创业投资机构的退出方式与时机选择——基于政府支持的分析视角

The Exit Mode and Timing of Venture Capital——A Perspective of Government Support

本文以我国创业机构的投资和退出事件作为研究样本,从是否成功退出、退出方式、退出速度三个维度考察政府支持对创业投资机构退出环节的影响。研究发现,相比较政府控股的创业投资机构,非政府控股的创业投资机构成功退出的概率会更高。政府控股的创业投资机构中引入民营股东能够提高创业投资机构成功退出的概率。在成功退出的方式方面,政府控股的创业投资机构相比较非政府控股的创业投资机构更有可能通过并购重组的方式退出,而国有和民营资本混合入股支持的创业投资机构更有可能通过IPO的方式进行。在退出速度方面,政府控股的创业投资机构降低了退出的概率,放慢了退出的速度。研究结论表明,政府支持的创业投资机构中适当地引入民营资本,实行混合所有制的股权结构能够增加创业投资机构的创业活力。本文的结果表明创业投资机构的混合所有制形式有利于自身的成功退出,这为我国创业投资行业的股权改革发展提供了理论借鉴。

Focusing on the investment and exit events of venture capital in China,the research examines the effects of government support on the exit of venture capital from the following three dimensions:whether exit successfully,exit modes and exit speed.As to exit successfully,the result shows that,compared with government-controlled venture capital(GVC),the probability of exit of non-government-controlled venture capital is higher.Government-controlled venture capitals with shareholders from private firm have a higher probability to exit.As to the exit modes,government-controlled venture capitals have a higher probability to exit through merge and acquisition than non-government-controlled venture capital.Venture capital supported by both state capital and private capital have a higher probability to exit through IPO.As to the exit speed,government-controlled venture capitals decrease the probability of exit and lower the speed of exit.The result suggests that government-supported venture capitals increase shareholders from private firms properly and mixed ownership enhances entrepreneurial vitality of venture capitals.The study suggests that the mixed ownership is beneficial for venture capitals to exit successfully and provides theoretical references for stock reform in the industry of venture capital.