{"id":57183,"date":"2023-09-13T16:21:47","date_gmt":"2023-09-13T07:21:47","guid":{"rendered":"https:\/\/monolith.law\/zh-tw\/?p=57183"},"modified":"2024-03-15T14:30:46","modified_gmt":"2024-03-15T05:30:46","slug":"venture-capital-investment","status":"publish","type":"post","link":"https:\/\/monolith.law\/zh-tw\/general-corporate\/venture-capital-investment","title":{"rendered":"\u95dc\u65bc\u7b2c\u4e09\u65b9\u5b9a\u5411\u589e\u767c\u7684\u6295\u8cc7\u5408\u7d04\u689d\u6b3e\u6e05\u55ae"},"content":{"rendered":"\n<p>\u7576\u5275\u696d\u516c\u53f8\u5f9eVC\uff08\u98a8\u96aa\u6295\u8cc7\u516c\u53f8\uff09\u7b49\u7b2c\u4e09\u65b9\u7c4c\u96c6\u8cc7\u91d1\u6642\uff0c\u901a\u5e38\u6703\u4ee5\u7b2c\u4e09\u65b9\u5b9a\u5411\u589e\u767c\u7684\u65b9\u5f0f\uff0c\u5c07\u65b0\u80a1\u5206\u914d\u7d66VC\u7b49\u6295\u8cc7\u8005\u3002\u9032\u884c\u7b2c\u4e09\u65b9\u5b9a\u5411\u589e\u767c\u6642\uff0c\u6295\u8cc7\u5408\u7d04\u4e2d\u9700\u8981\u898f\u5b9a\u7684\u4e8b\u9805\u7bc4\u7587\u5ee3\u6cdb\uff0c\u56e0\u6b64\u5728\u5408\u7d04\u8ac7\u5224\u968e\u6bb5\uff0c\u5e38\u5e38\u9700\u8981\u88fd\u4f5c\u689d\u6b3e\u6e05\u55ae\u3002\u56e0\u6b64\uff0c\u672c\u6240\u5c07\u89e3\u91cb<strong>\u6295\u8cc7\u5408\u7d04\u7684\u689d\u6b3e\u6e05\u55ae\u4e2d\u8a18\u8f09\u7684\uff0c\u4e26\u6210\u70ba\u5408\u7d04\u8ac7\u5224\u91cd\u9ede\u7684\u4e8b\u9805<\/strong>\u6709\u54ea\u4e9b\u3002<\/p>\n\n\n\n<div 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class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u7576\u901a\u904e\u7b2c\u4e09\u65b9\u5b9a\u5411\u589e\u767c\u65b0\u767c\u884c\u80a1\u7968\uff0c\u5f9e\u98a8\u96aa\u6295\u8cc7\u8005\u7b49\u8655\u7c4c\u96c6\u8cc7\u91d1\u6642\uff0c\u5c07\u9700\u8981\u7c3d\u8a02\u6295\u8cc7\u5408\u7d04\u3002\u7136\u800c\uff0c\u9019\u7a2e\u6295\u8cc7\u5408\u7d04\u7684\u5167\u5bb9\u5f80\u5f80\u5f88\u9577\uff0c\u4e14\u5728\u5408\u7d04\u8ac7\u5224\u968e\u6bb5\u9700\u8981\u8207\u591a\u500b\u7576\u4e8b\u4eba\u9032\u884c\u8907\u96dc\u7684\u6b0a\u5229\u95dc\u4fc2\u8abf\u6574\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u5728\u88fd\u4f5c\u6295\u8cc7\u5408\u7d04\u66f8\u7684\u524d\u671f\u968e\u6bb5\uff0c\u5be6\u52d9\u4e0a\u5e38\u5e38\u6703<strong>\u88fd\u4f5c\u4e00\u4efd\u5217\u51fa\u4e3b\u8981\u5408\u7d04\u689d\u4ef6\u7684\u689d\u6b3e\u6e05\u55ae\uff0c\u4e26\u4ee5\u6b64\u70ba\u57fa\u790e\u9032\u884c\u5408\u7d04\u8ac7\u5224<\/strong>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%A2%9D%E6%AC%BE%E6%B8%85%E5%96%AE%E7%9A%84%E9%A0%85%E7%9B%AE\"><\/span>\u689d\u6b3e\u6e05\u55ae\u7684\u9805\u76ee<