我国风险投资退出方式的选择

风险投资在现代经济中具有举足轻重的作用,选择合适的方式退出是风险投资成功的关键。本文结合目前我国风险资本的退出现状,分析中国风险投资退出的主要障碍在于相关法律法规不健全、中介服务不成熟、风险企业在国内主板上市难度大,指出了在我国目前的国情下,可供选择的风险投资退出方式有收购与兼并、买壳或借壳上市、境外二板上市或国内中小企业板上市、股份回购、通过区域性产权交易市场退出等。     

我国风险投资退出方式的选择

风险投资在现代经济中具有举足轻重的作用,选择合适的方式退出是风险投资成功的关键。本文结合目前我国风险资本的退出现状,分析中国风险投资退出的主要障碍在于相关法律法规不健全、中介服务不成熟、风险企业在国内主板上市难度大,指出了在我国目前的国情下,可供选择的风险投资退出方式有收购与兼并、买壳或借壳上市、境外二板上市或国内中小企业板上市、股份回购、通过区域性产权交易市场退出等。     

试论我国风险投资退出方式的选择

风险投资的退出渠道不畅是制约我国风险投资发展的重要因素.本文介绍了风险投资退出的四种主要方式股份上市、第三方收购、风险企业或创业者回购和清算退出,并对各种退出方式的适用性和利弊进行了分析.针对我国目前资本市场和风险投资的发展现状,提出建立二板市场和完善产权交易市场是目前我国风险投资退出的主要的可行选择.     

我国风险投资退出方式的现实选择

退出渠道的不畅是制约我国风险投资发展的重要原因。在我国创业板未正式推出之前,风险投资机构应根据我国的实际情况,选择切实可行的退出方式进行退出。由于公开上市短期内无法成为大多数风险投资退出的最佳选择,具备条件的风险投资企业可选择借壳上市、海外上市等上市方式进行退出。现阶段较现实的退出方式是并购。作为风险投资公司,在决定退出投资时,应根据风险企业的自身特点和当时的外部环境,灵活地选择退出方式。     

风险投资退出决策模型设计与经验借鉴

风险投资作为高风险、高收益的投资活动,选择合适的退出方式来实现资本的增值在整个风险资本循环中至关重要.目前,风险投资退出机制主要包括四种方式:首次公开上市(IPO)、企业购并、回购和清算退出.本文从实际与理论两个方面就有关风险投资退出方式的选择展开讨论,并总结出我国实现风险投资退出的一些启示.     

宏观经济对风险投资退出方式影响的实证研究

国内外风险投资退出经验表明风险投资退出方式的选择因时间和地域的不同而存在较大差异。自2007来以来,我国风险投资退出方式的选择发生了剧烈变化,引起了广泛关注。退出方式的选择对于风险投资退出和运行具有十分重要的意义,它不仅影响到退出的可行性和各参与主体的收益,而且还影响退出后受资公司的发展。风险投资退出方式主要有上市退出和出售退出两种,其中出售退出包括并购和股权转让两种。国内外学术界历来重视对最优退出方式选择的研究,一些学者分析了投资者与风险投资家、     

风险投资退出时机和退出方式选择研究

风险投资的高收益是通过风险投资成功的退出而实现的,可行的退出机制是风险投资成功的关键.只有风险投资顺利成功的退出才能够使风险投资这一动态过程循环往复,不断获取风险资本增值.风险资本家实施风险投资项目退出时必须对退出时机和退出方式进行选择.文章主要对风险资本选择最佳退出时机以及退出方式时应该考虑的因素进行了研究,认为最佳退出时机以及退出方式的选择遵循投资收益最大化的准则.     

