基于优化理论的退役创业基金中政府补偿问题

Optimization Theory-Based Government Compensation with Decommission Venture Fund

为提高"退役-创业"基金创业投资效率,基于优化理论,研究"退役-创业"项目孵化投资的相关决策问题。首先,分析孵化投资初期、中期和后期3个不同阶段的投资和收益变化趋势,并建立基准情形下政府决策的数学模型;其次,研究亏损情形下政府补偿情形和收益情形下政府收益固定补偿情形的相关决策优化模型;最后,通过讨论退役创业者的努力水平、自有资本和风险投资者的资本投入在3种不同情形下的最优方案,指出:退役创业者的自有资本投入具有扩大创业投资规模和提高创业投资效率的功能,亏损情形下政府补偿方式可以减少退役创业者的损失,收益情形下政府收益固定补偿有利于促进三方合作关系的形成,增加创业投资家的努力投入和提高对风险资本的吸引力。

To improve investment efficiency of decommission venture fund,the paper utilizes optimization theory to study policy-making issues in incubation investment of decommission-venture projects with funds from government,venture capital investors and decommission entrepreneurs. It analyzes the varying trend of investment and return in early,middle and later stages,to establish a mathematical model for government decision-making under the baseline situation. Then,it designs a decision-making optimization model for government compensation in case of loss,and one for government fixed income compensation in case of gain,which leads to optimal solutions under baseline,loss and gain situations influenced by decommission entrepreneurs' efforts and investments from self-owned capital and venture investors. It concludes that entrepreneur's own capital investment could increase scale and efficiency of venture capital,and the reduction of entrepreneur's loss and fixed compensation with government revenue could help promote tripartite cooperation,thus increasing the effort level of venture investors and attractiveness to venture capital.