{"id":14802,"date":"2014-06-26T11:53:59","date_gmt":"2014-06-26T03:53:59","guid":{"rendered":"https:\/\/beta2.law.asia\/zh-hans\/?p=14802"},"modified":"2018-01-23T12:04:07","modified_gmt":"2018-01-23T04:04:07","slug":"%e5%9f%ba%e9%87%91%e5%9b%b0%e6%83%91","status":"publish","type":"post","link":"https:\/\/beta2.law.asia\/zh-hans\/%e5%9f%ba%e9%87%91%e5%9b%b0%e6%83%91\/","title":{"rendered":"\u57fa\u91d1\u56f0\u60d1"},"content":{"rendered":"<div id=\"_idContainer036\" class=\"_idGenObjectStyleOverride-2\">\n<p class=\"Body-DropCaps-Gold-Chi\" style=\"text-align: justify;\"><span class=\"vantage-grey\"><em><strong>\u5bf9\u4e2d\u56fd\u79c1\u52df\u80a1\u6743\u548c\u521b\u4e1a\u6295\u8d44\u9886\u57df\u7684\u6295\u8d44\u8005\u800c\u8a00\uff0c\u8981\u641e\u6e05\u695a\u5e94\u8be5\u9075\u5faa\u4ec0\u4e48\u89c4\u5219\u53ca\u5982\u4f55\u7406\u89e3\u5176\u5b9e\u9645\u542b\u4e49\u3001\u8c01\u662f\u6267\u6cd5\u4e3b\u7ba1\u673a\u6784\u3001\u9700\u8981\u62ab\u9732\u591a\u5c11\u4fe1\u606f\u624d\u6ee1\u8db3\u5408\u89c4\u8981\u6c42\uff0c\u8fd9\u4e9b\u4f9d\u7136\u662f\u4ee4\u4eba\u56f0\u60d1\u7684\u95ee\u9898\u3002\u674e\u4fca\u8fb0\u4e3a\u60a8\u63a2\u7d22\u5176\u4e2d\u7684\u4e00\u4e9b\u7b54\u6848\u3002<\/strong><\/em><\/span><\/p>\n<p class=\"Body-DropCaps-Gold-Chi\" style=\"text-align: justify;\"><span class=\"_idGenDropcap-3 custom-dropcap-black vantage-black\">\u4e2d<\/span>\u56fd\u7684\u79c1\u52df\u80a1\u6743\uff08PE\uff09\u548c\u521b\u4e1a\u6295\u8d44(VC)\u884c\u4e1a\u867d\u7136\u88ab\u8ba4\u4e3a\u6709\u5de8\u5927\u7684\u6f5c\u529b\uff0c\u4f46\u6e38\u620f\u89c4\u5219\u5374\u4f9d\u7136\u4e0d\u591f\u660e\u786e\uff0c\u4ee4\u4eba\u5934\u75db\u3002\u9996\u5148\u662f\u884c\u4e1a\u7684\u76d1\u7ba1\u4f53\u5236\u5341\u5206\u590d\u6742\u4e14\u4e0d\u7edf\u4e00\u3002\u867d\u7136\u8fd1\u6765\u7684\u89c4\u5219\u4fee\u8ba2\u80fd\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u6f84\u6e05\u653f\u5e9c\u7684\u76d1\u7ba1\u7acb\u573a\uff0c\u4f46\u662f\u7531\u4e8e\u7ba1\u7406\u548c\u6267\u6cd5\u4e2d\u5b58\u5728\u7684\u591a\u5934\u3001\u591a\u5c42\u7ea7\u76d1\u7ba1\u73b0\u72b6\uff0c\u56e0\u6b64\u5173\u4e8e\u57fa\u91d1\u7ba1\u7406\u4eba\u9700\u8981\u62dc\u4f1a\u54ea\u4e9b\u76d1\u7ba1\u673a\u6784\uff0c\u4f9d\u7136\u4e0d\u751a\u660e\u786e\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\"><a href=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Top-law-firms-by-PEVC-buyout-deal-value.jpg\" rel=\"attachment wp-att-25405\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Top-law-firms-by-PEVC-buyout-deal-value.jpg\" alt=\"Capital confusion-Top law firms by PEVC buyout deal