风险投资多项目多阶段投资组合决策研究

To Study on Decision Making on Multi-projects and Multi-stages Portfolio of Venture Capital

针对多项目多阶段风险投资,以提高风险投资收益率、成功率和降低投资风险为目标,构建了多项目多阶段投资总体概念模型。在此基础上,利用马可维茨投资决策模型进行项目筛选,然后建立决策树和三级模糊评价模型对单个项目多阶段投资进行决策,得到了在风险资本投资总额一定的情况下的多项目投资组合、项目的投资比例以及单个项目多阶段的投资方式和资金比例。

Aimed at increasing the return rate, success rate and reduce the investment risks of the multi-stage and multi-project venture capital,this paper proposes a multi-project total concept model. On the basis of this model,it uses the Markowitz investment model to choose the project. After that, it establishes the decision tree and three-level fuzzy evaluation model to make decisions on the single and multi-stage project investment. In the circumstance of certain capital, it received the multi-project portfolios, singe project ratio,single and multi-project investment ratio and capital ratio.