{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"Sigumdic","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/sigumdic","title":"\u6295\u8cc7\u89e3\u5bc6\uff1a\u904e\u534a\u7f8eIPO\u70baVC-backed\u7684 IPO - \u751a\u9ebc\u662f\u300cVC-backed\u300d\uff1f\u4ee5\u6578\u64da\u8a73\u8aaa\u8cc7\u91d1\u93c8\uff0c\u5f9eVC\u5206\u8fa6IPO\u516c\u53f8\u597d\u58de\u3001\u770b\u75ab\u60c5\u5f8c\u521d\u5275\u878d\u8cc7 - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/488288\">\u6295\u8cc7\u89e3\u5bc6\uff1a\u904e\u534a\u7f8eIPO\u70baVC-backed\u7684 IPO &#8211; \u751a\u9ebc\u662f\u300cVC-backed\u300d\uff1f\u4ee5\u6578\u64da\u8a73\u8aaa\u8cc7\u91d1\u93c8\uff0c\u5f9eVC\u5206\u8fa6IPO\u516c\u53f8\u597d\u58de\u3001\u770b\u75ab\u60c5\u5f8c\u521d\u5275\u878d\u8cc7<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),n=d.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),o=0;o<n.length;o++)n[o].style.display=\"none\";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute(\"style\"),\"height\"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if(\"link\"===t.message)if(a=d.createElement(\"a\"),i=d.createElement(\"a\"),a.href=r.getAttribute(\"src\"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener(\"message\",c.wp.receiveEmbedMessage,!1),d.addEventListener(\"DOMContentLoaded\",t,!1),c.addEventListener(\"load\",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf(\"MSIE 10\"),a=!!navigator.userAgent.match(\/Trident.*rv:11\\.\/),i=d.querySelectorAll(\"iframe.wp-embedded-content\"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute(\"data-secret\"))t=Math.random().toString(36).substr(2,10),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute(\"security\"),e.parentNode.replaceChild(t,e)}}}}(window,document);\n\/\/--><!]]>\n<\/script><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/488288\/embed\" width=\"600\" height=\"338\" title=\"&#8220;\u6295\u8cc7\u89e3\u5bc6\uff1a\u904e\u534a\u7f8eIPO\u70baVC-backed\u7684 IPO &#8211; \u751a\u9ebc\u662f\u300cVC-backed\u300d\uff1f\u4ee5\u6578\u64da\u8a73\u8aaa\u8cc7\u91d1\u93c8\uff0c\u5f9eVC\u5206\u8fa6IPO\u516c\u53f8\u597d\u58de\u3001\u770b\u75ab\u60c5\u5f8c\u521d\u5275\u878d\u8cc7&#8221; &#8212; Fortune