摘要
由于首发公开上市(IPO)减持退出方式极大拥塞,借道"参投公司被上市公司并购"的私募股权创新退出进入实务。依据我国证券市场制度环境成本、并购价值估计和信号传递效应,研究私募股权风险概率下无差异博弈均衡价格形成的机理,分析私募股权"选择支持企业IPO还是被并购"最优退出方式的行为选择策略,明确私募股权投资企业的最优IPO退出价格和并购退出条件下的收益空间。
As the exit route by IPO congesting,the private equity innovating exit route through investment company being MA has been emerging. On the basis of the security market institutional environment cost,the estimating value of MA and the signal transmission effect,this paper focuses on equilibrium price mechanism without no difference under risk probability,analyzes the optimal exit behavior strategy of private equity by choosing IPO or being MA,and indicates the optimal IPO exit price of private equity participating in company,and illustrates the return space boundary under the MA exit pattern.
作者
张建平
ZHANG Jianping(Chongqing Branch of China Construction Bank, Chongqing 400010, Chin)
出处
《重庆理工大学学报（社会科学）》
CAS
2018年第2期42-49,共8页
Journal of Chongqing University of Technology（Social Science）
基金
国家社会科学基金项目"基于声誉机制的创业投资机构IPO后减持退出行为机制设计研究"(14BGL048)
关键词
私募股权投资
退出策略
信号传递
贝叶斯均衡
private equity
exit strategy
signal transmission effect
Bayesian equilibrium
