风险投资退出的灰色决策方法

风险资本的退出是风险投资运作的重要一环。风险投资家主要通过投资高速成长企业,并不断将持有的股权转让获得收益,实现风险投资的经营业绩,从而达到吸引更多风险资金并保持风险资金的流动性的目的。通常风险投资家将根据投资效益最大化的原则,选择风险投资退出的方式和时机。据此本文通过分析风险投资退出时的有关影响因素,引入灰色马尔可夫方程模型,根据风险企业的未来价值变化研究风险投资资金的退出条件以选择风险资金的退出方式和时机。根据该模型给出的判别标准可作为退出决策的参考依据。

Grey Decision-Making Method in Exit Decision of Venture Capital

Exit of venture capital is a critical stage during its operation.The venture capitalist gets return mainly from investing in high-growth enterprises and transferring his holding shares constantly.Through the process,venture capital can realize its achievement,attract more fund and keep its fluidity.Generally,venture capitalist selects exit forms and time according to the principle of the maximum income.After analyzing the relative factors which affect the exit of the venture capital,the grey-markov model is introduced to calculate the value of venture enterprises,to research conditions of the exit and to select the chance of the exit.Criteria given by the model can be used as a reference basis of the exit decision making.