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我国风险投资最优退出方式及退出时机研究 被引量：5

Study on the Exit Mechanism of our Venture Capital
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摘要 风险投资的退出至关重要。一般说来,退出决策包括退出方式的选择和退出时机的选择。在建立一个模型基础上,分析了何时采用何种方式退出实现社会福利最大化;运用实物期权理论,对风险投资的退出时机选择进行定量分析,以期为风险投资的实务工作者和理论工作者提供一些指导。 The exit of venture capital includes the mode and time selection of the exit.The paper introduces the idea of the welfare economics by establishing a model to analyze the manner in which to maximize the social welfare.The paper has a quantitative analysis with the real option theory to decide what time is the best time to exit of the venture capital of investment.
作者 陈晔峰
机构地区 上海财经大学公共经济与管理学院
出处 《科技管理研究》 北大核心 2010年第14期261-263,共3页 Science and Technology Management Research
基金 上海市科技创新项目"面向汽车后市场的供应链管理系统研发与应用"(08DZ1120500)
关键词 风险投资 退出机制 最优退出 实物期权 venture capital exit mechanism optimal exit real option
分类号 F224 [经济管理—国民经济] F832.48 [经济管理—金融学]
  • 相关文献

参考文献7

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共引文献12

同被引文献40

  • 1Chemmanur T. J., Fulghieri P. A Theory of the Going - Public Decision [J]. The Review of Financial Studies, 1999, (12): 249- 279.
  • 2Maksimovic V., Pichler P. Technological Innovation and Initial Public Offerings [J]. The Review of Financial Studies, 2001, (14): 459-494.
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  • 4Spiegel M., Tookes H. Dynamic Competition, Innovation and Strategic Financing [ R]. Working Paper, Yale University, 2007.
  • 5Stoughton N.M., Wong K.P., Zechner J. and Prod- uet Quality [J]. Journal of Business, 2001, (74) : 375 - 408.
  • 6Chemmanur T.J., Yah A. Product Market Advertising and New Equity Issues [ J]. Journal of Financial Economics, 2009, (92): 40-65.
  • 7Fuighieri P., Sevilir M. Organization and Financing of In- novation, and the Choice betwcem Corporate and Independent Venture Capital [ J]. Journal of Financial and Quantitative Analysis, 2009, (44) : 1291 - 1321.
  • 8Hellnmnn T. IPOs, Acquisitions and the Use of Convertible Securifies in Venture Capital [J]. Joumal Financial Economics, 2006, (81): 649-679.
  • 9Fulghieri P., Sevilir M. Size and Focus of a Venture Capi-talists Portfolio [J]. Review of Financial Studies, 2009, (22) : 4643 -4680.
  • 10Lowry M., Schwert G. Is the IPO Pricing Process Efficient [ J ]. Journal of Financial Economies, 2004, (71): 3 - 26.

引证文献5

二级引证文献4

科技管理研究
2010年 第14期

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