中国风险投资中不同退出方式选择的影响因素研究  

The exit decision in the China venture capital market

作　　者：杨子 YANG Zi(Business School,Aberystwyth University,Wales,United Kingdom,SY23)

机构地区：[1]亚伯大学商学院,英国威尔士SY23

出　　处：《贵州财经大学学报》2022年第6期65-74,共10页Journal of Guizhou University of Finance and Economics

摘　　要：基于2013~2019年的中国风险投资市场中的退出事件,创造性地使用风险竞争模型与多元逻辑回归模型研究了风险投资者选择不同的退出方式的影响因素。其中包括风险投资者投资的时长与金额对不同退出方式选择的影响、被投初创企业所处的行业与地理位置对不同退出方式选择的影响。研究发现:在中国风险投资市场中,一是风险投资者投资的时间越长,最后选择上市退出的概率越大,这样的结论与西方学者对当地风险投资退出因素影响的研究结论不尽相同。二是风险投资者投资的金额大小对退出方式的选择没有显著影响。三是被投初创企业坐落于中国三大城市带会增加风险投资者选择上市退出的概率。四是高新技术行业的被投初创企业并不能为风险投资者选择上市退出提供帮助,反而会减少选择上市退出的概率。This article analyses the exit decision in the China venture capital market,studying what factors can affect the exit decision of venture capitalists.Using a competing risks model and multinomial logistic regression model,this article examines the impact on the exit decision of not only the characteristics of venture capital investors as their investment duration and investment amount,of their investments but also the characteristics of invested start-ups as the location they are and the industry they located.Our results reveal that,in China,a longer investment duration means a higher chance to choose Go IPO exit.In contrast,the size of the investment amount has no significant influence on choosing a different exit strategy.Moreover,the results show that,in China,invested start-ups located in three entrepreneurial urban agglomerations of China can bring a higher chance of venture capitalists choosing the Go IPO exit strategy.An unexpected result is that the industry of invested start-ups belonging to high-tech industries cannot improve the possibility for venture capitalists to choose the Go IPO exit strategy;on the contrary,the start-ups that belong to high-tech industries could decrease the chance for venture capitalists to choose Go IPO exit strategy.

关 键 词：中国风险投资 风险投资退出 竞争风险模型 

分 类 号：F832.48[经济管理—金融学]