文献类型：期刊文献

中文题名：跨国创业投资退出机制研究

英文题名：Study on the Exit Mechanism of Cross-Border Venture Capital

作者：曾一军[1]

第一作者：曾一军

机构：[1]河南财经学院MBA教育中心

第一机构：河南财经政法大学MBA学院

年份：2009

期号：5

起止页码：104-107

中文期刊名：科学管理研究

外文期刊名：Scientific Management Research

收录：CSTPCD;;北大核心:【北大核心2008】；CSSCI:【CSSCI2008_2009】；

语种：中文

中文关键词：跨国创业投资;退出时机;退出渠道;退出策略

外文关键词：Cross-- border vent ure capital; Exit time; Exit channel; Exit strategy

摘要：跨国创业投资活动日益频繁,面对复杂的国际投资环境,国际创业资本的退出机制设计就显得尤为重要。通过梳理有限的创业投资退出理论文献,认为退出时机的判断主要取决于创业投资家的经验;国际、国内退出渠道的选择有赖于退出方式的设计:IPO与并购应充分利用国际渠道、回购与清算应优先考虑国内渠道;本文还给出了一个退出策略的决策程序:分析环境一选择渠道一定位市场一判断时机一做出决策。
With increasing activities of Cross--border Venture Capital and a complicated international investment situation,designing an exit mechanism is extremely important in international VC. According to limited documents a- bout exit mechanism theories on VC,this paper indicates four viewpoints：（1}choosing the exit time mainly depends on the venture capitalist＇s experience. {2}The designed exit mode supports the choice on both domestic and interna- tional exit channel. （3 } IPO and M^A should take full advantage of international channel while the domestic channel should be the highest priority of buy--out and liquidation. （4 } Decision--making process on exit strategy：analyze en- vironment→choose channel→position market→decide time→make decision.