风险资本退出时机选择与企业股权价值的评估

The Exiting Timing of Venture Capita l and the Equity Value Evaluation of an Enterprise

风险资本的特殊性决定了其是在通过对高风险企业创业项目的投资中追求高回报的,这种回报不像传统投资一样从投资项目获利中得到,而是依赖于在不断进入退出中实现的自身价值增值。而风险资本的退出时机的决策问题在相当大的程度上同风险企业股权价值增值的水平相关。对此,引入期权的方法对被投资企业的股权增值和由此决定的退出条件作一研究。

The particularities of venture capi tal show that its return doesn' t depend on the enterprise' s profit like that of traditional investment.Ven ture capital realizes its value increment through repeated capital entr ies and exits.The exiting timing thus becomes closely related to the level of the ventur e enterprise' s equity value.In this sense,enterprise' s equity increment and the settled ex iting condition can be determined by introducing option pricing theory.