中文摘要：

本文以风险资本支持型公司的项目融资为动因，基于公司上市与并购价值的无差异性，建立创业者扣风险资本退出策略的均衡模型。在模型构建中首次引入证券市场环境、上市成本、并购成本等因素的影响，对公司IPO退出的均衡价格和上市概率进行理论及实证分析，探讨了产品市场竞争、信息不对称、证券市场环境、收购方议价能力、上市成本和并购成本等因素对退出策略的影响。

英文摘要：

Based on the motivation of project financing for venture capital backed company, this paper motivare equi- librium exit strategy for entrepreneur and venture capital, considering the indifference of IPO and acquisition. The factors of the stock market environment, the cost of IPO and acquisition are first introduced into the model building. This paper makes theoretical derivation and empirical analysis on the equilibrium price and probability of IPO, discusses the effect of product market competition, information asymmetry, stock market environment, bargaining power of acquirer, the cost of IPO and acquisition on the exit strategies.