股权转让与创业资本投资回报关系研究——基于产业关联性视角

发布时间：2018-02-07 13:19

本文关键词： 股权转让创业资本资本退出产业关联投资回报率　出处：《证券市场导报》2017年04期 　论文类型：期刊论文

【摘要】：本文基于产业关联性视角,研究股权转让与创业投资家得到的投资回报之间的关系,通过测算716笔股权转让的相关数据,分析单方股权转让和协同股权转让之间以及横向股权转让和纵向股权转让之间的回报差异。研究发现,创业投资家在单方股权转让中可以得到比协同股权转让更高的投资回报,而且两者的差异在具有严重信息不对称的初创公司尤其明显。并且,横向股权转让可以获得比纵向股权转让更高的回报。然而,在创业资本市场繁荣时期,这个结果却是相反的。此外,研究发现有经验的创业投资家可以克服自身在股权转让中所处的劣势地位,从而在两种股权转让类型中得到较高水平的回报。
[Abstract]:Based on the perspective of industrial relevance, this paper studies the relationship between equity transfer and the return on investment obtained by venture capitalists, and calculates the relevant data of 716 equity transfers. This paper analyzes the difference of return between unilateral equity transfer and coordinated equity transfer, as well as between horizontal equity transfer and vertical equity transfer. It is found that venture capitalists can obtain higher return on investment than coordinated equity transfer in unilateral equity transfer. And the difference is particularly pronounced in startups with severe information asymmetries. And horizontal equity transfers can yield higher returns than vertical equity transfers. However, in a boom in venture capital markets, In addition, the study found that experienced venture capitalists can overcome their inferior position in equity transfer and obtain a higher level of return in both types of equity transfer.
【作者单位】：东华大学旭日工商管理学院;上海财经大学国际工商管理学院;南伊利诺伊大学商学院;
【基金】：国家留学基金委资助项目(201506630047) 中央高校基本科研业务费专项资金资助(CUSF-DH-D-2015065)
【分类号】：F832.51;F275

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