On the afternoon of April 26, 2018, the global private equity research institute of Tsinghua University held a salon theme of "new opportunities for angel investment". Zhang Wei, director and deputy director of the National Information Center Economic Forecast Department, China Innovation and Entrepreneurship Development Research Center, director of the accounting department of the Tsinghua University School of economics and management, Xiao Xing, vice president of the global private equity research institute of the Tsinghua University, vice professor of innovation and entrepreneurship and strategy of Tsinghua, X-lab founder and academic director of Tsinghua Zhang Wei, founder partner Deng Yongqiang of iNO angel fund, partner of Shenzhen Qianhai venture capital incubator limited, vice president Yang Bo, light boat capital partner Liu Kangjian, Fang Xin capital partner and Lu Xueyong, founder of Kai Di star venture director, founder of square faith capital partner Li Xiaofeng, Zhou Dandan fund partner Zhou Dandan, probe Fund partner Ge yingzi, star - Han capital founder Yang Ge, ten party founder partner Wu man, Tsinghua X-lab venture DNA fund partner LuHong, Youwei financial space co founder, Nankai University Ming and Rui fund Li Bin, Beijing Cci Capital Ltd investment director Wang Yu, Tsinghua University Global Li Shilin, research director of the private equity research institute, and director of the global private equity research institute of Tsinghua University, Di Fang, and other guests discussed the theme. This event was chaired by Xiao Xing, deputy director of the Research Institute.
Xiao Xing, vice president of the Institute, first shared the views of Chen Yuan, vice president of the Twelfth National Committee of the Chinese people's Political Consultative Conference (CPPCC), in guiding the private research institute: equity investment is developing rapidly, but from the whole situation in China, the support for early especially original technology is still inadequate and private equity investment The angel investment and venture capital invest in the early stage of the enterprise, make up the shortage of the capital market, play a role in the different stages of the growth of the enterprise, and are very important to promote the related investment in this field and the economic development of the whole country. Professor Xiao Xing called for the industry, academia and government departments should formulate policies together, help the development of China innovation and originality technology.
Zhang Wei, deputy director of the comprehensive Department of the National Information Center Economic Forecast Department and the deputy director of the Research Center for innovation and development of China, spoke about six "unprecedented". The first is the "unprecedented" policy supply. Since the current administration, the State Council and ministries and commissions of the State Council have issued more than 300 related policy documents. The second is the "unprecedented" of the vitality of the market. The growth of market entities is two times the amount before the double creation policy, and the market dynamism is unprecedented. The third is the "unprecedented" supporting platform. For example, X-lab, from the smallest creation space to the incubator, accelerator, to the industrial park, even to revitalizing the country through science and education, is the carrier platform for double innovation activities. The fourth is the unprecedented development of venture capital. All areas related to capital are showing rapid growth, and there are, of course, problems that can not be ignored. The fifth is the unprecedented ability of the whole country to innovate. But it is worth noting that only two of the 12 big unicorns are technically innovative, and the two are not leading technology, and the others are business models. The sixth social concerns are "unprecedented". For the first time, the Central Committee made clear the status and value of entrepreneurship. It should be said that the whole reform and opening up has been unprecedented in the past 40 years.
Zhang Wei followed from five aspects to share with you the future direction of promoting double creation. First of all, we need to push forward the transformation of innovation achievements, which is closely related to universities. Second, further widening the financing channels for enterprises. Third, relying on double innovation to further promote the transformation and upgrading of the real economy. Fourth, reform the flow of talents and incentive policies. Fifth, the government control system will further decentralization. More recently, the general secretary has talked about relying more on the Internet, big data and cloud computing to enhance the accuracy, foresight and effectiveness of macro policy.
Dr. Li Shilin, research director of private research institute, immediately issued a report on the outlook for the development of the 2018 China angel investment market (the report comes from the research department of the global private equity research institute of Tsinghua University. The full text will be published in the new issue of the Institute's new issue of information.) the systematic analysis of Chinese angel investment The first is that the environment for innovation and entrepreneurship in China is relatively good. The Chinese government implements the innovation driven strategy, actively carries out the public entrepreneurship, and makes all the innovations. At the same time, China's multi-level capital market system has basically taken shape, especially after 2014, angel investment has been developing rapidly. Two, China's early investment industry mainly inclined to high-tech and emerging industries, but traditional industries accounted for a small proportion except finance. Three, from the investment region, the regional distribution is uneven, most of the capital is concentrated in the north and wide, with its advantages in policy support, project resources and talent and other advantages in other provinces and cities.
In the free speech session, other guests also launched heated discussions around the theme. At present, venture capital has gradually from "from from behind" to "from before" to "from before" to now. In the second half of 2014, a lot of PE or even the two level market institutions or investors turned to angel investment, and after the second half of 2015, a lot of days after the cold winter, the investment institutions began to invest in Per-A or to invest in A. In addition, venture capital began to shift from horizontal investment to vertical investment, changing from a number of areas to a single or a few fields for deep research and tracking. Third, the risk awareness of investors in the industry began to increase gradually, from paying attention to user data to paying attention to financial data. At the same time, there are still some problems in the development of venture capital. First, the regional development is unbalanced, the entrepreneurs are concentrated in the north and the deep, the capital is concentrated in the first tier cities, the two or three line is very difficult to appear Unicorn enterprise. Secondly, the capital end is eager for quick success and close profit. In the past ten years, the investment is mainly the creditor's right and fixed income. Rate driven, traditional entrepreneurs plus the two generation, basically the maximum tolerance for capital recovery cycle is about three years.
Finally, the guests made many suggestions for the existing problems. First, we should exchange more with entrepreneurs, pay close attention to the operation and management of the invested companies, and do well in post investment management. Through the effective post investment management mechanism, the investment value-added action can be implemented in accordance with the plan of the investment plan in order to reduce the risks faced by the enterprises and enhance the value of the funded enterprises and related assets. Two is not quick success and close interest. There is no set of models to judge how a company can become a unicorn, how to make great entrepreneurs, and every company has such a problem, and a certain degree of madness is hidden under the appearance. We must realize that this is a roller coaster ride. Three, we need to have a deep understanding of the investment industry and have a clear idea of it. Many successful investors would say, "invest only in the industry you are familiar with." To understand the industry and understand the advantages, disadvantages, past and future trends of the industry, it is possible to be more effective in preventing risks and to seize development opportunities.
