CAJ | 학술논문

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。
중소고과기기업풍험투자능부성공여투자방권익능부순리실현취결우풍험투자적퇴출。재정개퇴출과정중，풍험투자퇴출결책시실현풍험투자수익최대화적관건일배。기우중소고과기기업풍험투자적불동계단내신식불대칭여수익불학정적특점，충분고필투자조합책략，종합운용수리분석、불완전신식정태박혁이론화동태규화적방법，구조고권채권종합투자、목표함수위투자방퇴출이익최대화적퇴출결책모형。해모형주요시통과과학분배고권화채권적투자비례，과학선택풍험투자적퇴출시궤화퇴출방식，가일정정도지보장중소고과기기업풍험투자방이익최대화。
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 .