风险资本联合投资的数理模型研究

A Study of Mathematical Model of Venture Capital Syndication

在项目筛选和价值增值假设下,利用博弈论理论通过建立数理模型对风险投资家联合投资的目的进行了探讨。结果表明,在项目筛选假设下,联合投资的目的是为了改进投资项目决策质量,而不是为了增加收益。而在价值增值假设下,联合投资的目的则是为了增加项目收益。研究为风险投资家进行联合投资目的的选择提供了一定理论依据。

Under project selection and value-added hypothesis, a mathematical model is set up by game theory in order to discuss why a venture capitalist syndicating venture capital. It points out, under project selection hypothesis, syndicating investment is to select the more promising projects, not to add value. Under value-added hypothesis, syndicating investment is to add value to projects. The study provides with definite theory as to what venture capitalists actually do.