value\" width=\"506\" height=\"761\" \/><\/a>\u5bf9\u4e2d\u8d44\u548c\u5916\u8d44\u57fa\u91d1\u7ba1\u7406\u4eba\u800c\u8a00\uff0c\u4e2d\u56fd\u6216\u8bb8\u90fd\u662f\u6700\u91cd\u8981\u3001\u6700\u503c\u5f97\u5173\u6ce8\u7684\u5e02\u573a\u4e4b\u4e00\u3002\u4f46\u662f\u4e2d\u56fd\u5bf9\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7684\u76d1\u7ba1\u4f53\u5236\u4f3c\u4e4e\u592a\u8fc7\u590d\u6742\uff0c\u5728\u4e0d\u540c\u7684\u60c5\u51b5\u4e0b\uff0c\u57fa\u91d1\u7ba1\u7406\u4eba\u53ef\u80fd\u8981\u9762\u5bf9\u4e0d\u540c\u7684\u76d1\u7ba1\u673a\u6784\u548c\u529e\u7406\u7a0b\u5e8f\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u76d1\u7ba1\u6743\u529b\u4e4b\u95f4\u7684\u7ea0\u7f20\u4ee4\u60c5\u51b5\u66f4\u4e0d\u4e50\u89c2\u3002\u66fe\u6709\u4e00\u6bb5\u65f6\u95f4\uff0c\u56fd\u5bb6\u53d1\u6539\u59d4\u548c\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u7684\u76d1\u7ba1\u804c\u6743\u5206\u914d\u4e0d\u751a\u6e05\u6670\u3002\u4f46\u4e2d\u56fd\u4e5f\u6b63\u5728\u505a\u51fa\u4e00\u4e9b\u52aa\u529b\u5efa\u7acb\u4e00\u4e2a\u66f4\u6e05\u6670\u7684\u76d1\u7ba1\u6846\u67b6\uff0c\u4f8b\u5982\u516c\u5e03\u4e86\u65b0\u7684\u901a\u77e5\u548c\u63aa\u65bd\u660e\u786e\u4e24\u4e2a\u673a\u6784\u7684\u804c\u80fd\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u5728\u6b64\u4e4b\u524d\uff0c\u201c\u53d1\u6539\u59d4\u548c\u8bc1\u76d1\u4f1a\u5bf9PE\u884c\u4e1a\u7684\u76d1\u7ba1\u6743\u4e4b\u4e89\u6301\u7eed\u4e86\u6570\u5e74\uff0c\u201d\u6e29\u65af\u987f\u5f8b\u5e08\u4e8b\u52a1\u6240\u9a7b\u9999\u6e2f\u529e\u516c\u5ba4\u7684\u4e9a\u6d32\u4e1a\u52a1\u4e3b\u5e2d\u9646\u5fd7\u660e\u8bf4\u3002\u201c\u770b\u8d77\u6765\uff0c\u53d1\u6539\u59d4\u5df2\u7ecf\u5c06PE\u884c\u4e1a\u7684\u76d1\u7ba1\u6743\u8ba9\u7ed9\u4e86\u8bc1\u76d1\u4f1a\u3002\u201d<\/p>\n<p><a href=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Simon-Luk.jpg\" rel=\"attachment wp-att-25395\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Simon-Luk.jpg\" alt=\"Capital confusion-Simon Luk\" width=\"426\" height=\"451\" \/><\/a><\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u5c18\u57c3\u4f3c\u4e4e\u6b63\u5728\u6e10\u6e10\u843d\u5b9a\uff0c\u4f46\u662f\u5916\u8d44\u4f01\u4e1a\u548c\u56fd\u4f01\u9762\u5bf9\u7684\u76d1\u7ba1\u6539\u9769\u8ff7\u96fe\u4ecd\u672a\u6563\u53bb\u3002\u6709\u5f8b\u5e08\u8868\u793a\uff0c\u76ee\u524d\u7684\u591a\u5934\u76d1\u7ba1\u5c40\u9762\u5e76\u672a\u5f97\u5230\u6839\u672c\u6027\u7684\u89e3\u51b3\uff0c\u57fa\u91d1\u7684\u6295\u8d44\u884c\u4e3a\u4ecd\u7136\u53d7\u5230\u5176\u4ed6\u4e3b\u7ba1\u673a\u6784\u7684\u7ba1\u7406\u3002\u5916\u8d44\u57fa\u91d1\u5bf9\u67d0\u4e9b\u884c\u4e1a\u7684\u6295