私募股权投资最优退出策略选择研究——基于精炼贝叶斯均衡下信号传递效应视角

由于首发公开上市(IPO)减持退出方式极大拥塞,借道"参投公司被上市公司并购"的私募股权创新退出进入实务.依据我国证券市场制度环境成本、并购价值估计和信号传递效应,研究私募股权风险概率下无差异博弈均衡价格形成的机理,分析私募股权"选择支持企业IPO还是被并购"最优退出方式的行为选择策略,明确私募股权投资企业的最优IPO退出价格和并购退出条件下的收益空间.

Research on the choice of optimal exit strategy of private equity investment:Based on the signal transmission effect perspective of perfect Bayesian equilibrium

As the exit route by IPO congesting,the private equity innovating exit route through investment company being M&A has been emerging.On the basis of the security market institutional environment cost,the estimating value of M&A and the signal transmission effect,this paper focuses on equilibrium price mechanism without no difference under risk probability,analyzes the optimal exit behavior strategy of private equity by choosing IPO or being M&A,and indicates the optimal IPO exit price of private equity participating in company,and illustrates the return space boundary under the M&A exit pattern.