风险资本退出时机和退出方式的确定原理

风险企业或者其部分股份能否高价出售 ,让风险资本带着丰厚的利润退出是风险投资的关键。风险资本退出的两个基本问题是何时退出和怎样退出 ,即退出时机和退出方式问题。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 ,风险资本退出时机和退出方式还受到风险企业其他投资者、交易双方信息不对称、风险资本家的管理能力、预先签定的投资协议和市场形势影响。

Principles Determining the Timing and Way of Venture Capital Exit

As to whether an entrepreneurial firm or its shares can be sold at high price, the key is to make venture capital have a profitable exit. There are two foundamental problems in venture investment: when to exit and how to exit(i.e.exit time and exit way). Theoretically, the duration of venture investment is determined jointly by the projected marginal value added and the projected marginal cost. In fact, venture capital exit time and exit way also are effected by other investors, information asymmetries between two sides of deal, venture capital manager's ability, investment agreement pre-signed and market conditions.