投资内地公司需勇气耐心

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投资内地公司需勇气耐心

Monday, July 18, 2011

内地企业的发展往往受到监管制度变化的干扰，因此投资内地公司，就必须接受这家公司的动荡过去。

深圳创新投资集团公司总裁、深圳市创业投资同业公会会长李万寿表示，虽然面临各种挑战，但内地企业上市时，风险投资和私募资本投资者都发挥重要作用，帮助内地企业将以往的不良纪录勾销。

李万寿曾是公务员，90年代在深圳成立风投公司。

他说，外界近来颇为关注在香港和内地上市的内地公司审计问题，这很大程度上是因为这些公司未必有能力与时俱进地调整经营手法。

他说，内地经济环境正逐渐规范，内地企业在这种环境下不断成长，经受资本市场和政策法规不断变化的洗礼。在这个过程中，很多灰色地带都会浮出表面。例如，十年前一家公司可能会为了得到银行贷款、继续维持经营而夸大市值。但随着监管制度更加严格，就必须勾销不良纪录，尤其对于有意上市的公司而言。

Making an investment in courage and patience

Shenzhen venture capital firm has the confidence to look beyond the mainland market's past mistakes

Deciding to invest in a mainland company requires accepting its tumultuous history, as periods of growth are often punctuated by changes in the regulatory framework in fast-changing capital markets.

But despite the challenges, venture capital and private equity investors have played an important role by helping companies clear their slates as they go public, according to Li Wanshou, president of the Shenzhen Capital Group and Shenzhen Venture Capital Association.

Li, who comes from a civil service background, started his venture capital firm in Shenzhen in the 1990s.

Recent concerns over the auditing practices of mainland companies listed in Hong Kong and on the mainland could largely be explained by the ability or inability of those companies to change their business practices with the times, he said.

"The corporates in mainland China grew up in an economic environment that has gradually become more regulated. They are now being baptised with the changes in capital market and regulations, and in this process a lot of grey areas will surface," he said. For example, a company might have exaggerated its market capitalisation a decade ago in order to secure bank loans and survive in a cut-throat industry. But now it must clean its slate since regulations have become more stringent, especially if it wants to go public.