Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Systems Engineering-Theory & Practice》 2007-06
Add to Favorite Get Latest Update

Model on Optimum IPO Time Choice in Venture Capitals

GAN Lian-jun1,WANG Jun-hui2(1.School of Economics & Business Administration,Chongqing University,Chongqing 400044,China;2.School of Management,Chongqing Normal University,Chongqing 400047,China)  
By introducing theory of the real options and optimal stopping time,This paper analyzes Optimum Time Choice of IPO which is one of the way of exit of venture capitals.Assuming profits of the project followed the geometric Brownian motion and under the short-sale constraints and the number of optimistic investors followed a Poisson jumps process,and employing the way of the real options and optimal stopping time theory,we established mathematical model on the exiting time and derive the critical values of the optimal stopping time.Finally,we draw a conclude that the venture capitalist will agree to take the firm public if the ratio of the number of optimistic investors and the profits of the project is greater than the critical value because this time is the Optimum exiting time of venture capital.
【Fund】: 国家自然科学基金(10471149)
【CateGory Index】: F830.91;F224
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
【References】
Chinese Journal Full-text Database 4 Hits
1 YAN Wen-jun,GUO Ju-e(School of Management,Xi'an Jiaotong University,Xi'an 710049,China);The Application Research on Convertible Securities Based on Different Quit Channels[J];运筹与管理;2009-04
2 YAN Wen-jun,GUO Ju-e School of Management,Xi'an Jiaotong University,Xi'an 710049,China;The Study on Principal Agent Relationship among Venture Capitalist,Bank and Enterpriser[J];管理科学;2009-02
3 ZHANG Hualun, WU Ruichao(School of management, Xi’an University of Technology, Xi’an 710054, China);Option Analysis on Emission Permits[J];生态经济;2009-04
4 LIU Bei-shang,QIU Wan-hua (School of Economics and Management,Beijing of Aeronautics & Astronautics,University,Beijing 100083,China);Venture Capital Exit Decision-Making Based on the Investment Portfolio and Cash Flow[J];中国管理科学;2008-S1
【Citations】
Chinese Journal Full-text Database 4 Hits
1 ZHANG Xin-li, YANG De-li (1.School of Management, Dalian University of Techology, Dalian 116024, China; 2.School of Mathematics, Liaoning Normal University, Dalian 116021, China);The Exit Timing of Venture Capital in Initial Public Offering[J];运筹与管理;2005-01
2 ZHANG Chen-yu,RAN Lun,LI Jin-lin (School of Management and Economics, Beijing Institute of Technology, Beijing100081, China);Exit Decision and Control in Venture Capitals[J];北京理工大学学报;2004-09
3 Cheng Jing (Economics College,Jinan University,Guangzhou 510632);Study on Venture Capital Project Exit Timing and Approaches[J];科学管理研究;2004-01
4 TAN Yi ,FENG Zong -xian,SHAO Feng(Management School of Xi ' an Jiaotong University,Xi ' an 710049,China);The Exiting Timing of Venture Capita l and the Equity Value Evaluation of an Enterprise[J];中国软科学;2002-05
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 ZHANG Xin-li1,CAO Xiao-li1,LI Xiao-wei2(1.School of Mathematics,Liaoning Normal University,Dalian 116021,China;2.School of Management,Ocean University of China,Qingdao 266100,China);A Decision Model of the Best IPO Exit Choice in Venture Capital Based on the Real Option Theory[J];系统工程;2009-11
2 WANG Jun,TANG Liu(School of Business & Management,Sichuan University,Chengdu 610064,China);IPO Timing of Chinese Private Company—Evidence from Chinese Listed Company[J];经济问题;2009-10
3 LIU Bei-shang,QIU Wan-hua (School of Economics and Management,Beijing of Aeronautics & Astronautics,University,Beijing 100083,China);Venture Capital Exit Decision-Making Based on the Investment Portfolio and Cash Flow[J];中国管理科学;2008-S1
4 Yin Linsen, Li Zhan, Li Jue;Research on Exit Decision Model of Venture Capital Based on Optimal Stopping Time[J];南开管理评论;2008-04
5 ZHANG Li-xin1,CHEN Hui2 (1.School of Mathematics,Liaoning Normal University,Dalian 116021,China;2.Yantai Vocational College,Yantai 264003,China);Exit Decision Model Based on Real Options in Venture Capital[J];运筹与管理;2007-04
6 GAN Lian-jun1,WANG Jun-hui2(1.School of Economics & Business Administration,Chongqing University,Chongqing 400044,China;2.School of Management,Chongqing Normal University,Chongqing 400047,China);Model on Optimum IPO Time Choice in Venture Capitals[J];系统工程理论与实践;2007-06
7 Zhou Ziyang,Liu Sifeng,Wan Jun(College of Economics and Management,Nanjing University of Aeronautics & Astronautics,Nanjing,210016,China);Grey Decision-Making Method in Exit Decision of Venture Capital[J];南京航空航天大学学报;2006-03
