CAJ | 학술논문

风险投资退出方式的选择除了需考虑资本市场、风险企业特性等因素以外,其决策过程在很大程度还受财务控制权的影响。财务控制权的影响包括两个方面,一方面风险资本退出后,风险企业家期望增强或重新掌握企业的财务控制权,以获取未来的控制权收益。未来财务控制权收益是退出利益的重要组成部分,它会影响退出方式决策,IPO和并购退出方式会产生不同的控制权利益;另一方面,退出控制权是财务控制权最重要的内容,它的合理配置是科学决策和有效退出的重要保证。
풍험투자퇴출방식적선택제료수고필자본시장、풍험기업특성등인소이외,기결책과정재흔대정도환수재무공제권적영향。재무공제권적영향포괄량개방면,일방면풍험자본퇴출후,풍험기업가기망증강혹중신장악기업적재무공제권,이획취미래적공제권수익。미래재무공제권수익시퇴출이익적중요조성부분,타회영향퇴출방식결책,IPO화병구퇴출방식회산생불동적공제권이익;령일방면,퇴출공제권시재무공제권최중요적내용,타적합리배치시과학결책화유효퇴출적중요보증。
Venture capital exit way needs to consider the capital market, the characterizes of venture company and other factors. Its decision - making process is also a large extent impacted by control rights. The impact of Control rights includes two aspects. On one hand, after the exit of venture capital, entrepreneurs expect to increase or regain the financial control to obtain control rights interests in future. The control rights interests is one important part of the exit interests, it will affect the exit way decision - making, IPO and M＆A produce the different control interests; on the other hand, exit control right is most important content of control, rationally allocated the exit control rights is correct decision - making and an important guarantee for effective exit.