摘要
风险资本市场中,风险投资对于资本的需求者-风险企业,是一项稀缺资源,而能创业成功产生超额利润的风险企业,对风险企业来说同样是稀缺的。两者相互选择的过程是一个充分博弈的过程。本文将两者相互选择的博弈过程划分为初次投资、后继投资和资本撤退三个阶段分步分析,为双方的策略选择提供思路。
Among the venture capital market, venture capital is the rare resource for venture enterprise. The venture enterprise that can start an undertaking and succeed in producing super-profit is also rare for venture capital. The course during which the two choose each other is a course that they fully play game. In this paper the author divides the playing course into three phases, which includes first financing, continuing to invest , and withdrawing. The analysis offers suggestion for both sides' strategies.
出处
《财经科学》
CSSCI
北大核心
2005年第3期127-132,共6页
Finance & Economics
关键词
风险企业
风险投资
资本市场
投资协议
venture enterprise
venture capital
dynamical game
investment agreement