风险投资退出机制研究
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摘要
风险投资作为一种创新的金融工具，其产生和发展的历史背景是高科技产业兴起并成为经济增长的主要因素。作为现代创新体系的重要组成部分，风险投资业对于整个经济系统的重要性也与日俱增。国外对于风险投资研究的理论体系主要着眼于市场主体之间的契约安排、创业企业及风险资本组织的治理结构、风险投资的发展模式等方面。风险投资是以投资获益为最终目的的，在合适的条件下“退出”所投资的创业企业是其最终选择，退出过程的关键是定价问题。本论文从风险投资退出的模式选择入手，从理论层面探讨了风险投资退出的价格形成机制，具有一定的创新性。
第一章是导言。
第二章的第一节首先对风险资本和风险投资两个基本概念做了界定，并归纳了风险投资高风险—高收益和阶段性投资的两个特点。探讨了三种基本的风险投资的组织形式——私人股权资本(Business Angel)、专业化组织化的风险资本(Venture Capital)和附属于大型组织的风险资本(Venture Capital attached to Big Giants)。然后，以美国的经验对风险投资的发展作了概略回顾，并指出国家政策扶持对于风险投资业发展的重要作用，并介绍了中国风险投资业发展的现状。第二节主要围绕风险投资退出的必要性来展开论述，探讨了退出作为实现风险资本良性循环的必要条件以及对风险投资体系产权优化的作用。
第三章以退出效率和退出效果为逻辑主线，构建了一个风险投资退出模式选择的分析框架，包括风险投资退出时机选择、风险投资退出方式选择、风险投资退出程度选择和风险投资退出场所选择等四个环节以及各环节之间的相互关系。并指出了影响退出效率和效果的主要因素是退出过程中各市场主体的信息状况。本章第5节通过分析我国目前具体的政策环境，指出了各种风险退出方式在我国适用性和实际选择，并重点分析了IPO退出的实际操作方式。本章第6节，根据前面几节构建的风险投资退出模式选择的分析框架，对“亚信并购广州邦讯”案例做了全面的分析。
第四章主要探讨风险投资退出定价机制。本章第一节分析了各种传统价值评估方法，指出了这些传统方法在对创业企业价值评估过程中的局限性。并指出期
权定价方法在理论上来说是非常适合于创业企业估值定价的。
本章第二节，从服从几何布朗运动的基本定价模型到服从几何布朗运动/泊松
跳跃混合过程的扩展定价模型，给出了创业企业定价基本模型的解析解，包括一
阶段简单期权和多阶段复合期权的解析解，以及扩展模型的定价偏微分方程及其
边界条件，并指出了扩展模型的数值解法。模型揭示了一个以证券市场价值标准
为最终参考系的定价方法，刻画了创业企业价值演化的合理图景。
本章第三节，探讨了IPO退出过程中的定价机制，揭示了IPO退出过程中的
若干关键环节。4.3.3小节我们研究了三种特殊的IPO现象及其对创业企业IPO
定价的影响。4.3.4小节则揭示了中国证券市场中权威舆论对IPO股票首日上市
定价的影响，这对创业企业未来在中国创业板或主板市场实行正O退出具有重
要的指导意义。而4.3.5小节则主要针对IPO定价全过程中最后一个环节一一市
场定价给出了统计建模的一种方法和思路。
第五章是结束语。
本论文的创新之处在于:1、从风险投资退出问题的整体把握出发，以退出
过程的效率和效果为逻辑主线，创造性的把风险投资退出问题划分为“退出模式
选择”和“退出定价机制”两个主要研究内容，定价机制是风险投资退出的内在
核心，模式选择是风险投资退出的外在形式。2、就退出模式选择研究而言，划
分为时机、方式、程度和场所等四个环节，并分析了各个环节之间的内在联系。
3、就方法论的创新而言，本论文用期权方法构建了风险投资退出定价的理论模
型，揭示了遵循几何布朗运动/泊松跳跃混合过程的创业企业价值演变机理，为
风险投资退出过程中的交易各方提供了一个可供参考的分析框架。不在研究内
容方面，本论文在研究IPO定价机制一节中，发现了国内证券市场上存在着“权
威舆论影响新股上市定价”这一显著现象，并从行为金融学的角度给出了合理解
释，为创业企业股票IPO提供了实践指导，这在国内的IPO现象的研究文献中
未有发现。
Venture Capital (VC) is a kind of innovative finance tool, which propered with the trend of Hi-tech industry being a main sector of world economy. As an important part of mordern innovation system,VC industry has been very important for whole economy system. Foreign researches usually focused on the topics such as venture investment contract arrangement, governmance structure of start-up enterprises or VC orgnizations, development styles of VC industry.To be profitable, Venture investment must quit from start-up enterprise . In this procedure, price plays an important role. Starting with analyses of venture capital withdraw models, this thesis constructs an analysis structure of venture capital withdraw mechanism.
