TY - JOUR A2 - Chen, Tingqiang AU - Chuan, Ding AU - Li, Dahai AU - Ye, Meishu PY - 2020 DA - 2020/11/30 TI - Exit Decision of Venture Capital Based on Linear Contract in Continuous Time: IPO or M&A SP - 8814790 VL - 2020 AB - Based on the assumption that the long-term value of a venture capital satisfies the algebraic Brownian motion, we develop a continuous-time exit model of venture capital under different exit modes, namely, initial public offering (IPO) and mergers and acquisitions (M&A).员工激励问题与企业退出决策结合分析退出时间和退出模式此外,资本退出问题从两个角度考虑,即最佳风险资本和社会福利最大化,并比较退出决策之间的差异模型预测IPO的时序最大化资本家的实用性,落后于退出时间,退出时间最大化社会福利使用数值分析,本文还证明提高生产效率、降低利率和改进风险管理可使风险资本家退出决策与最大化社会福利决策相容SN-1076-2787UR-https://doi.org/101155/208814790DO-10.1155/208814790JF-ComplicityPB-HindawiKW-ER