退出不确定性与风险资本分阶段投资行为——来自中国IPO暂停政策干预的证据  

Exit Uncertainty and Staged Investment of Venture Capital—Evidence from China’s IPO Suspension Policy Intervention

作　　者：刘芊芊 

机构地区：[1]江南大学商学院,江苏 无锡

出　　处：《运筹与模糊学》2023年第6期7311-7319,共9页Operations Research and Fuzziology

摘　　要：本文基于2002年至2020年中国风险投资市场的数据,结合中国证券市场历史上多次IPO暂停的政策背景,探讨风险投资机构所面临的以IPO暂停为代表的退出不确定性对风险投资机构分阶段投资行为的影响。结果显示:1) 退出不确定性促进风险投资机构分阶段投资可能性,表现出投资速度和精选程度都更高;2) 退出不确定性通过降低风险投资机构的风险承担水平达到上述影响;3) 退出不确定性对于高资质风险投资机构分阶段投资行为的促进作用更为明显。本文研究深化了已有关于分阶段投资行为的理论观点,提供了来自退出不确定性视角的解释,对政府政策制定、风险投资实践活动与创业企业融资活动提供了理论支撑与经验证据。Based on the data of China’s venture capital market from 2002 to 2020 and the policy back-ground of several IPO suspensions in the history of China’s securities market, this paper examines the impact of exit uncertainty, represented by IPO suspensions, faced by VCs on VCs’ staged investment behavior. The results show that exit uncertainty promotes the possibility of staged investment by VCs, with a higher investment speed and a higher degree of concentrated selection of investment projects. The impact mechanism finds that exit uncertainty affects VCs’ phasing behavior by reducing their risk taking level. Exit uncertainty contributes more significantly to staged investment behavior of highly qualified VCs. This paper deepens the existing theoretical views on staged investment by elaborating from the perspective of exit uncertainty. It provides theoretical support and empirical evidence for government policy formulation, VC practice and enterprises financing.

关 键 词：退出不确定性 分阶段投资 IPO暂停 风险投资 

分 类 号：F83[经济管理—金融学]