风险企业与风险投资的博弈分析

An analysis on Playing Game Between Venture Enterprise and Venture Capital

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.