创业投资企业的投资工具选择策略——基于分阶段融资的动态博弈分析

Strategy of Choosing Investment Tools of the Venture Capital Firms:Based on the Analysis of Game Model of the Incremental Financing

本文综述了当前国内外关于创业投资企业投资工具选择的研究动态,总结了普通股、优先股以及债权各自不同的金融特性,并在系统分析和考察创业投资企业三种投资工具的基础上,就博弈模型分析的主要结论提出了相应政策建议。

This paper expounds the study trends about choosing investment tools of domestic and overseas investment firms, sums up the differences of the financial characteristics among the common stock, preferred stock and obligatory right. Based on the systemic analysis and investigation of the three kinds of investment tools of venture capital firms, it puts forward the related policy suggestions to the main conclusions of the analysis of game model.