Insight\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime.fortuneinsight.com\/web\/wp-content\/uploads\/2020\/08\/GettyImages-1144257022.jpg","thumbnail_width":4000,"thumbnail_height":2697,"description":"\u5927\u5e02\u5206\u6790\u5927\u591a\u7531\u80a1\u5e02\u51fa\u767c\uff0c\u4e0a\u5e02\u524d\u6084\u7136\u5192\u8d77\u7684\u516c\u53f8\uff0c\u4ee5\u53ca\u5176\u6295\u8cc7\u6d3b\u52d5\uff0c\u4e00\u822c\u4eba\u96e3\u4ee5\u5f97\u77e5\u3002\u4e0a\u5e02\u524d\u5f8c\u7684\u6295\u8cc7\u4e16\u754c\u8cc7\u91d1\u6d41\u52d5\u6027\u5927\u6709\u4e0d\u540c\uff0c\u56e0\u6b64\u5341\u5206\u4f9d\u8cf4\u79c1\u52df\u57fa\u91d1\u3002\u5176\u6578\u64da\u6c92\u6709\u80a1\u5e02\u8907\u96dc\u3001\u6ce2\u52d5\uff0c\u52a0\u4e0a\u8cc7\u91d1\u93c8\u6108\u898b\u6210\u719f\uff0c\u7528\u4ee5\u8cc7\u7522\u50f9\u683c\u548c\u884c\u696d\u5206\u6790\u66f4\u80fd\u6d1e\u5bdf\u5148\u6a5f\u3002\u4ee5\u4e0b\u6df1\u5165\u6dfa\u51fa\u4ee54\u5e45\u6578\u64da\u5716\u4ecb\u7d39\u5982\u4f55\u5f9e\u904e\u5f80\u53ca\u4eca\u5e74\u79c1\u52df\u57fa\u91d1\u6578\u64da\uff0c\u5206\u6790\u75ab\u60c5\u5f8c\u7d93\u6fdf\u6d3b\u52d5\u8d70\u52e2\uff0c\u4ee5\u53ca\u666e\u901a\u6295\u8cc7\u8005\u5982\u4f55\u53c3\u8207\u5176\u4e2d \u2014 \u4ee5\u5f8c\u7684\u300c\u6295\u8cc7\u89e3\u5bc6\u300d\u5c07\u6703\u6df1\u5165\u63a2\u8a0e\u65e9\u671f\u6295\u8cc7\uff1b\u300c\u79d1\u6280\u89e3\u5bc6\u300d\u5247\u4ee5\u884c\u696d\u70ba\u4e3b\u3001\u79d1\u6280\u5e36\u52d5\u7684\u6539\u8b8a\u4f5c\u5206\u6790\uff1b\u300c\u521d\u5275\u89e3\u5bc6\u300d\u6703\u8b1b\u8ff0\u71df\u904b\u5206\u6790\u3002\u75ab\u60c5\u96d6\u7136\u8271\u96e3\uff0c\u5c0d\u521d\u5275\u4f86\u8aaa\u5c07\u8fce\u4f86\u96e8\u5f8c\u7684\u6625\u5929 \u2014 VC\u7684\u8cc7\u91d1\uff0c\u65bc\u672a\u4f86\u4e00\u5169\u5e74\u5fc5\u6703\u6e67\u5165\u5e02\u5834\u3002 &nbsp; 1. \u80cc\u666f &#8211; \u65e9\u671f\u8cc7\u91d1\u93c8\u8207\u80a1\u5e02\u7684\u806f\u7e6b 2019\u5e74\u5167\uff0c\u7f8e\u570b\u6709159\u5b97IPO\uff0c\u5176\u4e2d80\u5b97\u662f\u300cventure capital (VC) backed IPO\u300d\uff0c\u5373\u66fe\u6709VC\u98a8\u96aa\u6295\u8cc7\u57fa\u91d1\u53c3\u8207\u7684IPO\u3002\u65bcVC\u884c\u5167\uff0cIPO\u4e00\u5411\u662f\u8f03\u4f73\u7684exit\u9078\u9805\uff0c\u51fa\u552e\u7576\u5e74\u5728\u516c\u53f8\u9084\u662f\u521d\u5275\u7684\u6642\u5019\u6240\u8cb7\u5165\u7684\u80a1\u4efd\u3002VC\u65bcDot-com Bubble\u5e74\u4ee3\u958b\u59cb\u8208\u8d77\uff0c\u5c08\u9580\u6295\u8cc7\u65b0\u578b\u3001\u9ad8\u901f\u589e\u9577\u7684\u516c\u53f8\u3002\u9019\u4e9b\u79d1\u6280\u516c\u53f8\u53d7\u5e02\u5834\u6b61\u8fce\uff0c\u5927\u90e8\u4efd\u65bc\u75ab\u60c5\u4e2d\u8868\u73fe\u826f\u597d\u3002\u65bc\u904e\u53bb\u5e7e\u5e74VC-backed\u516c\u53f8\u4f54\u6240\u6709\u4e0a\u5e02\u65b0\u80a1\u4ea6\u5e74\u5e74\u4e0a\u5347\u3002 &nbsp; &nbsp; \u4e0a\u5e02\u524d\uff0c\u4e00\u5bb6\u516c\u53f8\u4e0d\u591a\u4e0d\u5c11\u90fd\u8981\u7d93\u6b77\u5c0b\u627eVC\u6216PE\u57fa\u91d1\u6295\u8cc7\u7684\u968e\u6bb5\uff0c\u5f9e\u7a2e\u5b50\u8f2aseed\u3001A\u8f2aseries A\u3001B\u8f2aseries B\u6578\u5230Airbnb\u7684series F\uff0c\u7531\u5929\u4f7f\u6295\u8cc7\u8005\u3001\u65e9\u671fVC\u3001\u6210\u9577\u671fVC\u53ca\u5f8c\u671fVC\uff0c\u8d70\u5230\u4f75\u8cfc\u3001\u4e0a\u5e02\u6216\u79c1\u52df\u57fa\u91d1\u63a5\u624b\u3002\u9019\u689d\u8cc7\u91d1\u93c8\u6108\u5b8c\u5584\uff0c\u516c\u53f8\u5f9e\u6210\u7acb\u3001\u64f4\u5f35\u3001\u8d70\u5230\u516c\u958b\u62db\u80a1\u7684\u4fbf\u66f4\u6d41\u66a2 \u2014 \u7279\u5225\u662f\u5728\u7d93\u6fdf\u8f49\u578b\u6642\u66f4\u986f\u9700\u6c42\u3002\u6709\u4e0d\u5c11\u5927\u578bVC\u65bc\u904e\u53bb\u5e7e\u5e74\u5f9eVC\u5ef6\u4f38\u81f3\u8f03\u5927\u578b\u3001\u591a\u5143\u5316\u7684\u57fa\u91d1\u6a21\u5f0f\uff0c\u5c0d\u4e0a\u5e02\u64cd\u4f5c\u6108\u4f86\u6108\u4e86\u89e3\u3002\u5967\u535a\u8cc7\u672c\u4fbf\u662f\u5176\u4e2d\u4e00\u500b\u65bc2019\u5e74\u63a8\u4e865\u5bb6\u751f\u7269\u79d1\u6280\u516c\u53f8\u4e0a\u5e02\u7684\u57fa\u91d1\u300282\u5b97\u7684IPO\u662fVC\u6295\u8cc7\u7684\u516c\u53f8\uff0c\u610f\u5473\u8457\u9019\u4e9b\u7d55\u5927\u90e8\u4efd\u662f\u79d1\u6280\u521d\u5275\u3001\u589e\u5f35\u9ad8\u901f\u6216\u6f5b\u529b\u53ef\u89c0\u7684\u516c\u53f8\u3002\u6211\u5011\u5728\u5831\u7d19\u770b\u5230\u6216\u807d\u5230\u9019\u4e9b\u516c\u53f8\u524d\uff0c\u4fbf\u662f\u900f\u904eVC\u7684\u8cc7\u91d1\u5728\u919e\u91c0\u53ca\u64f4\u5f35\u3002 \u75ab\u60c5\u8fce\u4f86\u4e86\u65e9\u5c31\u84c4\u52e2\u5f85\u767c\u7684\u79d1\u6280\u4e16\u754c\uff0c\u300cYou might not be a software company, but there will be a software company in your industry\u300d\u3002\u524d\u671f\u6295\u8cc7\u8005\u8457\u91cdexit\uff0c\u9999\u6e2f\u4e00\u5411\u64c5\u9577\u5e6b\u516c\u53f8\u63a8\u4e0a\u5e02\uff0c\u4f46\u4ecd\u662f\u7f3a\u4e4f\u61c2\u770b\u65e9\u671f\u516c\u53f8\u7684VC\u3002\u800c\u4e2d\u570bVC\u4e5f\u6709\u5f88\u591a\u63a8\u5230\u7f8e\u570b\u4e0a\u5e02\uff0c\u8ca1\u6280\u8207\u5426\uff0c\u8996\u4e4e\u4e2d\u9593\u71df\u904b\u6578\u64da\u7684\u6c34\u4efd\u591a\u5c11 \u2014 \u5728\u9019\u4e00\u9ede\u4e0a\uff0cVC\u8207VC\u4e4b\u9593\u6709\u8457\u5f88\u5927\u7684\u5206\u5225\uff0c\u4ee5\u5c08\u6295\u521d\u5275\u8d77\u5bb6\u7684VC\u5927\u591a\u7fd2\u6163\u6295\u8cc7\u672a\u6709\u7a69\u5b9a\u73fe\u91d1\u6d41\u7684\u9805\u76ee\uff0c\u89c0\u5bdf\u71df\u904b\u548c\u5718\u968a\u6703\u66f4\u52a0\u6df1\u5165\uff1b\u800c\u4e14\u6108\u65e9\u878d\u8cc7\u7684VC\u53c3\u8207\u904e\u516c\u53f8\u6108\u591a\u8f2a\u7684\u878d\u8cc7\u4ea6\u662f\u5c0d\u516c\u53f8\u4fe1\u5fc3\u7684\u8868\u73fe\u3002\u56e0\u6b62\uff0c\u770b\u516c\u53f8\u65e9\u671f\u53c3\u8207\u7684VC\u548c\u5176\u8072\u8b7d\u4e5f\u53ef\u63a2\u77e5\u4e00\u4e8c\uff0c\u5927\u90e8\u4efd\u4e5f\u6253\u8457\u8207founder\u5171\u4e8b\u7684\u65d7\u865f\uff0c\u5341\u5206\u770b\u91cd\u71df\u904b\u3002\u50cf\u6295\u884cVC\u3001\u4e3b\u6b0a\u57fa\u91d1\u3001softbank\u7b49\u9019\u4e9b\u504f\u8d70\u5411\u9ad8\u4f30\u50f9\u7684\u57fa\u91d1\uff0c\u57fa\u91d1\u7d93\u7406\u5927\u591a\u53ea\u770b\u8ca1\u52d9\u6578\u5b57\uff0c\u4e0d\u61c2\u5f9e\u5be6\u8cea\u71df\u904b\u800c\u5931\u624b\uff0c\u745e\u5e78\u5496\u5561\u4fbf\u662f\u5176\u4e2d\u4e00\u500b\u4f8b\u5b50\u3002 &nbsp; 2. VC\u5728\u75ab\u60c5\u4e2d\u7684\u9592\u7f6e\u8cc7\u91d1 \u904e\u5f80VC\u56de\u5831\u544a\u8a34\u4e86\u6211\u5011\uff0c\u7d93\u6fdf\u8870\u9000\u5f8c\u7684\u65e9\u671f\u6295\u8cc7\u56de\u5831\u662f\u6700\u9ad8\u7684\u3002VC\u3001PE\u57fa\u91d1\u7684\u770b\u6cd5\uff0c\u50cf\u7d05\u9152\u822c\u8981\u770b\u51fa\u7522\u5e74\u4efd \u2014 vintage year\u3002VC\u7684Vintage year\u8207\u5176\u56de\u5831\uff0c\u770b\u51fa\u8870\u9000\u5f8c\u7684\u516c\u53f8\u589e\u52a0\u6700\u591a\u7684\u50f9\u503c\uff1a2009\u5e74\u7684PE\u56de\u5831 (Median IRR) \u7279\u5225\u9ad8\uff0c\u70ba13.9%\uff0c\u76f8\u6bd42006\u5e74\u56de\u5831\u70ba8.1%\u3002\u5728\u8cc7\u7522\u50f9\u683c\u56de\u843d\u53ca\u7d93\u6fdf\u8f49\u578b\u5e36\u4f86\u7684\u6a5f\u6703\uff0c\u70ba\u7d93\u6fdf\u8870\u9000\u5f8c\u7684\u65e9\u671f\u6295\u8cc7\u5e36\u4f86\u66f4\u597d\u7684\u56de\u5831\u3002 VC\u7684\u8cc7\u91d1\u4e00\u9396\u9396\u4e0a\u516b\u5e74\u5341\u5e74\uff0cPE\u4e5f\u8d77\u78bc\u4e94\u5e74\u3002\u524d\u534a\u622a\u6295\u8cc7\u671f\uff0c\u5f8c\u534a\u622a\u6536\u6210\u671f\uff08\u51fa\u552e\u8cc7\u7522\uff09\u3002\u6210\u719f\u7684\u57fa\u91d1\u6295\u8cc7\u9805\u76ee\u5927\u591a\u6578\u90fd\u5806\u5728\u982d1\u30012\u5e74\uff0c\u56e0\u70ba\u8981\u7b49\u521d\u5275\u9577\u5927\uff0c\u4e26\u4e14\u89c0\u5bdf\u516c\u53f8\u8868\u73fe\u800c\u6c7a\u5b9a\u6703\u5426\u65bc\u5f80\u5f8c\u589e\u8cc7\uff0c\u6108\u65e9\u671f\u6295\u8cc7\uff0c\u4fbf\u8981\u7b49\u6108\u4e45\u3002Zoom\u6210\u7acb\u4e868\u5e74\u624dIPO\uff0c\u4f46\u5df2\u7d93\u7b97\u5feb\u3002\u56e0\u6b64VC\u500b\u5225\u4f86\u8aaa\u4e0d\u592a\u53d7\u7d93\u6fdf\u5468\u671f\u5f71\u97ff\u3002 [&hellip;]"}