我国风险投资的退出机制研究

退出机制的建立是发展风险投资的关键。从国外风险投资业的发展及其退出机制来看,发达的股票市场是风险投资业发展的先决条件,层次丰富的资本市场是风险投资得以顺利现实创业回报的最根本因素;在证券市场尚未发展成熟的情况下,可采取收购及到国外市场上市的退出方式。我国风险投资退出机制从长期目标来看,应建立二板市场,实现ＩＰＯ退出;近期应完善证券市场,建立以收购为主的多种退出机制。     

风险投资退出机制的现状分析及政策创新建议

<正>风险投资基金是支持科技中小企业发展的重要力量,但风险投资基金退出机制的不健全,在较大程度上影响了其对科技企业的投入。目前,风险投资退出以股权转让为主,同时以上市方式退出的比例不断增加。     

风险投资退出机制研究:来自广东的经验

股权退出机制使得风险资本能够实现循环投资,也是风险投资中潜在或外在的有关公司控制权的激励合约的组成部分之一。本文以广东为例,说明了退出机制差异造成了我国内外资风险投资机构的经营差距,而退出机制差异主要体现为国内资本市场体系不完善,进而提出了建设多层次资本市场的相关对策选择。     

Cross-border venture capital performance: Evidence from China

This paper investigates the determinants of cross-border venture capital (VC) performance in the Chinese VC market. We focus on the impact of foreign VC firms' (VCs') human capital and domestic entrepreneurs' experience on the performance of both VC investments and portfolio companies using logit and Cox hazard models. After controlling for portfolio company quality, domestic VC industry development, domestic exit conditions and a number of other factors, little correlation was evident between VC performance and foreign VCs' human capital, such as experience, networks and reputation. In contrast, the domestic entrepreneurs' experience is crucial to VC performance. In particular, if an entrepreneur has more general experience in terms of the number of companies previously worked for or more special experience in terms of the number of companies previously served as a CEO or top manager, a portfolio company is more likely to pull off a successful exit through IPO or M&A, and the VCs are also likely to shorten their investment duration in the portfolio company.     

DOES VENTURE CAPITAL REQUIRE AN ACTIVE STOCK MARKET?

The United States has both an active venture capital industry and well-developed stock markets. Japan and Germany have neither. The authors argue that this is no accident— that venture capital flourishes especially, and perhaps only , when venture capitalists can exit from successful portfolio companies through initial public offerings (IPOs), which in turn require an active stock market.
Understanding the link between the stock market and the venture capital market requires understanding the contractual arrangements between entrepreneurs and venture capital providers, particularly (1) the importance of exit by venture capitalists and (2) the implicit contract over control between venture capitalists and entrepreneurs created by the possibility of exit through an IPO. This possibility gives entrepreneurs a valuable option that, in the event they are successful, allows them to reacquire control of their enterprises from venture capitalists.     

合资承销商影响新股破发率的实证研究

新股破发是目前中国股市目前面临的一个重要现象。本文基于2004年至2010年上市的A股IPO,研究合资承销商对新股破发率的影响。研究发现,合资承销商所承销的新股破发率显著低于本土承销商。合资承销商的低破发率主要归功于更加有效且符合市场预期的一级市场发行定价能力,其表现为合资承销商发行的股票的短期市场价格相对发行价的偏离程度显著低于本土承销商发行的股票。另外,我们还发现合资承销商采取了一定的托市行为,该行为也减小了短期内新股跌破发行价的概率。本文的发现从新股发行的角度提供了开放金融市场对我国资本市场影响的新现象。     

IPOs,acquisitions, and the use of convertible securities in venture capital

This paper provides a new explanation for the use of convertible securities in venture capital. A key property of convertible preferred equity is that it allocates different cash flow rights, depending on whether exit occurs by acquisition or IPO. The paper builds a model with double moral hazard, where both the entrepreneur and the venture capitalist provide value-adding effort. The optimal contract gives the venture capitalist more cash flow rights in acquisitions than IPOs. This explains the use of convertible preferred equity, including automatic conversion at IPO. Contingent control rights are also important for achieving efficient exit decisions.     

