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《The Study of Finance and Economics》 2002-02
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Information Asymmetry and Exits of Venture Capital

DAI Guo-qiang, WANG Guo-song (School of Finance,Shanghai University of Finance and Economics, Shanghai 200433,China)  
This paper studies the relationship between information asymmetry and exits of venture capital. It turns out that:(1)the high-tech firm needs equity financing other than debt financing at it's start-up stage;(2)for the venture capital invested in the high-tech firm, the most efficient exit pattern is the IPO exit, the acquisition one is secondary; (3)the IPO exit needs active stock market; (4)the key for rapid growth of the high-tech industry in the United States is that there are independent venture capitalists and active stock market.
【CateGory Index】： F830.59
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