初创企业的投资决策研究——基于一次性决策模型的实证分析

Research on Investment Decision-making of Start-ups:Empirical Analysis Based on One-time Decision Model

国内外学者大都致力于初创期中小企业发展过程中外围影响因素的探索研究,从宏观经济因素来定性看待初创企业发展面临的困境,并寻找初创中小企业发展的出路。针对初创企业投资决策问题,基于国内外学者的研究,致力于从企业本身出发,从企业决策者的角度看待初创中小企业发展问题。针对初创企业流动资金困乏,基于定量的角度,建立了最大最小收益值策略的一次性决策模型,通过实证分析得出对于处于初创期的企业来说决策者应该基于企业的实际情况,采用最大最小收益值策略模型进行投资决策。最后提出了初创企业发展建议,对初创企业的发展提供借鉴,使企业能够稳步度过初创期。

Most scholars at home and abroad are devoted to the exploration and study of peripheral influence factors in the development process of SMEs in the initial stage and treat the dilemma faced by the development of start-up enterprises qualitatively from the perspective of macroeconomic factors, and look for the way out for the development of start-up SMEs. In view of the investment decision-making of start-ups, based on the research of scholars at home and abroad, we are committed to starting from the enterprise itself and looking at the development of start-up SMEs from the perspective of corporate decision makers. In view of the lack of liquidity for start-ups, based on the quantitative perspective, a one-time decision-making model of the maximum and minimum return value strategy is established. Through empirical analysis, it is concluded that for the enterprises in the initial stage, the decision makers should adopt the maximum and minimum revenue value strategy model to make investment decisions based on the actual situation of the enterprise. Finally, it puts forward the development proposal of the start-up enterprise, and provides reference for the development of the start-up enterprise, so that the enterprise can steadily pass the initial stage.