中小高科技企业风险投资退出决策模型研究

摘要

Whether small and medium -sized high-tech enterprises can succeed in risk investment and whether the inves-tor rights can be achieved depend on the venture capital exit , which is a key ring of interest maximization in risk invest-ment.Based on the information asymmetry and income uncertainty characteristics in different stages , the paper gives full consideration to the portfolio strategy , the integrated use of mathematical analysis , the incomplete information static game theory and the dynamic programming method , and puts forward an exit decision model for the best interest of investors based on the equity claim comprehensive investment and objective function .This model can ensure the investor benefit maximiza-tion to a certain degree by the scientific allocation equity , debt investment proportion , scientific selection of venture capital exit time and exit manner .%中小高科技企业风险投资能否成功与投资方权益能否顺利实现取决于风险投资的退出。在整个退出过程中，风险投资退出决策是实现风险投资收益最大化的关键一环。基于中小高科技企业风险投资的不同阶段内信息不对称与收益不确定的特点，充分考虑投资组合策略，综合运用数理分析、不完全信息静态博弈理论和动态规划的方法，构造股权债权综合投资、目标函数为投资方退出利益最大化的退出决策模型。该模型主要是通过科学分配股权和债权的投资比例，科学选择风险投资的退出时机和退出方式，可一定程度地保障中小高科技企业风险投资方利益最大化。