Canadian business angel perspectives on exit: A research note
研究加拿大一个大型天使投资群体的退出预期，发现他们偏好贸易出售而非IPO，且经验越丰富的天使越不愿选择IPO，传统融资阶梯模式已不占主导。
This research note analyses the investment harvest expectations of a large Canadian angel group. These angels co-finance large high-tech deals; on average, greater than CAN$1.2m. Canadian low listing requirements and the junior stock market make the initial public offering a possible exit mode. However, angels prefer a trade sale, consistent with the proposition that large acquirers can fully and rapidly exploit innovations and offer better exit values. Securities regulation impedes initial public offering exit; reluctance to pursue this exit strategy however, increases with angel experience. The classical funding escalator, including venture capitalists, no longer appears to be a dominant model.