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This paper proposes two kinds of time-inconsistent preferences (i.e. timeflow inconsistency and critical time point inconsistency) to further advancethe research on the exit decision of venture capital. Time-inconsistentpreference, different from time-consistent preference, assumes that decisionmakers prefer recent returns rather than future returns. Based on venturecapitalists' understanding of future preferences, we consider four types ofventure capitalists, namely time-consistent venture capitalists, venturecapitalists who only realize critical time point inconsistency, naive venturecapitalists and sophisticated venture capitalists, of which the latter threeare time-inconsistent. All types of time-inconsistent venture capitalists areaware of critical time point inconsistency. Naive venture capitalistsmisunderstand time flow inconsistency while sophisticated ones understand itcorrectly. We propose an optimal exit timing of venture capital model. Then wederive and compare the above four types of venture capitalists' exitthresholds. The main results are as follows: (1) all types of time-inconsistentventure capitalists tend to exit earlier than time-consistent venturecapitalists. (2) The longer the expire date are, the more likely venturecapitalists are to delay the exit, but the delay degree decreases successively(venture capitalists who only realize critical time point inconsistency > naiveventure capitalists > sophisticated venture capitalists).

Optimal exit decision of venture capital under time-inconsistent preferences