风险投资退出决策的复合模型研究  

A Compound Model for Venture Capital Exit Decision-making

作　　者：安实[1] 王烜[1] 

机构地区：[1]哈尔滨工业大学管理学院,黑龙江哈尔滨150001

出　　处：《系统工程理论与实践》2005年第9期15-21,共7页Systems Engineering-Theory & Practice

摘　　要：针对多阶段风险投资过程中信息不对称性以及收益不确定性的特征,在考虑投资策略组合的基础上,采用不完全信息静态博弈理论和动态规划方法,构造了股权债权混合投资时,目标函数为风险投资公司退出效用最大化的退出决策复合模型.该模型合理分配了股权投资和债权投资比例,有效解释了风险投资投资退出时机和退出方式的选择,可以作为风险投资公司进行投资退出决策的依据.Contrapesing multi-stage venture investment projects with asymmetric information and uncertain return, considering venture capitalists＇ investment strategies, and using incomplete information static game theory and dynamic programming method, this paper develops a compound modal on exit decision to maximize utility of venture capitalists investing in debt and equity. The model properly allots the proportion between debt and equity, effectively demonstrates the choice of venture capitalists in determination of exit time and exit manner, and can be the operation gist for venture capitalists to make exit decision.

关 键 词：风险投资 退出决策 复合模型 不完全信息静态博弈 动态规划 

分 类 号：F830.59[经济管理—金融学]