An empirical study of the effect of venture capital participation on the accounting information quality of IPO firms

Using a sample of IPO companies on the Shenzhen Small and Median Enterprise Board and the ChiNext Stock Market between 2005 and 2009, this paper analyzes the effect of venture capital participation on accounting information quality. We find that venture capitalists have a significant effect on earnings management, with reduced discretionary accruals before the expiration of the equity lock-up period and enhanced discretionary accruals after the expiration of the equity lock-up period. Our findings support the moral hazard hypothesis of venture capital, but not the certification/monitoring role of venture capital in IPOs. In addition, we find that venture capital plays a more important role in the earnings management of non-state-owned IPO companies than of state-owned companies.     

风险投资对创业板IPO折价影响的实证研究

本文以截至2011年6月30日在我国创业板上市的236家公司作为研究对象,研究风险投资对创业板IPO折价的影响。研究发现：（1）有风险投资参与的企业IPO折价显著高于无风险投资参与的企业,支持声誉效应假说,即风险投资机构以IPO折价来提早退出投资项目,以此来建立自己的声誉,从而吸引更多的资金流入;（2）在对有风投参股的投资公司做进一步分析后发现一一随着风投参与度的增大,IPO调整折价率并未出现明显的提升,创业板企业IPO时风险投资机构的数量、风险投资机构持股比例与调整折价率关系不显著。     

VC investments and global exits

This paper examines exits of UK venture capital backers (VCs) from portfolio companies around the world. Mergers and acquisitions (M&A) are the most frequently used exit route for all investments, both in the UK and abroad. Exit through M&A is particularly common for investments in the UK while the probability of an exit through an initial public offering (IPO) is substantially lower for investments made in the UK than abroad. We are able to explain these country differences in terms of variations in the characteristics of VCs, portfolio companies, legal systems and market conditions. Portfolio companies backed by experienced VCs have high probabilities of exits through M&A or IPO. A successful exit is more likely when a VC syndicate includes an experienced member. The likelihood of a successful exit through M&A, IPO or management buyouts is high in countries with, and at times of, high stock market liquidity. Legal systems that provide more investor protection facilitate exits through IPO or M&A.     

Biomarker of Quality? Venture‐backed Biotech IPOs and Insider Participation

Corporate financial managers of biotech firms need long‐term financing to reach key milestones, and that requires a long‐ term capital structure. They must balance a mix of investors with different objectives and different investment horizons that includes traditional venture capitalists and also hedge funds and mutual funds. This study helps practitioners understand the complex role of exit decisions, as venture capitalists seek better exit strategies and performance. IPOs are financing but not “exit” moves. In addition to certifying firm value, insider purchasing of shares in the IPO offering has two major consequences. First, venture capitalists reallocate large sums of capital from early‐stage to late‐stage deals that are expected to have lower risk (but also lower expected return) and shorter time to exit. Second, the speed at which VCs exit after the IPO depends on the firm ownership structure after the IPO and the stock liquidity. Going public with a significant participation by venture capitalists will probably increase the post‐IPO ownership and decrease the free float of the stock, implying a delay of the exit and the realization of the capital gains from the investments. Although this study has focused exclusively on the biotechnology industry, insider participation is not unique to it. Biotech's venture brethren in the software and technology industries also have insider participation in IPOs. During 2003–2015, approximately 41 venture‐backed firms outside of the biotechnology sector had insider participation.     

资源稀缺、技术冲击与风险投资退出时机

本文从风险投资市场资源稀缺的特征出发,建立了一个风险投资退出时机选择模型,在此基础上,运用2004-2011年中国风险投资退出的季度数据考察了技术冲击和市场利率等因素变化对风险投资退出时机的影响。研究发现：（1）资源稀缺的程度与风险投资退出时机的选择有着非常紧密的联系;（2）市场利率的变化对风险投资的退出行为的影响具有不对称性：市场利率下降可能会导致风险投资加速退出质量较差的风险企业,同时却更长时间地持有质量较好的风险企业;（3）技术进步会增加风险企业的数量,提高风险投资市场上风险企业的平均质量,加速风险投资退出。     

风险投资退出时机研究

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.