风险投资中多阶段最优收益模型的研究

Study of Optimal Revenue Models in Subsection Venture Capital

在风险投资的多轮次分阶段投资中,各个不同的阶段有不同的收益模型,通过对各阶段收益模型的研究发现:随着投资的顺利进行,风险投资家最优持股量是不断降低的,而风险企业家最优持股量却是不断增加的。这个规律对风险投资的实践具有一定的指导意义。

This paper gives out several Optimal revenue models, though carefully study, we can find the regularity:with corporations steady developing, the shares that venture capitalist holds is becoming smaller and smaller whereas the shares that entrepreneur holds is becoming larger and larger.