风险投资退出时机研究  

Research on Exit Time of Venture Capital

作　　者：彭海城[1] 林建坤[2] 

机构地区：[1]华中科技大学经济学院,湖北武汉430074 [2]厦门大学南洋研究院,福建厦门361005

出　　处：《南方金融》2011年第4期65-67,53,共4页South China Finance

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.

关 键 词：风险投资 退出时机 信息不对称 退出成本 

分 类 号：F830.59[经济管理—金融学]