\u8d44\u9762\u5bf9\u66f4\u591a\u7684\u4e0d\u786e\u5b9a\u56e0\u7d20\u3002\u4e00\u4e9b\u5916\u8d44\u57fa\u91d1\u7ba1\u7406\u4eba\u671f\u671b\u770b\u5230\u4e0a\u6d77\u81ea\u8d38\u533a\u51fa\u53f0\u4e00\u4e9b\u5bf9\u5176\u6709\u5229\u7684\u653f\u7b56\uff0c\u4f46\u76ee\u524d\u8fd8\u6ca1\u6709\u592a\u591a\u5177\u4f53\u7684\u89c4\u5219\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\"><a href=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Top-law-firms-by-number-of-PEVC-buyout-deals.jpg\" rel=\"attachment wp-att-25401\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Top-law-firms-by-number-of-PEVC-buyout-deals.jpg\" alt=\"Capital confusion-Top law firms by number of PEVC buyout deals\" width=\"506\" height=\"962\" \/><\/a>\u4e0d\u8fc7\uff0c\u5373\u4f7f\u57fa\u91d1\u7ba1\u7406\u4eba\u548c\u6295\u8d44\u8005\u5bf9\u76d1\u7ba1\u4f53\u7cfb\u7684\u7406\u89e3\u4e0d\u591f\uff0c\u65b0\u4e09\u677f\u548c\u81ea\u8d38\u533a\u7b49\u7ecf\u6d4e\u5143\u7d20\u7684\u5de8\u5927\u6f5c\u529b\u4e5f\u4f9d\u7136\u6fc0\u53d1\u7740\u4ed6\u4eec\u7684\u6295\u8d44\u70ed\u60c5\uff0c\u4e2d\u56fd\u5feb\u901f\u53d1\u5c55\u7684\u7ecf\u6d4e\u4f9d\u7136\u5bcc\u6709\u5438\u5f15\u529b\u3002\u636e\u62a5\u9053\uff0c\u51ef\u96f7\u96c6\u56e2\u7684\u5171\u540c\u521b\u59cb\u4ebaDavid Rubenstein\u5728\u4eca\u5e74\u4e09\u6708\u8868\u793a\uff0c\u4ed6\u9884\u8ba1\u4e2d\u56fd\u5c06\u6210\u4e3a\u8be5\u96c6\u56e2\u65b0\u6210\u7acb\u7684\u4e9a\u6d32\u57fa\u91d1\u7684\u6700\u5927\u6295\u8d44\u76ee\u7684\u5730\uff0c\u6295\u8d44\u76ee\u6807\u5c06\u96c6\u4e2d\u4e8e\u533b\u7597\u536b\u751f\u3001\u6d88\u8d39\u548c\u98df\u54c1\u7b49\u884c\u4e1a\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">2013\u5e7411\u6708\u5341\u516b\u5c4a\u4e09\u4e2d\u5168\u4f1a\u7684\u6539\u9769\u51b3\u5b9a\u660e\u786e\u4e86\u4e00\u4ef6\u4e8b\uff0c\u4e2d\u56fd\u5c06\u79ef\u6781\u53d1\u5c55\u6df7\u5408\u6240\u6709\u5236\u7ecf\u6d4e\u3002\u968f\u4e4b\u800c\u6765\u7684\u662f\uff0c\u65b0\u4e00\u8f6e\u7684\u56fd\u6709\u4f01\u4e1a\u6539\u9769\u5373\u5c06\u5c55\u5f00\uff0c\u73af\u7403\u5f8b\u5e08\u4e8b\u52a1\u6240\u9a7b\u6df1\u5733\u5408\u4f19\u4eba\u674e<span class=\"CharOverride-15\">\u7424<\/span>\u8bf4\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u201c\u6539\u9769\u63aa\u65bd\u843d\u5b9e\u540e\uff0c\u5bf9\u4e00\u4e9b\u6ca1\u5fc5\u8981\u56fd\u8d44\u72ec\u8d44\u63a7\u80a1\u3001\u7edd\u5bf9\u63a7\u80a1\u7684\u884c\u4e1a\u6216\u4ea7\u4e1a\u94fe\u73af\u8282\u7684\u56fd\u4f01\uff0c\u5f88\u53ef\u80fd\u4f1a\u5728\u6539\u9769\u4e2d\u9010\u6b65\u5141\u8bb8\u975e\u516c\u6709\u5236\u8d44\u672c\u7684\u4ecb\u5165\uff0c\u201d\u674e<span