科技自立自强背景下新型研发机构与社会资本联合投资策略——基于动态博弈模型的理论分析

Joint Investment Strategy of New R&D Institutions and Social Capital Under the Background of Scientific and Technological Self-Reliance:Theoretical Analysis Based on Dynamic Game Model

新型研发机构如何有效联合社会资本共同投资创新创业企业,既是当前新型研发机构优化资源配置、实现可持续发展亟待探讨的重要议题,同时对赋能新质生产力、实现高水平科技自立自强具有重大意义。在风险投资的实际操作中,联合投资是一种非常普遍且重要的策略选择行为。通过构建新型研发机构与社会资本双边投资策略行为的演化博弈模型,运用矩阵实验室(MATLAB)模拟双边投资策略选择,分析不同参数条件下联合投资概率的最优调节方法。研究表明:第一,缓解资金缺口、风险规避、资源互补是新型研发机构与社会资本构成辛迪加联合投资的内在动因;第二,新型研发机构与社会资本联合投资的演化博弈系统具有复杂的路径依赖性,其演化稳定状态取决于博弈双方策略选择的初始状态和关键参数调整机制;第三,通过控制参数中投资项目的合作收益、合作成本、风险系数、违约系数、政府补贴等因素,能够对系统主体策略行为选择产生较强影响。进一步提出了应具备良好的投资策略选择能力、完善有关制度机制、重视选择异质性的合作伙伴和适度采取财税激励政策等切实有效促进联合投资的建议,为新型研发机构资源配置与风险管控决策提供参考。

How to jointly invest in innovative and entrepreneurial enterprises by new R&D institutions with social capital is not only an important issue to be discussed in optimizing resource allocation and sustainable development of new R&D institutions,but also of great significance to enabling the role of new quality productivity and realizing the self-reliant development of high-level science and technology.In the actual operation of venture capital,joint investment is a very common and important strategy choice behavior.By constructing an evolutionary game model of bilateral investment strategy behavior between new R&D institutions and social capital,MATLAB is used to simulate bilateral investment strategy selection,and the optimal adjustment method of joint investment probability under different parameters is analyzed.The research shows that:first,the mitigation of capital gap,risk avoidance and resource complementarity are the internal motivations for the joint investment of new R&D institutions and social capital.Second,the evolutionary game system of joint investment between new R&D institutions and social capital has a complex path dependence,and its evolutionary stability depends on the initial state of strategy selection and key parameter adjustment mechanism of both players.Third,by controlling the investment project's cooperation income,cooperation cost,risk coefficient,default coefficient,government subsidies and other factors,it can have a strong influence on the behavior selection of the system subject strategy.Further,the paper further puts forward practical and effective suggestions to promote joint investment:institutions should have a good ability to choose investment strategies,improve the relevant system and mechanism,attach importance to the selection of heterogeneous partners,and adopt appropriate fiscal and tax incentive policies,and provides reference for resource allocation and risk management decision-making of new R&D institutions.