Venture capital firms (VCs) sometimes continue to hold significant equity stakes in entrepreneurial ventures after venture IPO. The information economics view suggests that retaining equity signals VC commitment and venture quality. This study conceptualizes retaining equity as holding an exchange option, the option to exchange VCs' own valuation of IPO ventures for the market's valuation. Holding this option allows VCs to benefit from the ventures' upside potential. Since exit amounts to giving up the option, the option value represents an opportunity cost of exit. VCs may delay exit if this option is sufficiently valuable. The study examines two key conditions that interact to increase the value of this option: uncertainty and positive private information. This study contributes to research on VC exit and real options.

中文翻译：

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风险投资IPO后退出


风险投资公司 (VC) 有时在风险投资 IPO 后继续持有创业企业的大量股权。信息经济学的观点表明，保留股权标志着风险投资的承诺和风险质量。本研究将保留股权概念化为持有交换选择权，即用风险投资公司自身对 IPO 企业的估值换取市场估值的选择权。持有此期权可以使风险投资公司从企业的上升潜力中受益。由于退出相当于放弃期权，因此期权价值代表退出的机会成本。如果这个选择足够有价值，风投可能会推迟退出。该研究探讨了两个相互作用以增加该选项价值的关键条件：不确定性和积极的私人信息。这项研究有助于风险投资退出和实物期权的研究。