基于投资组合和现金流的风险投资退出决策研究

Venture Capital Exit Decision-Making Based on the Investment Portfolio and Cash Flow

本文借鉴投资组合理论,结合项目组合现金流的特点,构建了风险投资项目组合的决策模型,并设计了模型的动态规划求解方法。该模型在保证现金资源合理配置的前提下,考虑了风险投资组合退出的时机与方式,实现了全局收益的最大化。

Bases on the investment portfolio theory,and combining with the characteristics of portfolio cash flow, this article builds a venture capital portfolio decision-making model and designs a model for the dynamic programming solving methods.Under the premise of rational distribution of resources,the model considers the exiting time and manners of venture capital so as to achieve the maximization of overall revenue.