回购退出
回购退出-
美国风险投资退出渠道主要以IPO和并购为主，而德国风险投资主要以股票回购退出为主。
Compared with the USA venture capital that usually exits by IPO and M & A , the major exit way of Germany venture capital is only Buyout .
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在获得预期收益后，风险资金可选择股份转让、股份回购两种退出方式。
When the prospective income is acquired , the venture capital can drop our in two ways : share transfer and share redemption .
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德国以银行为导向的金融体制，与我国非常相似，并不发达的资本市场，决定了以并购和回购为主要的退出方式。
Similar to China , German financial system is bank-oriented , and its underdeveloped capital markets decide that its main forms of exit are mergers and acquisitions .