风险投资退出时机研究被引量：1

Research on Exit Time of Venture Capital

下载PDF

导出

摘要信息不对称是风险投资运作过程中的重要特征,而退出环节的信息不对称的表现形式不仅与其它环节相似,而且还有其特殊性。不同类型的信息不对称从不同的角度影响风险投资的退出时机。风险投资家在退出过程中必须以企业当前的状态为基础,结合风险资金市场供求和已确定的退出方式,准确把握风险投资运作过程中各种信息不对称的状况,选择能最大化其退出收益的最优退出时机。 The most important characteristic of venture capital market is information asymmetry. Information asymmetry in the process of exit is not only similar to other process, but also different from other process, which has a great impact on the venture capital exiting time. Based on the current state of venture enterprise and supply and demand of venture capital market and the conditions of different types of asymmetric information, Venture capitalists should choose the right exit time to maximize their benefits.

作者彭海城林建坤

机构地区华中科技大学经济学院厦门大学南洋研究院

出处《南方金融》北大核心 2011年第4期65-67,53,共4页 South China Finance

关键词风险投资退出时机信息不对称退出成本 Venture Capital Exit Time Information Asymmetry Exit Costs

分类号 F830.59 [经济管理—金融学]

引文网络
相关文献

参考文献11

1Barry C.B., et al.. The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going- public Process[J]. Journal of Financial Economics, 1990, 27(2).
2Bruton G.D., et al.. Private Equity in China[J]. The Journal of Private Equity, 1999, 2(2).
3Cumming D.J., J.G. Macintosh. A Cross-country Comparison of Full and Partial Venture Capital Exits[J]. Journal of Banking & Finance, 2003, 27(3).
4Cumming D.J., J.G. Macintosh. Venture Capital Investment Duration in Canada and the United States[J]. Journal of Multinational Financial Management, 2001, 11(4-5).
5Gompers P., J. Lerner. Money Chasing Deals? The Impact of Fund Inflows on Private Equity Valuation[J]. Journal of Financial Economics, 2000, 55(2).
6Lee P.M., S. Wahal. Grandstanding. Certification and the Underpricing of Venture Capital Backed IPOs[J]. Journal of Financial Economics, 2004, 73(2).
7Lieber D.. Proactive Portfolio Management[J]. The Journal of Private Equity, 2004, 7(2).
8Lin T.H., R.L. Smith. Insider Reputation and Selling Decisions: the Unwinding of Venture Capital Investments During Equity IPOs[J]. Journal of Corporate Finance, 1998 4(3).
9Ljungquist A.R.M.. The Investment Behavior of Private Equity Fund Managers[R]. Unpublished Working Paper: Stem School of Business New York University, 2003.
10McKaskill T., K.M. Weaver and P. Dickson. Developing An Exit Readiness lndex: A Research Note[J]. Venture Capital, 2004, 6(2).