我国风险投资阶段选择的博弈分析

Game Analysis on the Stage Selection of Venture Investment in China

通过建立风险投资阶段分布的博弈模型,阐明风险企业成长各阶段的特点决定了风险投资的投资阶段分布。模型的结论表明,风险投资主要集中在风险企业的成长期和成熟期,这与我国的风险投资现状相一致;同时,控制风险是引导风险投资向风险企业成长的种子期和导入期转移的有效措施。在此基础上结合我国实际情况提出了引导我国风险资本向风险企业成长早期转移的相关对策,包括完善风险投资项目评估机制和风险投资退出机制等。

On the basis of building game model about the stage distribution of venture investment, the paper demonstrates that the investment stage distribution of venture capital is decided by the characteristics of different growing stages of venture capital - backed finns. The conclusion of the paper shows that venture investment mainly exists in the expansion stage and mature stage of venture capital - backed finns, which is in line with the status quo in China. The paper also points out that risk control is an effective measure to guide venture investment to go into the seed stage and start - up stage of the finns. Based on the status quo of China, the authors propose measures to guide venture capital into its early stages, including perfecting project assessing mechanism and risk withdrawal mechanism of venture capital.