成长期企业融资困局待解 “C轮死”魔咒背后存四大症结

Core Insights - The venture capital market is experiencing a "dumbbell" financing structure, where early-stage projects attract capital through technology stories, and mature companies pursue IPOs, leaving growth-stage companies in a challenging middle ground [1] - Growth-stage companies are struggling to secure financing due to a lack of early-stage valuation appeal and insufficient liquidity and "self-sustaining" capabilities typical of mature companies [1] Group 1: Financing Challenges - Growth-stage companies are facing a significant financing gap, with investment in this stage dropping from 32.6% in 2021 to 19.6% in 2025, while mid-stage investment has halved from 16.3% to 7.9% [2] - The B round has become a critical financing hurdle, as companies at this stage are expected to demonstrate commercial viability and operational data, which increases the difficulty of securing funding [3] - Key issues identified include high valuations, slow commercialization progress, insufficient cash flow, and weak liquidity, making it hard for growth-stage companies to attract investment [5] Group 2: Causes of the "C Round Death" Phenomenon - The "C round death" phenomenon persists due to a mismatch between investor expectations and the actual value of growth-stage companies, leading to reluctance in funding [4][8] - Investors are increasingly focused on tangible operational metrics rather than just potential, which complicates the financing landscape for growth-stage companies [4] Group 3: Potential Solutions - A shift towards accepting lower valuations during economic downturns could help bridge the financing gap, as seen in the U.S. venture capital market where down rounds account for a significant portion of financing events [8] - Financial innovation tailored to growth-stage companies, such as allowing private investment institutions to participate in convertible bonds, could provide flexible funding solutions [9] - Collaboration with industrial capital can offer growth-stage companies essential resources and support, but it is crucial to prevent monopolistic practices that could stifle innovation [9]