in a critical period of transition from "quantity" to "quality". China's sustained and rapid economic growth has made China the most active private equity investment market in Asia, and it will be recognized as the rapidly developing golden decade of China's private equity investment in the next decade.

20 1 1 year, the number of large-scale private equity investment transactions (single transaction amount exceeds100000 USD) reached 437, up 18% year-on-year, reaching a record high. The transaction scale of private equity funds is also growing. Compared with 20 10 (47 cases), 50 transactions of 20 1 1 * * exceeded $ 1 billion, with a total transaction amount of $20 billion, up 33% year-on-year. 20 1 1 year, the total amount of disclosed private equity fund transactions reached 33 billion US dollars, a record high. Since 20 1 1, China's economic development has obviously accelerated the adjustment of economic structure and the transformation of development mode. However, due to the pressure of long-term high inflation and tight credit policy, quite a few enterprises, especially small and medium-sized enterprises and high-tech enterprises, are facing the situation of rapid development and financing difficulties, which provides excellent development opportunities for direct financing. Facing the complicated internal and external environment and situation, China's equity investment fund industry should fully analyze the new changes and new characteristics of the domestic and international economic situation, seize and make good use of the important strategic opportunity period of China's development, and promote the rapid and healthy development of China's equity investment fund industry.

20 12 with the decline of investment return rate, the attractiveness of PE market to investors decreased obviously. In the third quarter, 45 domestic private equity investment funds were raised, down 47. 1% year-on-year, and * * * raised $2.669 billion, down 79.3% year-on-year; The average amount raised by a single fund is about $593 10000, the lowest since 20 10. In terms of investment, under the background of the downward pressure of domestic macro-economy, the financial data of some unlisted enterprises are no longer dazzling, and it is becoming more and more difficult to make money simply by relying on the growth of projects, which also leads to the slow investment of PE institutions. Judging from the investment situation, the total investment of PE industry reached the high point of 1 1 USD in the second quarter of 2065438, and then showed an obvious downward trend; The total number of investment cases has also declined for four consecutive quarters, with a decline rate of 56. 1%. In the third quarter of 20 12, the PE market only completed 94 investment transactions, down 56. 1% year-on-year and 2 1% quarter-on-quarter. This is the first time that the PE market has fallen below 100 in a single quarter since the second quarter of 20 10. At the same time, it is more difficult for PE investment to exit through IPO. Today, IPO is still the main channel for domestic PE institutions to withdraw. From the fourth quarter of 2009 to the fourth quarter of 20 10, the IPO of China enterprises experienced a "honeymoon period" of more than one year. 20 10 in the fourth quarter, the number of domestic and foreign IPO listed companies supported by VC/PE reached 9 1 home, the highest since the international financial crisis. However, since the first quarter of 20 1 1, the number of IPOs of enterprises in China has obviously decreased.

Private equity investment promotes entrepreneurial development.

After entering the new century, China's excellent economy has attracted more and more China students studying abroad to return to China for business development. A high-tech project, a small entrepreneurial team and a small start-up fund. This is the situation when the vast majority of returnees just started their business. Don't say that Internet companies like Baidu and Sohu are communication companies like UT Starcom. At the beginning of their business, they were just three or two people with seven or eight guns. But these companies finally stand out from a large number of similar companies because of the constant financing from venture capital funds (a form of private equity investment funds).

Overseas students' venture capital has experienced nearly ten years of development, and its scale is increasing day by day. Today, more than 40 China enterprises are listed on NASDAQ, with a total market value of over 30 billion dollars. Among China enterprises listed on NASDAQ, most executives have overseas study background; China enterprises listed on NASDAQ are promoting the development of new technologies and traditional industries, creating a new model for enterprises to develop in China and raise funds overseas.

In addition, China enterprises listed on NASDAQ have broken through the category of Internet and high-tech companies. Companies in many industries and fields are landing on Nasdaq. In this regard, Xu Guangxun, chief representative of NASDAQ China, pointed out, "These companies are listed on NASDAQ, and the China concept they brought has also been accepted by the international market. This is undoubtedly a good thing for China enterprises. Most of the China companies listed on NASDAQ have a background in studying abroad. "

Take Beijing Zhongguancun Science Park (00093 1 market, stock bar) as an example. Many China enterprises in Zhongguancun Science Park listed on NASDAQ are returned enterprises. These returnees listed on Nasdaq are expanding from promoting the development of domestic new economy, new technology and Internet to promoting the development of domestic traditional industries.

A group of international students, such as Baidu, Sina, Sohu, Ctrip, Home Inns, etc. Returning to China to start a business has brought back a lot of venture capital. This brand-new financing method has greatly catalyzed the growth of small and medium-sized enterprises. At the same time, almost all the heads of international venture capital companies in China are returnees. Xiong Xiaoge, Senior Partner of IDG, Wu Shangzhi, Chairman of CDH International Venture Capital Fund, Yan Yan, Chief Partner of Safran Asia Investment Fund, Shen Nanpeng, Chinese Partner of Sequoia Fund, Ding Jian, Managing Director of Jinshajiang Venture Capital, Zhang Ying, Managing Director of China Economic Cooperation Group, Deng Feng, Founding Partner of Northern Lights Venture Capital, Wu Lifeng, Managing Director of Big Dipper Venture Capital Fund, Kuang Ziping, Founder and Managing Director of Qiming Venture Capital, and Wang Wei, Partner of Dezhou Pacific Construction Group, etc. Most venture capital is brought into China through returnees or foreign companies working in returnees. These investments have promoted domestic entrepreneurial enthusiasm, promoted the development of a large number of returned enterprises and domestic small and medium-sized enterprises, and also promoted the progress of domestic venture capital industry.