基于纵向产品差异化市场的风险投资退出决策研究

应用具有线性需求函数的纵向产品差异化模型,分析了风险投资在不同退出方式(首次公开发行、并购和清算)下的收益,研究了风险投资家在市场分别存在生产低质量产品的垄断者和生产高质量产品有风险投资参与的新进入者的退出策略问题,并引入了创业企业创新度这一决策变量。研究表明,当创新度大于某一临界值时,风险投资家的最优退出策略是让创业企业上市。

Research on Venture Capital Exit Decision Based on the Vertical Product Differentiation

By using vertical product differentiation model with linear demand functions,this paper analyzes the proceeds of venture capital exit in different ways(initial public offering,trade sale and liquidation).It studies venture capitalists' exit decision in a market in which a monopoly with low quality products and an entrant with high quality products are involved,and introduces the venture enterprise's innovative degree.Research shows that when innovative degree is higher than a certain critical value,the venture capitalist's optimal exit strategy is to get the venture enterprise listed.