Chapter 2: Firstly,we defined some basic concepts about venture investment industry,and then demonstrates two characteristics of venture investment,which are staged investment and high risk. Secondly,we recalled of venture industry development in U.S. and found that industry policy is very important support for venture investment industry. Thirdly, we saw three kinds of basic styles of venture investment i.e. Business Angel(B. A.),Venture Capital(V.C.) and Institutional Venture Investors attached to Big Giants.Finally,we saw the role venture investment withdraw palyed.
Chapter3 :With two logic lines i.e. withdraw efficiency and withdraw effort,we analized venture investment withdraw procedure,which includes four crucial knots i.e.withdraw time choice,withdraw channel choice,withdraw degree choice and withdraw marketplace choice. We saw some obstacles stemmed from policies in China and gave some advice of venture investment withdraw to China venture investors.Finally, we analized a case with structure that we have constructed before.
Chapter4:After recalling of traditional pricing methods and theories,we constructed theoratical pricing model with real-option theory. And then,we researched pricing procedure of IPO stocks and gave some practical advice.
This thesis have some innovative merits: 1, Considering withdraw efficiency and withdraw effort, we find an approach to see a panoroma of venture investment
withdraw. 2, With real-option theory,we constructed pricing model for start-up enterprises which oriented to IPO.3, With empirical approach, we find that authority media has an impact on the IPOs' first day pricing behavior at secondary market.
第一章是导言。
第二章的第一节首先对风险资本和风险投资两个基本概念做了界定，并归纳了风险投资高风险—高收益和阶段性投资的两个特点。探讨了三种基本的风险投资的组织形式——私人股权资本(Business Angel)、专业化组织化的风险资本(Venture Capital)和附属于大型组织的风险资本(Venture Capital attached to Big Giants)。然后，以美国的经验对风险投资的发展作了概略回顾，并指出国家政策扶持对于风险投资业发展的重要作用，并介绍了中国风险投资业发展的现状。第二节主要围绕风险投资退出的必要性来展开论述，探讨了退出作为实现风险资本良性循环的必要条件以及对风险投资体系产权优化的作用。
第三章以退出效率和退出效果为逻辑主线，构建了一个风险投资退出模式选择的分析框架，包括风险投资退出时机选择、风险投资退出方式选择、风险投资退出程度选择和风险投资退出场所选择等四个环节以及各环节之间的相互关系。并指出了影响退出效率和效果的主要因素是退出过程中各市场主体的信息状况。本章第5节通过分析我国目前具体的政策环境，指出了各种风险退出方式在我国适用性和实际选择，并重点分析了IPO退出的实际操作方式。本章第6节，根据前面几节构建的风险投资退出模式选择的分析框架，对“亚信并购广州邦讯”案例做了全面的分析。
第四章主要探讨风险投资退出定价机制。本章第一节分析了各种传统价值评估方法，指出了这些传统方法在对创业企业价值评估过程中的局限性。并指出期
权定价方法在理论上来说是非常适合于创业企业估值定价的。
本章第二节，从服从几何布朗运动的基本定价模型到服从几何布朗运动/泊松
跳跃混合过程的扩展定价模型，给出了创业企业定价基本模型的解析解，包括一
阶段简单期权和多阶段复合期权的解析解，以及扩展模型的定价偏微分方程及其
边界条件，并指出了扩展模型的数值解法。模型揭示了一个以证券市场价值标准
为最终参考系的定价方法，刻画了创业企业价值演化的合理图景。
本章第三节，探讨了IPO退出过程中的定价机制，揭示了IPO退出过程中的
若干关键环节。4.3.3小节我们研究了三种特殊的IPO现象及其对创业企业IPO
定价的影响。4.3.4小节则揭示了中国证券市场中权威舆论对IPO股票首日上市
定价的影响，这对创业企业未来在中国创业板或主板市场实行正O退出具有重
要的指导意义。而4.3.5小节则主要针对IPO定价全过程中最后一个环节一一市
场定价给出了统计建模的一种方法和思路。
第五章是结束语。
本论文的创新之处在于:1、从风险投资退出问题的整体把握出发，以退出
过程的效率和效果为逻辑主线，创造性的把风险投资退出问题划分为“退出模式
