创投观察：回购权争议再起，创投圈“共输”困局何解？

Core Viewpoint - The article discusses the ongoing controversy surrounding buyback clauses in venture capital, highlighting the tension between investors and startups when performance targets are not met, leading to potential legal disputes and financial strain on companies [1][2]. Group 1: Buyback Clauses in Venture Capital - Buyback clauses are common mechanisms in equity investment transactions, allowing investors to request the repurchase of shares if agreed performance targets, such as IPO or profitability, are not achieved [2]. - The increase in cases triggering buyback clauses is attributed to a slowing IPO pace in the A-share market and a rise in companies withdrawing their IPO applications, leading to conflicts between venture capital firms and startups [2][3]. Group 2: Impact on Startups - Many quality startups facing buyback triggers have technological advancements underway, and forcing short-term repayment could result in a loss for all parties involved, including the companies, investors, and technological progress [3]. - The enforcement of buyback rights can hinder the growth potential of startups, which may otherwise survive challenging periods and eventually thrive [2][3]. Group 3: Recommendations for Improvement - There is a call for a more patient approach in the primary market, moderate relaxation in the secondary market, and supportive policies for mergers and acquisitions, particularly for unprofitable companies [3]. - A stable and vibrant secondary market is essential for creating a positive cycle of investment, exit, and reinvestment, transforming buyback rights from a threat into a tool for healthy venture capital market development [4].