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6295\u8cc7\u5408\u7d04\u4ee5\u53ca\u80a1\u6771\u9593\u5408\u7d04\u4e2d\u7684\u689d\u6b3e\u6e05\u55ae\u7684\u9805\u76ee\u6703\u56e0\u6295\u8cc7\u6848\u4ef6\u800c\u7570\uff0c\u4ee5\u4e0b\u5217\u51fa\u7684\u4e3b\u8981\u9805\u76ee\u50c5\u4f9b\u53c3\u8003\u3002\u53e6\u5916\uff0c\u5982\u679c<strong>\u767c\u884c\u985e\u5225\u80a1\u7968\uff0c\u5247\u6703\u589e\u52a0\u6709\u95dc\u985e\u5225\u80a1\u6771\u7684\u5167\u5bb9<\/strong>\u3002<\/p>\n\n\n\n<ul>\n<li>\u5408\u7d04\u7576\u4e8b\u4eba\u76f8\u95dc\u4e8b\u9805<\/li>\n\n\n\n<li>\u8cc7\u91d1\u8abf\u914d\u6982\u8ff0\uff08\u767c\u884c\u7684\u80a1\u7968\u985e\u578b\u3001\u53ef\u767c\u884c\u80a1\u7968\u7e3d\u6578\u548c\u5df2\u767c\u884c\u80a1\u7968\u7e3d\u6578\u3001\u767c\u884c\u80a1\u7968\u6578\u91cf\u3001\u767c\u884c\u50f9\u683c\u3001\u7e3d\u652f\u4ed8\u91d1\u984d\u3001\u652f\u4ed8\u689d\u4ef6\u3001\u8cc7\u672c\u91d1\u7b49\u3001\u652f\u4ed8\u671f\u9650\u3001\u8cc7\u91d1\u7528\u9014\u7b49\uff09<\/li>\n\n\n\n<li>\u985e\u5225\u80a1\u7968\u76f8\u95dc\u4e8b\u9805\uff08\u512a\u5148\u914d\u606f\u3001\u5269\u9918\u8ca1\u7522\u5206\u914d\u512a\u5148\u6b0a\u3001\u53d6\u5f97\u8acb\u6c42\u6b0a\u3001\u53d6\u5f97\u689d\u6b3e\u3001\u8868\u6c7a\u6b0a\u3001\u80a1\u7968\u5206\u5272\u7b49\uff09<\/li>\n\n\n\n<li>\u80a1\u7968\u76f8\u95dc\u4e8b\u9805\uff08\u8072\u660e\u4fdd\u8b49\u3001\u6295\u8cc7\u8005\u7684\u512a\u5148\u8a8d\u8cfc\u6b0a\u3001\u9055\u7d04\u8655\u7406\u3001\u5408\u7d04\u7d42\u6b62\u7b49\uff09<\/li>\n\n\n\n<li>\u516c\u53f8\u71df\u904b\u76f8\u95dc\u4e8b\u9805\uff08\u8cc7\u91d1\u7528\u9014\u3001\u4e0a\u5e02\u52aa\u529b\u7fa9\u52d9\u76f8\u95dc\u689d\u6b3e\u3001\u6d3e\u9063\u8463\u4e8b\u6216\u89c0\u5bdf\u54e1\u3001\u5c0d\u6295\u8cc7\u8005\u7684\u4e8b\u524d\u6279\u51c6\/\u4e8b\u524d\u901a\u77e5\u3001\u5c0d\u6295\u8cc7\u8005\u7684\u4fe1\u606f\u62ab\u9732\u3001\u5275\u696d\u80a1\u6771\u7684\u5c08\u5ff5\u7fa9\u52d9\u7b49\uff09<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%97%9C%E6%96%BC%E9%A1%9E%E5%88%A5%E8%82%A1%E7%A5%A8%E7%9A%84%E4%BA%8B%E9%A0%85\"><\/span>\u95dc\u65bc\u985e\u5225\u80a1\u7968\u7684\u4e8b\u9805<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5728\u63a5\u53d7VC\u7b49\u7684\u6295\u8cc7\u6642\uff0c\u5982\u679c\u767c\u884c\u985e\u5225\u80a1\u7968\uff0c\u5247\u985e\u5225\u80a1\u7968\u7684\u689d\u6b3e\u5c07\u88ab\u8a18\u9304\u5728\u689d\u6b3e\u6e05\u55ae\u4e2d\u3002\u985e\u5225\u80a1\u7968\u662f\u6307<strong>\u90e8\u5206\u6b0a\u5229\u7b49\u5167\u5bb9\u4e0d\u540c\u7684\u80a1\u7968<\/strong>\uff0c\u5728\u63a5\u53d7VC\u7b49\u7684\u6295\u8cc7\u6642\u53ef\u80fd\u6703\u88ab\u4f7f\u7528\u3002<\/p>\n\n\n\n<p>\u4f8b\u5982\uff0c\u6709\u8a2d\u5b9a<strong>\u5269\u9918\u91d1\u5206\u914d\u6216\u5269\u9918\u8ca1\u7522\u5206\u914d\u5167\u5bb9\u4e0d\u540c\u7684\u985e\u5225\u80a1\u7968<\/strong>\uff0c\u4ee5\u53ca\u8a2d\u5b9a<strong>\u5c0d\u67d0\u4e9b\u80a1\u6771\u5927\u6703\u6c7a\u8b70\u4e8b\u9805\u6709\u5426\u6c7a\u6b0a\u7684\u985e\u5225\u80a1\u7968<\/strong>\u7b49\u3002VC\u7b49\u7684\u6295\u8cc7\u8005\u9810\u8a08\u5728\u6295\u8cc7\u5f8c\u5c07\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u53c3\u8207\u6295\u8cc7\u516c\u53f8\u7684\u7d93\u71df\uff0c\u56e0\u6b64\u53ef\u80fd\u6703\u767c\u884c\u5177\u6709\u9019\u7a2e\u5167\u5bb9\u7684\u985e\u5225\u80a1\u7968\u3002<\/p>\n\n\n\n<p>\u5728\u767c\u884c\u985e\u5225\u80a1\u7968\u6642\uff0c\u985e\u5225\u80a1\u7968\u7684\u5167\u5bb9\u5c07\u88ab\u8a18\u9304\u5728\u689d\u6b3e\u6e05\u55ae\u4e2d\u3002\u4f8b\u5982\uff0c\u5728\u5269\u9918\u8ca1\u7522\u5206\u914d\u512a\u5148\u6b0a\u9019\u4e00\u9805\u76ee\u4e2d\uff0c\u5c07\u6709\u4ee5\u4e0b\u7684\u8a18\u8ff0\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u6bcf\u80a1\u3007\u5143\uff08\u5c0d\u6bcf\u80a1\u652f\u4ed8\u91d1\u984d\u7684\u3007\uff05\uff09\u512a\u65bc\u666e\u901a\u80a1\uff0c\u5c0d\u3007\u985e\u512a\u5148\u80a1\u70ba\uff3b\u540c\u5217or\u512a\u5148\uff3d\uff0c\u4e26\u70ba\uff3b\u53c3\u8207\u578bor\u975e\u53c3\u8207\u578b\uff3d<\/p>\n<\/blockquote>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%97%9C%E6%96%BC%E8%82%A1%E7%A5%A8%E7%9A%84%E4%BA%8B%E9%A0%85\"><\/span>\u95dc\u65bc\u80a1\u7968\u7684\u4e8b\u9805<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5728\u6295\u8cc7\u6642\u767c\u884c\u7684\u80a1\u7968\u76f8\u95dc\u4e8b\u9805\u5305\u62ec\u4ee5\u4e0b\u5e7e\u9ede\u3002<\/p>\n\n\n\n<ul>\n<li>\u95dc\u65bc\u767c\u884c\u65b0\u80a1\u7b49\u7684\u512a\u5148\u627f\u53d7\u689d\u6b3e<\/li>\n\n\n\n<li>\u95dc\u65bc\u512a\u5148\u8cfc\u8cb7\u6b0a\u30fb\u5148\u8cb7\u6b0a\u7684\u689d\u6b3e<\/li>\n\n\n\n<li>\u95dc\u65bc\u80a1\u7968\u8cb7\u56de\u7684\u689d\u6b3e<\/li>\n\n\n\n<li>\u95dc\u65bc\u5171\u540c\u92b7\u552e\u6b0a\u30fb\u8f49\u8b93\u53c3\u8207\u6b0a\u7684\u689d\u6b3e<\/li>\n\n\n\n<li>\u95dc\u65bc\u80a1\u7968\u8f49\u8b93\u7684\u689d\u6b3e<\/li>\n\n\n\n<li>\u95dc\u65bc\u9818\u552e\u6b0a(Drag Along