选择”和“退出定价机制”两个主要研究内容，定价机制是风险投资退出的内在
核心，模式选择是风险投资退出的外在形式。2、就退出模式选择研究而言，划
分为时机、方式、程度和场所等四个环节，并分析了各个环节之间的内在联系。
3、就方法论的创新而言，本论文用期权方法构建了风险投资退出定价的理论模
型，揭示了遵循几何布朗运动/泊松跳跃混合过程的创业企业价值演变机理，为
风险投资退出过程中的交易各方提供了一个可供参考的分析框架。不在研究内
容方面，本论文在研究IPO定价机制一节中，发现了国内证券市场上存在着“权
威舆论影响新股上市定价”这一显著现象，并从行为金融学的角度给出了合理解
释，为创业企业股票IPO提供了实践指导，这在国内的IPO现象的研究文献中
未有发现。
Venture Capital (VC) is a kind of innovative finance tool, which propered with the trend of Hi-tech industry being a main sector of world economy. As an important part of mordern innovation system,VC industry has been very important for whole economy system. Foreign researches usually focused on the topics such as venture investment contract arrangement, governmance structure of start-up enterprises or VC orgnizations, development styles of VC industry.To be profitable, Venture investment must quit from start-up enterprise . In this procedure, price plays an important role. Starting with analyses of venture capital withdraw models, this thesis constructs an analysis structure of venture capital withdraw mechanism.
Chapter 2: Firstly,we defined some basic concepts about venture investment industry,and then demonstrates two characteristics of venture investment,which are staged investment and high risk. Secondly,we recalled of venture industry development in U.S. and found that industry policy is very important support for venture investment industry. Thirdly, we saw three kinds of basic styles of venture investment i.e. Business Angel(B. A.),Venture Capital(V.C.) and Institutional Venture Investors attached to Big Giants.Finally,we saw the role venture investment withdraw palyed.
Chapter3 :With two logic lines i.e. withdraw efficiency and withdraw effort,we analized venture investment withdraw procedure,which includes four crucial knots i.e.withdraw time choice,withdraw channel choice,withdraw degree choice and withdraw marketplace choice. We saw some obstacles stemmed from policies in China and gave some advice of venture investment withdraw to China venture investors.Finally, we analized a case with structure that we have constructed before.
Chapter4:After recalling of traditional pricing methods and theories,we constructed theoratical pricing model with real-option theory. And then,we researched pricing procedure of IPO stocks and gave some practical advice.
This thesis have some innovative merits: 1, Considering withdraw efficiency and withdraw effort, we find an approach to see a panoroma of venture investment
withdraw. 2, With real-option theory,we constructed pricing model for start-up enterprises which oriented to IPO.3, With empirical approach, we find that authority media has an impact on the IPOs' first day pricing behavior at secondary market.
引文
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