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创业投资的退出是创业投资运作过程中最关键的环节,对创业投资退出问题的研究是创业投资理论的关注重点。论文以研究创业投资不同退出方式的价值为对象,基于创业投资项目产生的现金流遵循几何布朗运动假设的基础上,分析了创业投资项目采取立即退出的价值和继续维持以获取最优退出方式的价值,以最优停时理论为建模依据,比较这两种情况的价值构建了创业投资退出时机的一般模型。在分析不同退出方式产生的退出损益基础上,结合一般模型构建了最优退出方式和最优退出时机相结合的退出决策模型。论文提出了一个分析创业投资退出决策的一般模型,并用该模型对一个实例进行模拟分析,以便验证模型的实用性。
The exit of venture capital is the most crucial part in the process of venture capital operation. The study on the exit of venture capital is the focus of venture capital theory. Based on the assumption of geometric Brownian motion, cash flow generated from venture capital projects is analyzed based on the value of venture capital projects to withdraw immediately and to maintain in order to obtain the optimal exit mode The value, based on the theory of optimal stopping time, and comparing the values of these two cases, build a general model of the timing of exit of venture capital. Based on the analysis of the exit gains and losses caused by different exit methods, an exit decision model combining the optimal exit approach and the optimal exit timing is constructed based on the general model. This paper presents a general model for analyzing exit decision-making of venture capital, and uses the model to simulate an example to verify the practicability of the model.