摘要
从创业企业角度出发,研究创业企业改变资金用途行为对风险投资的影响作用,在双向道德风险分析的基础上,对风险投资合约最优化问题进行研究,以此来应对投资参与方可能出现的行为对风险投资带来的潜在不利影响。研究的具体结论如下:在发生创业企业改变资金用途行为的情况下,风投机构保留的监督水平越大,越能保证原项目顺利进行,此时风投机构的投资效用也越大,因此需要其投入更高的努力水平才能实现投资项目获得成功;创业企业改变资金用途后原项目剩余投资资金占原资金总数比率在超过一定界限后,创业企业的努力水平会不断的降低,其在原投资项目中的最优权益分配比例会不断的增大,说明创业企业将更多的资金还是投入到原项目中去,这样其对外界项目的投资效用会降低,因此必须在原投资项目中获得更高的投资权益分配比例,才能弥补外界项目投资效用的降低所带来的潜在损失。通过对创业板上市公司公布数据的实证分析,也验证了以上结论的正确性。
From the perspective of startup, this paper studies the impact of the startup’s behavior of changing the use of funds on venture capital. Based on the analysis of double moral hazards, this paper studies the optimization of venture capital contract, so as to deal with the potential adverse impact of the behaviors of investment participants on venture capital. The specific conclusions of the study are as follows: in the case of startup’s behavior of changing the use of funds, the greater supervision level retained by the venture capital institution is, the better smooth progress of the original project will be guaranteed. At this time, the investment utility of the venture capital institution is greater. Therefore, it is necessary for the venture capital institution to invest more efforts to achieve the success of the investment project. When the ratio of the remaining investment capital of the original project to the total amount of the original capital exceeds a certain limit after startup changes the use of funds, the startup’s effort level will continue to decrease. The optimal proportion of equity allocation of the startup in the original investment project will increase continuously, which shows that startup should spend more money on the original project, the startup’s investment utility in the outside project will be lower, so it must get higher proportion of equity allocated in the original investment project, in order to make up for the potential losses caused by the investment utility reduced by the outside project. The empirical analysis of the data published by gem listed companies also verifies the correctness of the above conclusions.
作者
查博
ZHA Bo(School of Business,Xi'an University of Finance and Economics,Xi'an 710100,China)
出处
《系统工程》
北大核心
2022年第5期114-127,共14页
Systems Engineering
基金
陕西省教育科学“十四五”规划2021年度课题(SGH21Y0457)
2019年陕西省社会科学基金年度项目(2019S034)
2022年度西安财经大学校级教育教学改革研究项目(22xcj014)。
关键词
创业企业
改变资金用途
风险投资
合约理论
Startup
Changing the Use of Funds
Venture Capital
Contract Theory