风险投资的分段投资博弈模型分析

Game Analysis of Staged Financing in Venture Capital

在完全竞争的风险资本市场中,建立了由单个风险企业家与多个风险投资家组成的分段投资模型。分对称信息和非对称信息两种情形,推导出风险企业家和风险投资家的均衡收益及最优投资水平,给出了分段投资发生作用的条件.

A game model of staged financing is set up between an entrepreneur and several venture capitalists in competitive venture capital market. The model gives equilibrium return and the optimal investment level under symmetric information and asymmetric information, and identifies the condition under which staged financing is feasible.