Full-Text Search:
Home|About CNKI|User Service|中文
Add to Favorite Get Latest Update

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.
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
©CNKI All Rights Reserved