class=\"CharOverride-15\">\u7424<\/span>\u8bf4\u3002\u4ed6\u8868\u793a\u76f8\u5173\u7684\u6cd5\u89c4\u53ca\u653f\u7b56\u52a8\u6001\u503c\u5f97\u6301\u7eed\u5173\u6ce8\u3002<\/p>\n<p><a href=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Li-Cheng.jpg\" rel=\"attachment wp-att-25391\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Li-Cheng.jpg\" alt=\"Capital confusion-Li Cheng\" width=\"405\" height=\"441\" \/><\/a><\/p>\n<p class=\"Body-Subhead-Gold-Chi\" style=\"text-align: justify;\"><strong>\u9000\u51fa\u95ee\u9898<\/strong><\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u5bf9\u6295\u8d44\u8005\u800c\u8a00\uff0c\u4e2d\u56fd\u7684\u786e\u6709\u5de8\u5927\u7684\u6f5c\u529b\uff0c\u4f46\u5bf9\u8bb8\u591a\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7ba1\u7406\u4eba\u6765\u8bf4\uff0c\u5728\u6295\u8d44\u540e\u5982\u4f55\u9000\u51fa\u4e5f\u662f\u4e00\u4e2a\u540c\u7b49\u91cd\u8981\u7684\u95ee\u9898\u3002\u5927\u9646IPO\u5e02\u573a\u4e8e\u4eca\u5e74\u4e00\u6708\u91cd\u65b0\u542f\u52a8\u3002\u5728\u7a0d\u65e9\u524d\u76842013\u5e746\u6708\uff0c\u65b0\u4e09\u677f\u4ece\u539f\u6765\u7684\u4ec5\u4ec5\u56db\u4e2a\u9ad8\u79d1\u6280\u56ed\u533a\u6269\u5927\u81f3\u5411\u5168\u56fd\u4e2d\u5c0f\u4f01\u4e1a\u5f00\u653e\u3002\u4ece\u8fd9\u4e9b\u8ff9\u8c61\u770b\u6765\uff0c\u79c1\u52df\u57fa\u91d1\u7684\u9000\u51fa\u4ea4\u6613\u4f3c\u4e4e\u53ef\u4ee5\u544a\u522b\u4e3e\u6b65\u7ef4\u8270\u7684\u201c\u4e25\u51ac\u201d\u4e86\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\"><a href=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Top-law-firms-by-PEVC-exit-deal-value.jpg\" rel=\"attachment wp-att-25407\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Top-law-firms-by-PEVC-exit-deal-value.jpg\" alt=\"Capital confusion-Top law firms by PEVC exit deal value\" width=\"505\" height=\"704\" \/><\/a>\u4e24\u79cd\u6e20\u9053\u90fd\u4e3a\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u63d0\u4f9b\u4e86\u9000\u51fa\u673a\u9047\uff0c\u4e0d\u540c\u4e4b\u5904\u5728\u4e8e\u57fa\u91d1\u9000\u51fa\u7684\u786e\u5b9a\u6027\uff0c\u5317\u4eac\u5e02\u6c49\u5764\u5f8b\u5e08\u4e8b\u52a1\u6240\u5408\u4f19\u4eba\u5f20\u5e73\u8bf4\u3002\u201cIPO\u60c5\u51b5\u4e0b\uff0cPE\u57fa\u91d1\u9000\u51fa\u662f\u8f83\u786e\u5b9a\u7684\uff0c\u53ea\u662f\u8981\u8fc7\u9501\u5b9a\u671f\uff0c\u201d\u4ed6\u8bf4\u3002\u201c\u65b0\u4e09\u677f\u60c5\u51b5\u4e0b\uff0cPE\u57fa\u91d1\u7684\u9000\u51fa\u6709\u4e0d\u786e\u5b9a\u6027\uff0c\u9700\u8981\u6709\u5408\u9002\u7684\u6536\u8d2d\u65b9\u624d\u53ef\u4ee5\u3002\u201d<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u745b\u660e\u5f8b\u5e08