风险投资与风险贷款共生进化及其稳定策略分析

The Analysis of Co Evolution of Venture Capital and Venture Lending and the Stability Strategy

从共生进化的视角分析了商业银行和风险投资在投贷联动中的共生关系,以及在非对称互惠共生系统中投贷联动顺利开展的条件及稳定策略,并对政府不同的干预方式对均衡方向的影响进行了讨论。研究表明,在非对称互惠生态系统中,无论是商业银行还是风险投资,都存在某一个临界水平,只有商业银行和风险投资选择合作的比例或概率都达到这一临界水平之上,参加投贷联动才可能成为双方的最优选择,而政府干预可以降低这一临界水平。

The paper has analyzed the symbiotic relationship of commercial banks and venture capital based on the symbiosis evolution theory, and the conditions for carrying out venture loans linkage, the stability strategy in the asymmetrical mutual beneficial symbiotic system, also discussed the influence of different ways of government intervention on equilibrium direction. The research shows there is a critical level in both commercial banks and venture capital in asymmetric reciprocal ecosystems. Only the proportion or probability of cooperation between commercial banks and venture capital can reach it, the participation can become the best choice for both parties. Government intervention can reduce this critical level.