创业投资的全部与部分退出的选择研究

Study on the choices of full and partial venture capital exits

本文在信息不对称性的条件下,首先分析了创业投资的五种退出方式:首次公开上市(IPO)退出、被其他企业兼并或收购退出、二次出售退出、股本赎回或私人收购退出和破产清算退出方式。在此基础上探讨了在不同的情况下创业投资的全部与部分退出的最佳选择。

Under asymmetric information, firstly this paper analyzes following five venture capital exit vehicles initial public offer（IPO） exit,merger or acquisition exit,secondary sale exit,shares buyback or private purchase exit and bankruptcy liquidation exit. Based on the analysis, the paper discusses the best choice of full and partial venture capital in different cases.