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创业投资退出方式的选择及影响因素研究综述

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对—年

YohanesSchwienbacher19911997London:PittmanPublishing,1994.〔〕3JengLA,WellsPC.TheDeterminantsofVentureCapital美国创业企业的多轮次的融资进行回归分析指出,2Funding:EvidenceacrossCountries[J].JournalofCorpo由于各个创业投资机构的投资项目的不同及在投资()rateFinance,20006:241-289.联合中的地位差异决定了创业投资家

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4MacIntosh,JG.VentureCapitalExitsinCanadaandtheUnitedStates[M].Canada:UniversityofCalgaryPress,对自己最为有利的退出方式。如以战略投资为目标1997:279-356.的公司制创业投资对其所投资企业选择的频IPO〔〕25CummingDJ,MacIntoshJG.ACross-countryCompari〔〕16率明显高于并购、清算等方式。sonofFullandPartialVentureCapitalExits[J].Journalof47 ? 1994-2007

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()()Banking&Finance,200327:511-548.BusinessVenturing,200520:573-622.〔〕2〔〕

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8BergloofE.AControlTheoryofVentureCapitalFinance15GompersPA.OptimalInvestment,Monitoring,andthe[J].JournalofLaw,EconomicsandOrganization,1994StagingofVentureCapital[J].JournalofFinance,1995()()10:247-267.50:1461-1490.〔〕2〔〕

9SmithDG.ControloverExitinVentureCapitalistRela16YohanesER,SchwienbacherA.TheStrategicUseoftionships[R].Mimeo.,LewisandClarkLawSchool,CorporateVentureFinancingforSecuringDemand[C].2001.EFABerlinMeetingsPresentedPaper,2002. 〔〕2〔〕俞自由李松涛等风险投资理论与实践上海上海10CummingDJ.ContractsandExitsinVentureCapitalFi17,,.[M].: 财经大学出版社,2001.nance[R].Economics&LawUniversityofAlberta〔〕王晓东赵昌文李昆风险投资的退出绩效研究与18,,.:IPOSchoolofBusinessEdmontonWorkingPaper,2002.

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11BaschaA,WalzU.ConvertibleSecuritiesandOptimalM&A[J].,20041:102111. 〔〕徐加徐祥柱论美国、德国风险投资的退出

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TaxationinVentureCapitalContracting[J].Journalof20046:8385.TheSummaiyofResearchonVentureCapital’sExitChoicesandI

nfluencingFactors222CHENYugang,WANGSusheng,SUNXiaohui(HarbinInstituteofTechnologyShenzhenGraduateSchool,Shenzhen)Guangdong518055,ChinaAbstract:Successfulexitofventureinvestmentbenefitscirculardevelopmentofventurecapital.Thispaperreviewstheinterrelatedliteraturesaboutventurecapitalexitwayswhich,includescomparisonofallpossibleexitways,theeffectsofinstitutionsystemindifferentcountriesand2theeffectsofcontractarrangementinthesamecountry.Atlast,furtherresearchaspectsofventurecapitalexitchoicesareforecastedbasedoncurrentinternalresearchsituation.Keywords:managementeconomics;venturecapital;summarize;exitway;influencingfactors ()上接第页13 〔〕中国社会科学院工业经济研究所课题组先进制造业基地建()6.6:78-82.设与外源性技术援助—〔〕徐冠华科技创新与经济发展中央电视台中国经济大[R].200408.8.[Z].〔〕王子君对外直接投资与国家自主创新财经科学

讲堂

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7.[J].,2004,20051125.AnalysisofConstructionTechnologySourceofZhejiangAdvancedManufacturingBase1,222222JIANGZhihua,GONGJianli,LVHaiping()PublicAdministrationCollege,ZhejiangUniversity,Hangzhou310027,ChinaAbstract:TheadvancedtechnologyisanimportantbaseofAdvancedManufacturingBaseofZhejiangProvince.ThispaperusesstatisticsdatatoanalyzethestatusandproblemsofmarkettradeandindependentinnovationsappliedinacquiringadvancedtechnologiesofZhejiangProvince.2TheanalysisshowsthatthemarkettradecouldnotmeettherequirementofconstructingAdvancedManufacturingBase.Andamongtheinde2pendentinnovationmodes,ZhejiangProvincehasweakcapabilitiesinoriginalinnovationandintegratedinnovation.Thereforeassimilatingadvancedforeigntechnologywillbethebestchoice.Keywords:independentInnovation;advancedmanufacturingbase;technologysource;technologyintroduction48

? 1994-2007 China Academic Journal Electronic

Publishing House. All rights reserved. http://www.cnki.net

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