技术创新影响下的创业企业最优组合规模

Optimal Portfolio Size of Venture Capital Affected by Technological Innovation

从双边道德风险的角度出发,考虑技术创新因素对项目的预期收益和成功概率以及创业投资机构和创业企业家的努力成本的影响,强调创业投资机构和创业企业是团队生产与代理关系的结合体,运用最优化理论得出技术创新影响下创业企业最优组合规模的计算式,认为技术创新对创业投资最优组合规模的影响依赖于项目的预期收益,而提高企业的技术创新程度有利于提高社会福利水平。

Based on the perspective of double-size moral hazard,considering the impact of technological innovation on expected return and success probability of project and the effort costs of the venture capital and the entrepreneur,and emphasizing that the relationship between the venture capital and the start-up firm is a combination of team working and principal-agent,and using the optimization theory,this paper gets the expression of optimal portfolio size,and considers that the impact of technological innovation on optimal portfolio size depends on the expected return of project,and improving technological innovation level of start-up firms is beneficial to increase social welfare level.