| 论创业资本的退出战略 |
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| 引用本文： | 李姚矿,陈德棉,张玉臣.论创业资本的退出战略[J].科研管理,2002,23(6):32-37. |
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| 作者姓名： | 李姚矿 陈德棉 张玉臣 |
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| 作者单位： | 同济大学投资研究所,上海,200092 |
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| 基金项目： | 国家自然科学基金重点项目“高技术风险投资市场研究”(7983 0 0 3 0 ) |
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| 摘 要： | 创业资本的退出是创业资本投资运作的最后一个环节，创业资本投资的成败在很大程度上取决于创业投资能否成功地退出投资。目前我国理论界在这方面的研究大多集中在创业板的设立方面。本首先探讨了创业资本退出战略的基本内涵，指出创业资本的退出战略主要涉及退出方式和时机的选择、退出程度的选择以及退出控制权的安排等三个方面的问题，接着从这三个方面分析了影响退出战略选择的基本因素，探讨了创业资本退出中控制权的分配和实施，指出使用可转换证券有利于实施最优的退出战略。
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| 关 键 词： | 创业资本 资本退出机制 运作机制 创业投资 |
| 文章编号： | 1000-2995(2002)06-006-0032 |
| 修稿时间： | 2002年3月22日 |
A Study on the Exit Strategy of Venture Capital |
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| LI Yao kuang,CHEN De mian,ZHANG Yu chen.A Study on the Exit Strategy of Venture Capital[J].Science Research Management,2002,23(6):32-37. |
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| Authors: | LI Yao kuang CHEN De mian ZHANG Yu chen |
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| Abstract: | The exit of venture capital is the last stage of the operation of venture capital investment and the results of the investment depend largely on whether the venture capitalists can exit successfully. At present, the studies on the exit of venture capital of our academia are mainly concentrated on the establishment of the second board market. First, this paper explores the basic meaning of the exit strategy of venture capital and indicates that it deals with the venture capitalist's choice of exit vehicle and timing and extent of exit, as well as the arrangement of control rights, then this paper analyses the basic factors that affect the selecting of the strategies from the above three aspects. Finally, this paper explores the allocation and implementation of the control rights over the exit of venture capital and show that with convertible securities, the optimal exit strategy can be implemented. |
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| Keywords: | venture capital exit strategy |
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