Purpose

The existing literature on venture capitalists’ (VCs’) exits provides insufficient evidence regarding factors affecting the exit decision. This study aims to identify these factors and examine how VC firms do ranking or prioritize these factors.

Design/methodology/approach

The study is based on primary data. The qualitative analysis was done to develop the survey instrument. Fuzzy analytical hierarchical process, which is a popular method of multi-criteria decision modeling, is used to identify or rank the determinants of exit strategy by venture capital firms in India.

Findings

Broadly, eight determinants of exit strategy are ranked by VCs. A total of 33 statements describe these eight determinants. The results are analyzed on the basis of four measures of VCs’ profile, i.e. age of VC firm, number of start-ups in portfolios, type of investment and amount of investment.

Research limitations/implications

The survey instrument needs to be validated with a larger sample size and other financial backers than VCs.

Practical implications

The study has direct managerial implication for VC firms as it provides useful information regarding the determinants of exit strategy by VC firms in India. These findings can provide necessary information to other financial backers too, viz., angel investors, banks, non-banking financial institutions and other individual and syndicated set-ups providing funding to start-ups.

Originality/value

The current research is unique as no prior study has explored the determinants of VCs exit strategy and prioritizing these determinants.

中文翻译：

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印度风险投资公司使用模糊层次分析法的退出策略决策

目的

现有的关于风险资本家 (VC) 退出的文献没有提供足够的证据来说明影响退出决策的因素。本研究旨在确定这些因素，并研究风险投资公司如何对这些因素进行排名或优先排序。

设计/方法/方法

该研究基于原始数据。进行定性分析以开发调查工具。模糊分析层次过程是一种流行的多标准决策建模方法，用于识别或排序印度风险投资公司退出策略的决定因素。

发现

从广义上讲，风险投资对退出策略的八个决定因素进行了排名。共有 33 条语句描述了这八个决定因素。根据风险投资公司的年龄、投资组合中的初创企业数量、投资类型和投资金额这四个指标对结果进行了分析。

研究限制/影响

调查工具需要通过比风险投资更大的样本量和其他财务支持者进行验证。

实际影响

该研究对风险投资公司具有直接的管理意义，因为它提供了有关印度风险投资公司退出战略决定因素的有用信息。这些发现也可以为其他金融支持者提供必要的信息，即天使投资者、银行、非银行金融机构和其他为初创企业提供资金的个人和银团机构。

原创性/价值

目前的研究是独一无二的，因为之前没有研究探讨过风险投资退出策略的决定因素并优先考虑这些决定因素。