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拍卖是实现风险投资股权退出的方式之一.在风险投资股权拍卖交易中存在的信息不对称以及外部环境的不确定性使得外部投资者难以对风险企业股权准确地定价,鉴于此,将股权竞买系统视为一个开放系统,运用随机微分方程来描述外部投资者的报价策略状态演变过程,在此基础之上构建风险投资退出股权拍卖模型,并探讨市场出清价格的形成机理及其信息公布程度、竞买人易受影响程度等因素的影响,最后运用变分法对风险投资家的期望收益进行了分析.
Auction is one of the ways to achieve the exit of venture capital equity.Asymmetric information and the uncertainty of the external environment in the venture capital equity auction make it difficult for outside investors to price the venture equity accurately, The system is regarded as an open system. Stochastic differential equations are used to describe the evolution process of external investor’s quotation strategy. Based on this, the model of venture capital investment exit is set up and the formation mechanism of market clearing price and the degree of information disclosure , Bidders susceptible to such factors as the degree of influence, and finally the use of variational methods of venture capitalists expected earnings analysis.