科技企业孵化器与创业投资合作及治理

Cooperation Between Business Incubator and Venture Capital and Its Governance

通过建立科技企业孵化器、创业投资以及创业者三方博弈模型,论述三方合作的内部特性以及比较三方在有无预算平衡下的市场均衡和努力水平,给出政府最优补贴政策。根据创业投资与科技企业孵化器以及创业者"合作"过程中所面临的双重道德风险,提出关联博弈、政策补贴、规范服务、规制收入、战略联盟等治理机制,对于降低孵化器与创投合作的道德风险,促进孵化器和创投的良性发展具有重要意义。

A trilateral game model of business incubator, venture capital, and entrepreneur was established, by which their internal characteristics were studied, their market equilibrium and were compared effort level when there is the constraint of balance budget or not, and the optimal policies were argued. To lower the dual moral hazards for cooperation between incubator and venture capital, some governance mechanisms, such as correlated game, government subsidy, standardized services, revenue regulation, and strategic alliances were provided, which will be significant to the benign development of business incubator and venture capital.