报告时间：2022年5月30日（星期一）20:00
报告地点：腾讯会议 876 975 541
报告题目：风险资本的退出压力与风险退出：董事会视角
Venture Capital Exit Pressure and Venture Exit: A Board Perspective
主讲人：威斯康辛大学-密尔沃基分校 Ting Yao副教授
主讲人简介：
Ting Yao，威斯康辛大学-密尔沃基分校(University of Wisconsin-Milwaukee)卢巴商学院(Lubar School of Business)战略管理专业的副教授。Dr. Yao的研究兴趣主要是创业、公司治理和战略管理。特别的，她的研究考察了董事会如何帮助风险资本支持的初创公司创新、克服资源限制并成功退出。姚博士还研究了上市公司董事会的子群体动态和性别多样性。Dr. Yao的论文“Venture Capital Exit Pressure and Venture Exit: A Board Perspective”已经被SMJ(Strategic Management Journal)录用。该刊是UTD 24种顶级期刊之一，是全球战略管理研究领域最顶级的学术期刊。
内容简介：风险投资基金的生命周期有限。随着基金年龄的增长，风险投资家（VCs）积极推动与风险董事会的风险退出。考虑到风险投资公司的退出压力对董事会合作的影响，我们研究了风险投资公司的退出压力对四种风险投资退出（IPO、高价值并购、低价值并购和清算）风险的影响。我们发现，虽然风投的退出压力不会影响IPO的风险，但这种压力显著增加了并购和清算的风险。
Venture capital funds have a limited lifecycle. As the fund ages, venture capitalists (VCs) are motivated to promote venture exit discussions with the venture board. We investigate the impact of VCs’ exit pressure on the hazard of four types of venture exit (IPO, high-value M&A, low-value M&A, and liquidation), considering how VCs’ exit pressure influences board collaboration. We find that while the VCs’ exit pressure does not affect the hazard of IPOs, the pressure significantly increases the hazard of M&A and liquidation. Achieving important milestones does not reduce the impact of exit pressure on the hazard of low-value M&A and liquidation. Independent directors moderate the impact of the VC’s exit pressure, increasing the hazard of high-value M&A and lessening the hazard of liquidation.