Right)\u7684\u689d\u6b3e<\/li>\n\n\n\n<li>\u95dc\u65bc\u8996\u540c\u6e05\u7b97\u689d\u6b3e<\/li>\n<\/ul>\n\n\n\n<p>\u512a\u5148\u627f\u53d7\u689d\u6b3e\u662f\u6307<strong>\u6295\u8cc7\u8005\u6709\u6b0a\u512a\u5148\u627f\u53d7\u65b0\u767c\u884c\u7684\u80a1\u7968\u7b49<\/strong>\uff0c\u4ee5\u7dad\u6301\u81ea\u5df1\u7684\u6301\u80a1\u6bd4\u4f8b\u3002\u512a\u5148\u627f\u53d7\u6b0a\u5728\u689d\u6b3e\u6e05\u55ae\u4e0a\u6703\u88ab\u5982\u4e0b\u6240\u8ff0\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u7576\u767c\u884c\u516c\u53f8\u767c\u884c\u80a1\u7968\u7b49\u6642\uff0c\u6295\u8cc7\u8005\u53ef\u4ee5\u6839\u64da\u6301\u80a1\u6bd4\u4f8b\u512a\u5148\u627f\u53d7\u3002\u4f46\u662f\uff0c\u4e0d\u5305\u62ec\u767c\u884c\u76f8\u7576\u65bc\u5df2\u767c\u884c\u80a1\u7968\u7e3d\u6578\u7684\u3007\uff05\u7684\u80a1\u7968\u9078\u64c7\u6b0a\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u6b64\u5916\uff0c\u80a1\u7968\u8cb7\u56de\u689d\u6b3e\u662f\u6307<strong>\u5728\u67d0\u4e9b\u60c5\u6cc1\u4e0b\uff0cVC\u7b49\u6295\u8cc7\u8005\u6709\u6b0a\u8981\u6c42\u516c\u53f8\u6216\u8463\u4e8b\u8cb7\u56de\u5176\u6301\u6709\u7684\u80a1\u7968<\/strong>\u7684\u689d\u6b3e\u3002\u80a1\u7968\u8cb7\u56de\u689d\u6b3e\u5728\u689d\u6b3e\u6e05\u55ae\u4e0a\u6703\u88ab\u5982\u4e0b\u6240\u8ff0\u3002\u8cb7\u56de\u8acb\u6c42\u6b0a\u7684\u767c\u751f\u689d\u4ef6\u548c\u8cb7\u56de\u50f9\u683c\u7684\u8a08\u7b97\u65b9\u6cd5\u662f\u91cd\u9ede\u3002<\/p>\n\n\n\n<blockquote 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Right)\u662f\u6307<strong>VC\u7b49\u6295\u8cc7\u8005\u53ef\u4ee5\u4e3b\u5c0eM&amp;A\u6216EXIT<\/strong>\u7684\u689d\u6b3e\u3002\u5c0d\u65bcVC\u7b49\u6295\u8cc7\u8005\u4f86\u8aaa\uff0c\u62d6\u5e36\u6b0a\u662f\u6709\u6548\u7684\u6295\u8cc7\u56de\u6536\u624b\u6bb5\uff0c\u6709\u4e9b\u6295\u8cc7\u8005\u53ef\u80fd\u6703\u8981\u6c42\u9019\u7a2e\u689d\u4ef6\u3002<\/p>\n\n\n\n<p>\u8996\u540c\u6e05\u7b97\u689d\u6b3e\u662f\u6307<strong>\u5728VC\u7b49\u6295\u8cc7\u5f8c\uff0c\u5982\u679c\u6295\u8cc7\u516c\u53f8\u88ab\u6536\u8cfc\uff0c\u5247\u8996\u8a72\u516c\u53f8\u70ba\u5df2\u6e05\u7b97\uff0c\u4e26\u5c07\u8ca1\u7522\u5206\u914d\u7d66VC\u7b49\u6295\u8cc7\u8005\u7684\u689d\u6b3e<\/strong>\u3002\u7279\u5225\u662f\u5728\u5275\u696d\u521d\u671f\u6295\u8cc7\u7684\u60c5\u6cc1\u4e0b\uff0c\u5982\u679c\u672a\u80fdIPO\uff0c\u5247\u53ef\u80fd\u6703\u901a\u904eM&amp;A\u88ab\u6536\u8cfc\uff0c\u5982\u679c\u6c92\u6709\u8996\u540c\u6e05\u7b97\u689d\u6b3e\uff0c\u6295\u8cc7\u8005\u53ef\u80fd\u7121\u6cd5\u56de\u6536\u6295\u8cc7\u3002<\/p>\n\n\n\n<h4 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href=\"https:\/\/www.chusho.meti.go.jp\/kinyu\/shikinguri\/equityfinance\/index.html\" target=\"_blank\" rel=\"noreferrer 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