风险资本契约价格与市场均衡理论研究

Theory of Venture Capital Contract Price and Venture Capital Market Equilibrium

文章从风险资本价格机制的研究角度,依据契约理论提出了风险资本契约价格概念,并进一步探讨了风险资本市场均衡过程中价格的微观作用机制(价格从非均衡趋向均衡过程中,参与主体的博弈)和宏观作用机制(不同均衡价格水平下,市场总收益的变动趋势)。为参与主体面临市场现行价格采取主动应对策略及政府面对市场不同博弈状态制定旨在提高市场总体收益水平和资源配置效率的有效政策制定了具体操作原则。

Starting from the research demand of the pricing mechanism of venture capital, the paper, based on the ordinary principal of capital and contract theory, puts forward the price concept of venture capital contract and makes further probe into the micro operation mechanism in the (equilibrium) process of venture capital market (price joins the game of the subject in the process from non(equilibrium) to equilibrium) and macro operation mechanism (the change tendency of the total market yield under (different) equilibrium prices). It provides a framework of actual operation principle to join the subject to have active reaction strategies to deal with the current price of the market and to help the government to make effective (policies) to increase the total market yield and improve the efficiency of the total (resource) allocation under different game state of the market.