8 WEI Xiao-jie1,LIU Kun2(1.School of Management & Economics,Beijing Institute of Technology,Beijing 100081,China;2.Business School of Central South University,Changsha 410083,China);Government' Function in the Developing of Venture Investment in China[J];潍坊学院学报;2006-01
9 QIN Tao,SUN Guan-nan,PAN Huan-xue(Beijing Forestry University,Beijing 100035,China);Application of Option Pricing Theory to the Decision-making of Withdrawal of Risk Investment[J];中国国土资源经济;2005-12
10 AN Shi,WANG Xuan(School of Management, Harbin Institute of Technology, Harbin 150001, China);A Compound Model for Venture Capital Exit Decision-making[J];系统工程理论与实践;2005-09
【Co-references】
Chinese Journal Full-text Database 10 Hits
1 XIAO Wei1, WEI Qing-qi2 (1. School of Management, Chongqing Jiaotong University, Chongqing 400074, China; 2. School of Management, Northwestern Polytechnical University, Xi’an 710072, China);A Study on the Functional Model of Allowance Transfer System Supporting Emission Trading[J];生态经济;2008-11
2 GUO Ju-e,YAN Wen-jun,ZHANG Guo-xing(School of Management,Xi'an Jiaotong University,Xi'an 710049,China);Research on staging investment cost and supplemented investment triggers of early-stage-high-technology growth-oriented companies[J];系统工程理论与实践;2008-08
3 ZHANG Li-xin1,CHEN Hui2 (1.School of Mathematics,Liaoning Normal University,Dalian 116021,China;2.Yantai Vocational College,Yantai 264003,China);Exit Decision Model Based on Real Options in Venture Capital[J];运筹与管理;2007-04
4 Yue Yiding,Zou Fuyang,Liu Dan(Business School of Central South University,Hunan Changsha 410083,China);Stock Financing with Venture Capital of Signaling Game Mode[J];科学管理研究;2007-03
5 GAN Lian-jun1,WANG Jun-hui2(1.School of Economics & Business Administration,Chongqing University,Chongqing 400044,China;2.School of Management,Chongqing Normal University,Chongqing 400047,China);Model on Optimum IPO Time Choice in Venture Capitals[J];系统工程理论与实践;2007-06
6 Dang Xing-hua~1,Quan Xiao-feng~2,Yang Min-li~1(1.School of Business Administration,Xi'an University of Technology,Xi'an 710048,China;2.School of Geography and Resource Management,Ludong University,Yantai 264025, China);Analysis on the monitor and incentive game of the entrust-agency relationship in venture capital[J];科研管理;2007-01
7 TANG Wan-mei~(1,2)(1.College of Sciences and Technology,NeiMongol University,Hohhot 010021,China;2.Dept of Mathematics and Computer Sciences,Chongqing Normal University,Chongqing 400047,China);A Research of Multihierarchy Synthetic Evaluation Based on the Gray Relation Analysis——the model of synthetic assessment in the venture investment items[J];系统工程理论与实践;2006-06
8 FANG Yan, ZHANG Dao-yun(School of Management,Xihua University,Chengdu Sichuan 610039,China);Fuzzy Evaluation Model of Venture Capital[J];数学的实践与认识;2006-12
9 YANHONG DENG HONGMIN CHEN(Shanghai Jiaotong University);Double Moral Hazard and Pareto-efficient Contracts for Venture Capital:A Bargaining-based Study[J];经济学(季刊);2006-02
10 CHENG JingEconomics College,Jinan University Guangzhou 510632,Chin;Study on the Quantitative Analysis Model of Venture Capital Project Exit Timing and its Application[J];暨南学报(哲学社会科学版);2005-05
【Secondary References】
Chinese Journal Full-text Database 1 Hits
1 CHEN Qingneng1,2,SHENG Manhong1,3(1.School of Economics,Zhejiang University,Hangzhou 310017,China;2.School of Economics and Management,Zhejiang University of Science and Technology,Hangzhou 310023,China;3.Zhejiang Sci-Tech University,Hangzhou 310033,China);Comparative Research on the Models of Tradable Emission Permit[J];生态经济;2009-10
【Secondary Citations】
Chinese Journal Full-text Database 5 Hits
1 WU Zheng-wu , QIU Meng-rong , YUAN Fei (Zhejiang University,Hangzhou 310029, China);Principles Determining the Timing and Way of Venture Capital Exit[J];商业研究;2002-20
2 TAN Yi ,FENG Zong -xian,SHAO Feng(Management School of Xi ' an Jiaotong University,Xi ' an 710049,China);The Exiting Timing of Venture Capita l and the Equity Value Evaluation of an Enterprise[J];中国软科学;2002-05
3 LI Yao kuang, CHEN De mian, ZHANG Yu chen (Investment Institute of Tongji University, Shanghai 200092,China);The exit of venture capital:a survey[J];科学学研究;2002-02
4 DAI Guo-qiang, WANG Guo-song (School of Finance,Shanghai University of Finance and Economics, Shanghai 200433,China);Information Asymmetry and Exits of Venture Capital[J];财经研究;2002-02
5 SU Yong-jiang, LI Zhan (School of Management, Shanghai Jiaotong University, Shanghai 200030 China);Study of the Exit of Venture Capital Projects[J];预测;2001-04
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved