摘要
过去三十年,天使投资和风险投资行业方兴未艾。特别是近十年,中国的创业大潮兴起,很多的创业企业借助资本的力量迅速崛起,甚至成为各个细分领域的独角兽,相比过去传统企业,现在企业在外力作用下的成长和迭代速度越来越快。一方面,资本加速企业的成长,是正向的推动力;另一方面,每一个资本都有自己的时间期限,不能无限期陪跑企业,在合适的时机资本也会寻求退出。所以,投资方在最初签订的投资协议中一般都有关于回购或者退出的约定。资金寻求退出,企业面临大笔现金流的抽离,势必打乱企业原来的发展计划,为了控制这种变化对企业带来的风险,企业在此之前应充分论证回购对于经营各方面的影响,提前进行战略布局策划,提前做好准备,来迎接资本退出带来的重大战略和管理调整。本文从企业经营的各个方面来论证在面临回购的压力下,企业应提前谋划的战略布局。
In the past three decades,the angel investment and venture capital industry has been in the ascendant.Especially in the past decade,China’s entrepreneurial tide has risen,and many entrepreneurial companies have risen rapidly with the power of capital,and have even become unicorns in various segments.Compared with traditional companies in the past,today’s companies have grown under the influence of external forces,and the speed of iteration is getting faster and faster.On the one hand,capital accelerates the growth of an enterprise,which is a positive driving force;on the other hand,every capital has its own time limit and cannot accompany the enterprise indefi nitely.Capital will also seek to withdraw at the right time.Therefore,investors generally have agreements on repurchase or withdrawal in the initial investment agreement signed.The capital seeks to withdraw,and the company faces the withdrawal of large amounts of cash flow,which will inevitably disrupt the company’s original development plan.In order to control the risks that this change brings to the company,companies should fully demonstrate the impact of repurchase on their operations,plan their strategic layout in advance,and make preparations in advance to meet the major strategic and management adjustments brought about by capital withdrawal.This article demonstrates from all aspects of business operations that companies should plan their strategic layout in advance under the pressure of repurchase.
作者
黄愈男
HUANG Yunan(Guangzhou Sijiuyou Network Technology Co.,Ltd.)
出处
《中国商论》
2021年第12期85-87,共3页
China Journal of Commerce
关键词
股权回购
资本退出
战略布局
组织架构
企业管理
equity repurchase
capital withdrawal
strategic layout
organizational structure
corporate management
