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The dynamic investment and exit decisions of venture capitals

机译：风险投资的动态投资和退出决策

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摘要

This study develops a continuous time model to examine a complete two-stage decision process for venture capitals (VCs), including investment in the private market at Stage 1 and exit through IPO in the public market at Stage 2. Optimal timings, investment terms, and exit decisions are investigated using the real options game theory under two cases: the same required returns in the public and private markets and a higher required return in the private market than in the public market. Our results indicate that the same required returns in the public and private markets generate an optimal investment decision at Stage 1 without relation to the exit decision in Stage 2. However, when the required return in the private market is higher than that in the public market, the exit decision will influence the investment decision. The size of the initial capital, ownership structure, growth rate and risk of industry, required returns in public and private capital markets, extent of lock-up period price pressure, and transaction costs of financing are important factors influencing the equilibrium results.
机译：本研究开发了一个连续的时间模型，以检查风险资金（VCS）的完整两级决策过程，包括在第1阶段私人市场的投资，并通过公共市场的IPO在第2期。最佳时间，投资条款利用两种情况下的真实选择博弈论调查了退出决定：公共市场和私人市场的所需回报以及私人市场所需的回报率高于公共市场。我们的结果表明，公共和私人市场的所需回报在第1阶段产生最佳的投资决策，而无需在阶段2中的退出决定。但是，当私人市场所需的回报高于公共市场时，退出决定将影响投资决策。初始资本，所有权结构，增长率和行业风险，在公共和私人资本市场的情况下，锁定期限的程度，融资的交易成本以及影响均衡结果的重要因素是影响均衡结果的重要因素。

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  • 来源
    《The North American journal of economics and finance》 |2021年第1期|101300.1-101300.25|共25页
  • 作者

    Chen Zhuming; Chen Can; Lin Tao; Chen Xiaoguo;

  • 作者单位

    Sun Yat Sen Univ Business Sch PRC 135 West Xinggang Rd Guangzhou Peoples R China;

    HKJC Race Horse Training Ltd Unit 4218-21 42-F Block A China Shine Plaza Guangzhou Peoples R China;

    Guangdong Univ Petrochem Technol Maoming Guangdong Peoples R China;

    Guangdong Univ Petrochem Technol Maoming Guangdong Peoples R China;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    VCs; Investment; IPO; Real option;

    机译：VCS;投资;IPO;真实选择;

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