风险投资职业经理人的价值模型分析

Analysis of Professional Entrepreneurs' Value Model in Venture Capital Investment

为了分析风险投资过程中职业经理人的能力表现所可能创造的价值 ,构建了基于职业经理人能力表现和风险投资公司信息搜索的价值模型 ,探讨了不同能力表现情况下风险投资公司所需支付的信息搜索成本、所获得的收益以及经理人所创造的价值 ;通过建立经理人股票期权激励下的价值模型 ,探讨了股票期权的激励原理 ,并着重比较分析经理人对于行权时机的选择 。

This study aimed at analyzing the value that can be created by professional entrepreneurs' ability manifestation in venture capital investment. This paper built up a value model that was based on professional entrepreneurs' ability manifestation and the information searching of venture investment company. It also discussed the information searching cost and profit of venture investment company and the value created by professional entrepreneurs under the condition of different ability manifestation. Based on a value model under the condition of ESO, it analyzed the mechanism of ESO, compared and analyzed the choices of entrepreneurs' executing right and obtained the choice standard and influence factors of entrepreneurs' executing right.