7908 
8361顺利退出被投资企业是风投机构实现投资价值的关键环节，而退出不确定性的存在对风投机构的投资行为与顺利退出都会产生影响。文章提出了退出不确定性对风投机构辛迪加联合投资行为的影响机制。中国证券市场的IPO暂停为我们考察风投机构退出不确定性提供了难得的准自然实验。文章采用中国IPO暂停的准自然实验来测度退出不确定性，以2002−2015年风投机构投资创业企业的事件为研究样本，实证结果显示：退出不确定性会降低风投机构采取辛迪加联合投资的积极性，投资意愿也会显著下降，而这会对风投机构的退出表现产生负向影响。文章的研究丰富和扩展了风投机构投资行为的研究文献，也为政策干预的经济后果提供了经验证据。
退出不确定性与风险资本辛迪加联合投资——基于中国IPO暂停的准自然实验
摘要
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引用本文
付辉, 周方召. 退出不确定性与风险资本辛迪加联合投资——基于中国IPO暂停的准自然实验[J]. 财经研究, 2018, 44(10): 82-97.
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