朝权定价理论在风险投资退出决策中的应用

风险资本的退出是风险投资运作的最后一个环节,风险投资的成败在很大程度上取决于风险投资家能否成功地退出投资。理论上,风险投资周期由项目边际增加值和项目边际成本共同确定。实际上,风险资本退出还受到交易双方信息不对称、风险资本家管理能力等多种因素影响。如何建立风险资本退出决策机制,成为风险投资运作过程中的一个关键问题。文章基于期权理念,对期权理论在风险投资退出决策中的应用进行探讨。

Application of Option Pricing Theory to the Decision-making of Withdrawal of Risk Investment

The withdrawal of venture capital is the last link for the operation of risk investments.Success or failure of risk investment,to a great extent,hinges on if the investors can withdraw from the investment successfully.In theory,risk investment cycle is determined by marginal added-value and marginal cost of projects.In reality,the withdrawal of risk capital is also affected by a variety of factors,such as incompatible information from the two transactions sides,the management ability of risk capitalist.Therefore,decision-making mechanism for establishing the withdrawal of risk capital has become a key issue in the process of risk capital operation.The paper focuses on exploring how the option pricing theory is applied to the decision-making of withdrawal of risk investment.