风险投资退出机理研究

A study on the exit mechanism of venture capital

风险投资的生命力在于风险资本的不断循环流动,准确识别风险企业发展前景,及时采取相应退出对策对于风险投资公司取得预期收益、减少投资损失具有十分重要的意义。本文首先分析了风险投资家的中止决策活动,得出了风险投资中止决策的5个决定性因素和12个关键性因素及中止决策规则,然后提出了根据风险企业现状、发展前景、外部环境特点选择风险资本最有利退出方式和最佳退出时机的相关模型。

The vitality of venture capital is its continuous cycle and flow. It is important to identify the future of venture capital backed firms and make corresponidng exit countermeasures for venture capitalists to obtain the expected investment returns or derease capital losses. The termination decision of venture capital is analyzed firstly in this paper,5 critical factors, 12 key factors,and a decision rule for terminating are gained.Then models for selecting the best exit way and best time are proposed.