The micro-theory of venture capital

Micro-theory @ Sai Fu Yan: Recently saw a number of Chinese electric dealers, surprise found that there are Chinese-style profit model innovation: The main business is not to make money, but to make different rounds of VC/PE money dominated.　　This reminds me of the Dutch tulip of the year, we all expect to be more stupid than ourselves. @ Strange melon fight to the end: I heard that China now has more than 3,000 size PE, the average PE 10 enterprises, a total of 30,000 enterprises have been invested in PE. According to Chairman Guo's recent planning, to 2020 the total size of China's stock market is 100 trillion, a total of 4,000 companies listed. That is, nearly 2000 companies can be listed. Suppose these 2000 listed companies are these PE investment, also only 6.6%.　　According to the Historical Rate of return PE how to make money ah? @ Jingwei Zhang Ying: The U.S. entrepreneurial environment more mature, VC more subdivided more professional, but also more responsible for the money. To mention one detail, China has almost no down round (the new round is valued far below the upper whorl), which is unhealthy.　　Slowly those who "money" irresponsible VC will suffer, I am sure. @ Lee thought: about the business of Business-to-consumer e-business. At first, we thought that most of the business of the company, the best thing is to dispense with the expensive and ever-rising store rents, the higher profit margins. So E-commerce has a premium several times higher than offline entities.　　However, after two years of fight found that the Internet's flow costs accounted for the turnover ratio is not cheaper than the store rent, and the increase is more outrageous than the rent, competition more intense. @ Yu Tiecheng: Recent intensive IPO is the main culprit leading to the fall in the market, so many new shares behind the hidden is a home PE institutions, when thousands of PE in more than 10 times times the pursuit of the project and push companies to the SFC, they rarely think of themselves into the tomb dug down, this is a doomed defeat more than laughter game.　　After the new issue reform next year, a large number of projects in the pre-trial stage will be shot back, the tragedy will be accelerated. @ Ran (Weibo): Overnight, many entrepreneurs have become newspaper forecasts, open mouth is full of "cloud"! Whatever you do, put on a cloud and cloud service hat. Valen sings in the song: "If the cloud knows ... Yes, the cloud will know everything. But others have the second half: Want your night slowly boil.　　The cloud is not a label on a bottle, not a ladder to high valuations, but a new perspective and thinking and a slow boil. @ Elite Sea 辶: A large number of enterprises have not cashed the original promise: The European winter, the United States cold winter, the world is in the winter, China can ann if outside? Negative growth in Europe, 2%~3% in the U.S., and a slowdown in China, and high growth in business? The foreign market has shrunk, the domestic market does not have the big growth space, his multiplication is the fairy tale is the daydream or the myth? The capital market returns, the stock market price is still crazy, is the enterprise paranoid or investor crazy?