基于BP神经网络的风险投资退出模式研究

Research on Withdrawing Mode of Venture Capital Based on BP Neural Network

风险投资的退出方式受多种因素的影响,选用何种退出方式退出成了难点。IPO对于风险企业来说,可以保持风险企业的独立性还可获得在证券市场上持续融资的渠道。对于风险投资家而言可获得高额的投资回报,因此,IPO被认为是最佳的退出方式。虽然并购收益比不上IPO,但资金能很快从风险企业中退出进行新的投资。因此,并购也是风险投资退出的重要方式。通过建立风险投资退出方式的指标评价体系,并应用BP神经网络求解模型,对风险投资退出方式的综合评价结果说明,分值越高,评价指标上综合表现越佳,应优先选用IPO退出。分值越低,指标上综合表现欠缺,应优先选用清算退出。

The withdrawing mode of venture capital is affected by many reasons, so the choice of withdrawing mode becomes a difficult problem. For venture enterprise, lOP can ensure the independence of venture enterprise and acquire sustainable financing channel in stock market. For venture investment, IOP can obtain higher investment return, so it is considered the best withdrawing mode. Merger is also an important withdrawing mode of venture capital though it is not better than IPO; it can withdraw from venture enterprise quickly and then make new investment. Through building index appraisal system on withdrawing mode of venture capital and applying sdution model of BP neutral network, this paper comprehensively evaluates the withdrawing mode of venture investment and shows that when the figure is higher, the comprehensive performance of appraisal index is better, the withdrawing mode of IPO is privileged, when the figure is lower, the comprehensive performance of appraisal index is worse, so liquidation withdrawing is privileged.