风险资本退出时机和方式决策控制

对风险资本退出的两个重要问题--退出时机和退出方式进行研究.将可观测的利润流作为内生决策变量,基于实物期权方法分别建立了风险资本在股份转售、公开上市等退出方式下的退出时机决策模型;并应用金融工程中的或有要求权定价方法,求出各退出方式下的实物期权价值以及各退出方式下退出时机对应的利润流阈值;最后得到了风险资本退出时机和方式的决策控制准则,并且举例说明了该准则的应用.

Exit Decision and Control in Venture Capitals

Two important issues, viz., the timing and ways of exit of venture capitals are studied. Based on the real options approach and the contingent claims pricing method in financial engineering, the observable profit flow is defined as the endogenous variable. Exit timing models in the case of trade-sales and initial public offers(IPOs) are built up, respectively. Threshold values of profit flows as well as option values corresponding to the ways of exit are derived. Finally, criteria to make the right exit decision is obtained and a numerical example is presented to illustrate the results obtained.