\u4e8b\u52a1\u6240\u9a7b\u4e0a\u6d77\u5408\u4f19\u4eba\u6797\u5fe0\u8865\u5145\u8bf4\uff0c\u65b0\u4e09\u677f\u7684\u6295\u8d44\u8005\u95e8\u69db\u8f83\u9ad8\uff0c\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4f4e\u3002\u201c\u5373\u4f7f[\u88ab\u6295\u8d44\u4f01\u4e1a]\u6302\u724c\u6210\u529f\uff0cPE\u57fa\u91d1\u4ecd\u53ef\u80fd\u5728\u8f83\u957f\u671f\u95f4\u5185\u65e0\u6cd5\u5b9e\u73b0\u9000\u51fa\uff0c\u201d\u4ed6\u8bf4\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u9526\u5929\u57ce\u5f8b\u5e08\u4e8b\u52a1\u6240\u9a7b\u4e0a\u6d77\u9ad8\u7ea7\u5408\u4f19\u4eba\u738b\u6b63\u8d85\u8ba4\u4e3a\uff0c\u65b0\u4e09\u677f\u5236\u5ea6\u4ec5\u4ec5\u4f1a\u6210\u4e3aPE\u57fa\u91d1\u9000\u51fa\u65b9\u5f0f\u7684\u4e00\u79cd\u8865\u5145\u3002\u201c\u65b0\u4e09\u677f\u5e02\u573a\u5e76\u975e\u5b8c\u5168\u7684\u516c\u5f00\u5e02\u573a\uff0c\u6295\u8d44\u8005\u4e5f\u4e0eA\u80a1\u5e02\u573a\u7684\u6295\u8d44\u8005\u4e0d\u540c\uff0c\u5728\u65b0\u4e09\u677f\u6302\u724c\u7684\u4f01\u4e1a\u7684\u80a1\u6743\u4e0d\u5177\u6709\u9ad8\u6d41\u52a8\u6027\uff0c\u201d\u4ed6\u8bf4\u3002<\/p>\n<p><a href=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Victor-Wang.jpg\" rel=\"attachment wp-att-25409\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Victor-Wang.jpg\" alt=\"Capital confusion-Victor Wang\" width=\"409\" height=\"455\" \/><\/a><\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u5e02\u573a\u53c2\u4e0e\u8005\u7fd8\u9996\u4f01\u76fc\u5728\u505a\u5e02\u5546\u5236\u5ea6\u5efa\u7acb\u540e\uff0c\u65b0\u4e09\u677f\u5e02\u573a\u4e0a\u7684\u6d41\u52a8\u6027\u80fd\u6709\u6240\u589e\u52a0\u3002\u201c\u4f46\u662f\u7531\u4e8e\u505a\u5e02\u5546\u5236\u5ea6\u4e00\u76f4\u672a\u5efa\u7acb\uff0c\u4ece\u73b0\u5728\u7684\u60c5\u51b5\u6765\u770b\u539f\u672c\u9884\u8ba1\u4eca\u5e74\u516b\u6708\u4efd\u63a8\u51fa\u7684\u505a\u5e02\u5546\u5236\u5ea6\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u5ef6\u671f\uff0c\u201d\u9526\u5929\u57ce\u5f8b\u5e08\u4e8b\u52a1\u6240\u9a7b\u4e0a\u6d77\u5408\u4f19\u4eba\u6c88\u8bda\u8bf4\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u65b0\u4e09\u677f\u867d\u7136\u6709\u7f3a\u70b9\uff0c\u4f46\u6302\u724c\u6bd5\u7adf\u6bd4\u8f83\u5bb9\u6613\u3002\u201c\u65b0\u4e09\u677f\u6302\u724c\u6761\u4ef6\u76f8\u5bf9\u8f83\u5bbd\u677e\uff0c\u88ab\u6295\u8d44\u4f01\u4e1a\u53ea\u8981\u5408\u89c4\u7ecf\u8425\u3001\u5982\u5b9e\u62ab\u9732\uff0c\u5728\u8f83\u77ed\u65f6\u95f4\u5185\u5c31\u53ef\u767b\u9646\u65b0\u4e09\u677f\uff0c\u201d\u6797\u5fe0\u8bf4\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u5171\u548c\u5f8b\u5e08\u4e8b\u52a1\u6240\u9a7b\u5317\u