信息不对称条件下风险投资退出方式选择研究

退出过程的信息不对称程度影响风险投资的退出方式,成功的退出对风险投资的良性发展具有重要意义。在信息不对称的条件下,对于风险投资而言,高效的退出方式是首次公开上市退出,但IPO不能很好地解决内外部投资者之间存在的严重的信息不对称问题。并购、回购等股权转让的退出方式,能更好地解决信息不对称问题,是风险投资退出的另一重要渠道,但收益较低。研究表明,风险投资成功退出的关键是根据创业企业的发展和资本市场的变化情况,把握退出的时间和方式,选择部分或全部退出,以保证风险投资收益的最大化。

Research on Exit Ways of Venture Capital Based on the Theory of Information Asymmetry

Information asymmetry in the exit process influence the way of venture capital exit,and the success exit has the important meaning for the venture capital's benign development.The result indicates that for the venture capital,the efficient exit way is the IPO,but it cannot solve the serious information asymmetry problem which exists between the internal and external investors;the exit way of merger and acquisition is another important channel which can solve the information asymmetry problem;the venture capitalists choose the part or all exit ways in order to ensure maximize the return of venture capital investment according to the development of venture enterprise and capital market.