| 基于价值无差异视角风险支持型公司的出策略分析简 |
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| 引用本文： | 潘海峰,李志民,刘妍.基于价值无差异视角风险支持型公司的出策略分析简[J].佳木斯大学社会科学学报,2014(1):55-59. |
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| 作者姓名： | 潘海峰 李志民 刘妍 |
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| 作者单位： | 安徽工程大学金融工程系,安徽芜湖241000 |
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| 基金项目： | 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（I208085MG116）;国家大学生创新训练项目（201210363221） |
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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，建立创业者扣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。
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| 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 |
An Analysis on Exit Strategies for Venture Capital Backed Company Based on the Perspective of Value Indifference |
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| PAN Hai- feng,LI Zhi- rain,LIU Yan.An Analysis on Exit Strategies for Venture Capital Backed Company Based on the Perspective of Value Indifference[J].Journal of Social Science of Jiamusi University,2014(1):55-59. |
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| Authors: | PAN Hai- feng LI Zhi- rain LIU Yan |
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| Institution: | (Department of Financial Engineering, Anhui Polytechnic University, Wuhu 241000, China) |
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| Abstract: | 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. |
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| Keywords: | venture capital market environment information asymmetry cost indifference bargaining power |
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