4eac\u5408\u4f19\u4eba\u5f20\u7487\u8865\u5145\u8bf4\uff1a\u201c\u8f83\u4e4b\u573a\u5185\u4ea4\u6613\uff0c\u65b0\u4e09\u7248\u5177\u6709\u6210\u672c\u4f4e\u3001\u6302\u724c\u65f6\u95f4\u5feb\u3001\u63d0\u5347\u516c\u53f8\u6cbb\u7406\u7ed3\u6784\u7b49\u4f18\u52bf\uff0c\u5c24\u5176\u662fPE[\u7ba1\u7406\u4eba]\u5bf9\u4e8e\u65b0\u4e09\u7248\u5177\u6709\u7684\u5bf9\u63a5\u4e3b\u677f\u548c\u521b\u4e1a\u677f\u5e02\u573a\u7684\u529f\u80fd\u5c24\u4e3a\u5173\u6ce8\u3002\u201d<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u5728\u8fd9\u65b9\u9762\uff0c\u65b0\u4e09\u677f\u6709\u4e0d\u5c0f\u7684\u6f5c\u529b\u3002\u201c\u7531\u4e8e\u672a\u6765\u76d1\u7ba1\u5c42\u4f1a\u653e\u5f00\u65b0\u4e09\u677f\u4f01\u4e1a\u8f6c\u677fA\u80a1\u5e02\u573a\uff0c\u4e00\u65e6\u8f6c\u677f\u653e\u5f00\uff0c\u65b0\u4e09\u677f\u5e02\u573a\u5c06\u6210\u4e3aA\u80a1IPO\u9000\u51fa\u7684\u4e00\u4e2a\u4e2d\u95f4\u6e20\u9053\uff0c\u201d\u738b\u6b63\u8d85\u8bf4\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u76ee\u524d\uff0c\u901a\u8fc7IPO\u6e20\u9053\u9000\u51fa\u4ecd\u7136\u663e\u5f97\u66f4\u6709\u5438\u5f15\u529b\u3002\u201c\u5bf9\u4e8ePE[\u57fa\u91d1]\u800c\u8a00\uff0c\u6240\u6295\u8d44\u4f01\u4e1a\u4e0a\u5e02\u662f\u5176\u9000\u51fa\u6700\u5177\u4ef7\u503c\u7684\u65b9\u5f0f\uff0c\u201d\u5f20\u7487\u8bf4\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u5927\u9646\u7684IPO\u5e02\u573a\u5728\u91cd\u65b0\u5f00\u542f\u7684\u540c\u65f6\uff0c\u5176\u65b0\u80a1\u53d1\u884c\u4f53\u5236\u4e5f\u5f00\u59cb\u4e86\u7531\u6b64\u524d\u7684\u6838\u51c6\u5236\u5411\u6ce8\u518c\u5236\u7684\u8fc7\u6e21\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u4e2d\u4f26\u6587\u5fb7\u5f8b\u5e08\u4e8b\u52a1\u6240\u9a7b\u5317\u4eac\u526f\u4e3b\u4efb\u7504\u5e86\u8d35\u6307\u51fa\uff0c\u5bf9\u65b0\u80a1\u53d1\u884c\u5b9e\u884c\u6ce8\u518c\u5236\u6709\u5229\u4e8ePE\u901a\u8fc7\u8fd9\u4e00\u6e20\u9053\u9000\u51fa\u3002\u4f46\u53e6\u4e00\u65b9\u9762\uff0c\u201cIPO\u7684\u6ce8\u518c\u5236\u4e5f\u540c\u65f6\u4f1a\u964d\u4f4e\u65b0\u80a1\u7684\u5e02\u76c8\u7387\uff0c\u4ece\u800c\u964d\u4f4ePE\u673a\u6784\u901a\u8fc7\u4e0a\u5e02\u9000\u51fa\u83b7\u5f97\u7684\u6536\u76ca\u201d\uff0c\u7504\u5e86\u8d35\u8bf4\u3002<\/p>\n<p><a href=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Zhen-Qinggui.jpg\" rel=\"attachment wp-att-25413\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Zhen-Qinggui.jpg\" alt=\"Capital confusion-Zhen Qinggui\" width=\"446\" height=\"446\" \/><\/a><\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u73af\u7403\u6240\u7684\u674e<span