基于价值无差异视角风险支持型公司的退出策略分析被引量：1

An Analysis on Exit Strategies for Venture Capital Backed Company Based on the Perspective of Value Indifference

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摘要本文以风险资本支持型公司的项目融资为动因,基于公司上市与并购价值的无差异性,建立创业者和风险资本退出策略的均衡模型。在模型构建中首次引入证券市场环境、上市成本、并购成本等因素的影响,对公司IPO退出的均衡价格和上市概率进行理论及实证分析,探讨了产品市场竞争、信息不对称、证券市场环境、收购方议价能力、上市成本和并购成本等因素对退出策略的影响。 Based on the motivation of project financing for venture capital backed company, this paper motivare equi- librium exit strategy for entrepreneur and venture capital, considering the indifference of IPO and acquisition. The factors of the stock market environment, the cost of IPO and acquisition are first introduced into the model building. This paper makes theoretical derivation and empirical analysis on the equilibrium price and probability of IPO, discusses the effect of product market competition, information asymmetry, stock market environment, bargaining power of acquirer, the cost of IPO and acquisition on the exit strategies.

作者潘海峰李志民刘妍

机构地区安徽工程大学金融工程系

出处《佳木斯大学社会科学学报》 2014年第1期55-59,共5页 Journal of Social Science of Jiamusi University

基金教育部人文社会科学研究规划基金项目(12YJA790041) 安徽省自然科学基金项目(1208085MG116) 国家大学生创新训练项目(201210363221)

关键词风险资本市场环境信息不对称成本无差异议价能力 venture capital market environment information asymmetry cost indifference bargaining power

分类号 F830 [经济管理—金融学]

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