世界经济论坛×斯坦福商学院：2026全球风险投资未来洞察报告：释放流动性与增长潜力（中译版）（46页）.pdf

1、The Future of Venture Capital:Unlocking Liquidity and GrowthI N S I G H T R E P O R TM A Y 2 0 2 6In collaboration with Stanford Graduate School of Business Venture Capital InitiativeImages:Adobe Stock,Getty ImagesDisclaimer This document is published by the World Economic Forum as a contribution to

2、 a project,insight area or interaction.The findings,interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum,nor the entirety of i

3、ts Members,Partners or other stakeholders.2026 World Economic Forum.All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means,including photocopying and recording,or by any information storage and retrieval system.ContentsForeword 3Executive summary

4、 41 Why venture capital matters and why the model is under strain 61.1 What makes venture capital unique 81.2 The US case study:From ERISA to market dominance 91.3 The global expansion of the asset class 102 The liquidity squeeze and the exit gap 112.1 The exit and distribution gap 132.2 The scale o

5、f trapped value 172.3 The rise of secondary markets 182.4 Improving secondary-market infrastructure 203 The global scale-up gap in innovation 223.1 The new geography of innovation:Scaling start-ups 233.2 How success breeds ecosystems:The power of founder factories 284 Strengthening the foundation:Ca

6、pital,regulation andinstitutional reform 294.1 How the LP landscape is changing 304.2 Regulatory fragmentation:The invisible scaling tax 325 AI and the new economics of venture capital 335.1 From software to labour markets 345.2 The new growth playbook:Faster,leaner,harder to value 345.3 Private cap