class=\"CharOverride-15\">\u7424<\/span>\u6307\u51fa\u4e86\u672c\u6b21\u76d1\u7ba1\u5236\u5ea6\u6539\u9769\u7684\u4e00\u5927\u4eae\u70b9\u3002\u201c\u65b0\u80a1\u53d1\u884c\u5236\u5ea6\u6539\u9769\u2026\u2026\u660e\u786e\u63d0\u51fa\u4e86\u65b0\u80a1\u5b58\u91cf\u53d1\u884c\u4e0e\u589e\u91cf\u53d1\u884c\u540c\u6b65\u7684\u6a21\u5f0f\uff0c\u8fd9\u4e00\u6a21\u5f0f\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u964d\u4f4e\u4e86\u957f\u671f\u6301\u80a1\u7684PE\u6295\u8d44\u8005\u9000\u51fa\u5957\u73b0\u7684\u538b\u529b\uff0c\u201d\u4ed6\u8bf4\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u4e0d\u8fc7\uff0c\u57fa\u91d1\u7ba1\u7406\u4eba\u9700\u8981\u7559\u610f\u65f6\u9650\u65b9\u9762\u7684\u8981\u6c42\u3002\u201cPE\/VC[\u57fa\u91d1\u7ba1\u7406\u4eba]\u62df\u901a\u8fc7\u5b58\u91cf\u53d1\u884c\u65b9\u5f0f\u9000\u51fa\uff0c\u9700\u8981\u8003\u8651\u6ee1\u8db3\u6301\u80a1\u4e0d\u4f4e\u4e8e36\u4e2a\u6708\u7684\u8981\u6c42\uff0c\u7a81\u51fb\u5165\u80a1\u6240\u6301\u6709\u7684\u80a1\u4efd\u4e0d\u7b26\u5408\u5b58\u91cf\u53d1\u884c\u7684\u6761\u4ef6\uff0c\u201d\u5609\u6e90\u5f8b\u5e08\u4e8b\u52a1\u6240\u9a7b\u4e0a\u6d77\u5408\u4f19\u4eba\u9648\u4e00\u654f\u8bf4\u3002<\/p>\n<p class=\"Body-Subhead-Gold-Chi\" style=\"text-align: justify;\"><strong>\u76d1\u7ba1\u56f0\u60d1<\/strong><\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u79c1\u52df\u80a1\u6743\u884c\u4e1a\u81ea\u8eab\u7684\u76d1\u7ba1\u5236\u5ea6\u6700\u8fd1\u4e5f\u53d1\u751f\u4e86\u4e00\u4e9b\u5177\u6709\u91cc\u7a0b\u7891\u610f\u4e49\u7684\u53d8\u5316\u3002\u4f46\u81f3\u4e8e\u8fd9\u4e9b\u53d8\u5316\u662f\u5426\u4f1a\u6709\u6548\u5730\u96c6\u4e2d\u8be5\u884c\u4e1a\u7684\u76d1\u7ba1\u804c\u6743\uff0c\u4e1a\u754c\u4ecd\u5728\u62ed\u76ee\u4ee5\u5f85\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\"><a href=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Top-law-firms-by-number-of-PEVC-exit-deals.jpg\" rel=\"attachment wp-att-25403\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/beta2.law.asia\/wp-content\/uploads\/2014\/06\/Capital-confusion-Top-law-firms-by-number-of-PEVC-exit-deals.jpg\" alt=\"Capital confusion-Top law firms by number of PEVC exit deals\" width=\"506\" height=\"966\" \/><\/a>\u4ee52013\u5e746\u6708\u53d1\u5e03\u7684\u300a\u4e2d\u592e\u7f16\u529e\u5173\u4e8e\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7ba1\u7406\u804c\u8d23\u5206\u5de5\u7684\u901a\u77e5\u300b\u4e3a\u8d77\u70b9\uff0c\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u884c\u4e1a\u7684\u76d1\u7ba1\u6743\u529b\u5f00\u59cb\u7531\u56fd\u5bb6\u53d1\u6539\u59d4\u5411\u8bc1\u76d1\u4f1a\u8f6c\u79fb\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\">\u8be