The wisteria is open in spring, and the Zhizhiqi new journey.On the afternoon of March 20, 2024, Tsinghua Wudaokou Financial EMBA “Teacher Friends Salon” offline seminar and outdoor association’s director -of -the -art director and licensed ceremony were held in Beijing.Liu Jianjun, chief expert of Tsinghua University Private Equity Research Institute, special professor and postdoctoral mentor of the Capital Market College, editor -in -chief of “China Science and Technology Investment”, and editor -in -chief of “Chinese Private Equity Fund Yearbook”, was invited to be the guest lecturer to “challenge and opportunities for equity and entrepreneurial investment”Share the theme.The event was hosted by Tsinghua Wudaokou Financial EMBA Education Center, and Li Weifeng and deputy director Li Yuanzhen attended the event.
The picture shows the scene of the teacher and friends salon seminar
Increased competition -the industry is facing multiple challenges
As of the end of 2023, the scale of my country’s venture capital funds was 1.433 trillion yuan, ranking second in the world, second only to the United States, but there is still a large gap between high -quality development.Liu Jianjun pointed out that the high -quality development requires the formation of the core competitiveness of the venture capital industry. However, in terms of the current industry’s current situation, the overall domestic venture capital funds show “a large number of quantities” and “large and not strong”.The pattern.
The picture shows Liu Jianjun
After two stages of “20 years of starting+20 years of rapid development” in China’s equity and venture capital industry, industry competition has gradually become fierce.With the transformation and upgrading of China’s economy, the venture capital industry is facing many challenges such as “fundraising, investment, management, retreat, and tax”.
(1) Funding difficulty
Foreign capital was once sowers, but the current international environment forces foreign capital to no longer be the main source of funds.At the same time, the investment enthusiasm of enterprises and high net worth individuals has declined significantly in recent years.Overseas, commercial insurance funds are the most important source of funds, but in my country, there are still two major problems in “insurance funds entering the field of venture capital”: no incentives and fault tolerance mechanisms, and investment restrictions are still too strict.
(2) Investment difficulty
The trade war and scientific and technological warfare influenced the international strategy of being invested and increased the technical risks of the enterprise.The company’s affiliated entrepreneurial investment has made the increasingly fierce “grabbing project competition” more and more heated.Most of the government investment funds mainly support the medium and late venture capital, which leads to the high investment valuation, so that rational civil capital has to choose to exit, and eventually forms a “extrusion effect” for private capital.
(3) Exit difficult
Affected by many factors, there are great uncertainty in the way to achieve capital exit through IPO.At the same time, because the IPO system is unobstructed, it is impossible to provide a good price reference for “mergers and acquisitions withdrawal”, which leads to venture capital in terms of price negotiations.
(4) Taxation reform is difficult
In the past ten years, we have promoted four preferential tax policies for venture capital, but the tax issues of individuals engaged in equity and venture capital have not been resolved.
Seize the opportunity -strive to achieve the “five major changes”
Although the venture capital industry is facing challenges such as difficulty in fundraising, investment difficulties, difficulty exits, and difficulty in taxation reform, Liu Jianjun believes that the industry will still have rich opportunities in the future: First, China has a complete industrial system. With the innovation -driven strategy, my country has the innovation -driven strategy. In -depth implementation, high -quality innovation projects will continue to emerge.Second, my country’s population is large, and the market has a wide range of hinterlands. Based on technological innovation, product innovation, and model innovation, various innovative entrepreneurial activities all have room for growth.Third, the relationship between “company’s affiliated venture capital” and “independent venture capital” will eventually gradually move from the current “fierce competition” to “competition and win -win”.Fourth, the diversified policy support system of my country’s equity and venture capital will continue to improve.Fifth, the Private Equity Fund Regulations will provide legal guarantee for the high -quality development of the venture capital industry.
In order to seize the new round of equity and venture capital development opportunities, Liu Jianjun shared the response strategy including the “five major changes” to the entrepreneurs at the meeting:
Investment strategy: From “Passionate Pursuit of Listing Projects” to “Pay attention to digging early projects (especially early -cycle mining innovative early projects)”;
Post -investment management: From “withdrawal shopkeeper” to “enhanced the full -scale empowerment after reinforcement”;
Exit method: From “passive reliance on IPO” to “seeking initiative withdrawal”;
Fund strategy: from “PE and VCs Development” to “professional development”;
Organizational strategy: from “scattered, small, weak, chaos” to “group, large -scale, branding, and standardization”.
Daokou Outdoor -Contribution to the construction of a sports power
This year, the eighth anniversary of the establishment of the Financial EMBA Outdoor Association. At the first teacher and friend salon seminar this semester, the outdoor association held a ceremony and awarding ceremony.Luo Zhaoming, president of the Outdoor Association, delivered a speech. He said that “no sports, no Tsinghua” is a sports created by Tsinghua people, and sounds in the past and future of each Tsinghua.Although the carving of society and years, the running outdoor association alumni are still full of youth.The new outdoor association’s team will do their best to provide comprehensive services for the majority of alumni, and actively contribute to the construction of a sports power.
The picture shows Luo Zhaoming, President of the Outdoor Association, delivered a speech
The picture shows a photo of some outdoor associations with the college teacher
About the teacher and friends salon