Abstract: Taking the VCS exit equity discriminatory auction as research background, evolutionary game theory is emploged to study the bidding strategies of heterogeneous companies, and the general evolution rules of bidding strategies under different market supply and demand conditions are found. The result shows that the final bidding evolution relates to not only the relative payment of bidders, but also supply and demand conditions in the VC exit market and system’s initial states. It is concluded that setting a lowest bidding limit, hiding the market supply and signal transmission can effectively promote companies to choose high-priced bidding strategy.

Key words: discriminatory auction, evolutionary game, VC exit, ESS