5\u901a\u77e5\u89c4\u5b9a\uff0c\u8bc1\u76d1\u4f1a\u8d1f\u8d23\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7684\u76d1\u7763\u7ba1\u7406\uff0c\u53d1\u6539\u59d4\u8d1f\u8d23\u7ec4\u7ec7\u62df\u8ba2\u4fc3\u8fdb\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u53d1\u5c55\u7684\u653f\u7b56\u63aa\u65bd\uff0c\u4e24\u90e8\u95e8\u5e94\u5efa\u7acb\u534f\u8c03\u914d\u5408\u673a\u5236\u5e76\u5171\u4eab\u4fe1\u606f\uff0c\u738b\u6b63\u8d85\u8bf4\u3002<\/p>\n<p class=\"Body-body-Chi\" style=\"text-align: justify;\"><style>.iblj-only, .cblj-only, .ablj-only {\r\n    display: none;\r\n}\r\n\r\n#td-outer-wrap.ABLJ .ablj-only{\r\n    display: inline;\r\n}\r\n\r\n#td-outer-wrap.CBLJ .cblj-only{\r\n    display: inline;\r\n}\r\n\r\n#td-outer-wrap.IBLJ .iblj-only{\r\n    display: inline;\r\n}\r\n\r\n#td-outer-wrap.ABLJ .general-link, #td-outer-wrap.CBLJ .general-link, #td-outer-wrap.IBLJ .general-link {\r\n    display: none;\r\n}\r\n\r\n\r\n.zh-only .general-link, #td-outer-wrap.CBLJ .zh-only .cblj-only{\r\n    display: inline;\r\n}\r\n\r\n.zh-only .cblj-only , #td-outer-wrap.CBLJ .zh-only .general-link{\r\n    display: none;\r\n}\r\n\r\n.ihc_locker_1 p {\r\n    font-size: 20px;\r\n    line-height: 32px;\r\n}<\/style><div class=\"ihc-locker-wrap\"><div style='max-width:640px; margin:auto; ' class='ihc_locker_1'>\n\t\t\t\t\t\t\t<div><p><h2 class=\"en-only\" style=\"font-size: 25px\">\r\n    You must be a\r\n    <a\r\n        class=\"vantage-orange ablj-only\"\r\n        href=\"\/ablj-subscribe\/?utm_source=WP&utm_medium=lock&utm_campaign=paywall\"\r\n        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Please <a href=\"\/contact-us\/\">contact us<\/a>.<\/p>\r\n<\/h2>\r\n<h2 class=\"zh-only\" style=\"font-size: 25px\">\r\n    \u4f60\u9700\u8981\u767b\u5f55\u53bb\u89e3\u9501\u672c\u6587\u5185\u5bb9\u3002\u6b22\u8fce<a\r\n        class=\"vantage-orange\"\r\n        href=\"\/subscription-register\/?p=cblj\"\r\n        >\u6ce8\u518c\u8d26\u53f7<\/a\r\n    >\u3002\u5982\u679c\u60f3\u9605\u8bfb\u6708\u520a\u6240\u6709\u6587\u7ae0\uff0c\u6b22\u8fce<a\r\n        class=\"general-link vantage-orange\"\r\n        href=\"\/knowledge-store-subscription\/\"\r\n        >\u6210\u4e3a\u6211\u4eec\u7684\u8ba2\u9605\u4f1a\u5458<\/a\r\n    ><a\r\n        class=\"cblj-only vantage-orange\"\r\n        href=\"\/cblj-subscribe\/?utm_source=WP&utm_medium=lock&utm_campaign=paywall\"\r\n        >\u6210\u4e3a\u6211\u4eec\u7684\u8ba2\u9605\u4f1a\u5458<\/a\r\n    >\u3002\r\n<br>\r\n<br>\r\n<p>\u5df2\u6709\u96c6\u56e2\u8ba2\u9605\uff0c\u53ef<a 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