创业投资“阶段后移”的解释——基于博弈论的分析

Explaination of Venture Capital Investment Stage Moving Back

创业投资一直是新兴企业特别是高技术企业在其发展前期阶段融资的主要形式。但我们通过研究发现,创业投资机构往往偏好创业企业或项目的中后期阶段,投资阶段呈现明显的后移趋势。我国国内创业投资机构从一开始就存在投资阶段后移的问题,与政府通过发展创业投资来促进创新创业能量的释放和推动我国高科技成果转化的出发点相悖。总体来说,我国创业投资属于风险意识较弱的一种行业,投资阶段后移是我国政府机构附属型创业投资机构与创业企业的博弈结果。

Venture capital is always the main financing form of the rising companies especially the high-tech enterprises in their early development. Adversely,we find that the stage of main venture capital investment moves back in the growing process of venture capital investment from the research. From the very first beginning, there was the problem of the venture capital stage moving back in China, which was adverse to the aim of releasing innovation energy and promoting high-tech achievements through the development of venture capital. In a word, venture capital is risk avoidance industry, and the investment stage moving back is the game between venture capital finns and venture firms.