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税收影响下的创业投资组合规模的决策模型研究 被引量:3

A Decision-making Model of VC Portfolio Size affected by Tax Policy
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摘要 为分散投资风险,创业投资家通常为多个创业企业提供资金和管理支持,从而形成创业投资组合。限于精力,创业投资家必然面临着投资组合规模和管理支持二者间的平衡。税收政策影响着创业投资家对于创业企业权益份额的获取,因而影响着其对创业企业的管理支持力度,进而影响其投资组合规模。 In order to disperse their investment risk, Venture Capitalists usually afford funds and managerial support for many start-up firms, and then a portfolio comes into being. Due to their attention limit, Venture Capitalists should face a trade-off between the number of ventures and the amount of managerial support allocated to each individual venture. Tax policy affects Venture Capitalists' profit share in ventures, then affects the Venture Capitalists' managerial support, and finally affects their porffolio's size.
出处 《科技进步与对策》 CSSCI 北大核心 2009年第2期17-19,共3页 Science & Technology Progress and Policy
基金 东南大学科技基金项目(XJ0614240)
关键词 创业投资组合 管理支持力度 权益份额 税收政策 Venture Portfolio Managerial Support Profit Share Tax Policy
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参考文献5

  • 1KEUSCHNIGG,C.Taxation Of A Venture Capitalist With A Portfolio of Firms[J].Oxford Economic Paper,2004(56) :285- 306.
  • 2KANNIAINEN,V.,KEUSCHNIGG,C.,The Optimal Portfolio of Start-up Firms in Venture Capital Finance [J].Journal of Corporate Finance, 2003 (9) : 521-534.
  • 3CUMMING,D.The Determinants of Venture Capital Portfolio Size: Empirical Evidence[EB/OL].Http://www.bus.ualberta.ca/ dcumming, 2003.
  • 4VESA KANNIAINEN,CHRISTIAN KEUSCHNIGG.Start-up investment with scarce venture capital support [J]. Journal of Banking & Finance,2004(28):1935-1959.
  • 5CHRISTIAN KEUSCHNIGG.Soren Bo Nielsen, Startups, venture capitalists, and the capital gains tax [J]. Journal of Public Economics, 2004 (88): 1011-1042.

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