中文摘要：

本文研究了投资于中国境内企业的风险投资及私募股权基金（VC／PE）退出方式及与之相关的因素。数据表明：VC／PE越年轻、投资期间越短、被投资企业越年轻以及股市行情越好时，通过IPO退出的概率越大。此外，较年久和年轻的VC／PE所支持企业的年龄和上市时IPO折价无显著差异。这些发现表明了基于成熟资本市场的信息不对称和声誉假说并不能很好地解释我国VC／PE的退出方式，相反，源于中国市场的数据反映了近年来VC／PE行业较为普遍的突击入股短期套现现象。

英文摘要：

This paper studies the exit route of venture capital and private equity fund （VC/PE） and factors related to it. The empiri- cal results show that PE/VC are more likely to exit through initial public offering （IPO）： when they are younger or with shorter in- vestment periods, their target companies is younger, or when the market in good state. In addition, there is no significant difference in the age of the target companies or IPO underpricing between young and old VC/PEs. These suggest that the information asym- metry hypotheses and the reputation hypotheses are insufficient to explain the choice of the exit route by VC/PE in China. Instead, our data suggest VC/PE tends to profit through cashing in during IPO.