考虑投资者行为的风险投资项目选择方法研究

发布时间：2018-03-12 18:35

本文选题：风险投资　切入点：后悔理论　出处：《东北大学》2013年硕士论文　论文类型：学位论文

【摘要】：现实中存在着大量的风险投资项目选择问题,传统的风险投资项目选择方法遵循期望效用最大化准则,并且,在投资者进行投资的过程中假设投资者是“完全理性的”,但是,大量实验证明,现实中,投资者在金融市场中进行决策时会受到各种行为因素的影响,如感情偏差等。目前,考虑投资者行为的风险投资项目选择方法的研究还很少,基于此,对考虑投资者行为的风险投资项目选择方法进行深入研究,具有深刻的理论意义与现实意义。本文在总结和分析国内外关于风险投资项目选择方法以及风险投资特点的研究的基础上,对考虑投资者行为的风险投资项目选择方法进行了研究。本文的研究内容主要包括以下三个方面：(1)考虑一个行业的基于后悔理论的风险投资项目选择方法。提出了一种考虑投资者后悔情绪的一个行业的风险投资项目选择方法,将投资者行为引入到风险投资项目选择方法中,提出了考虑一个行业的基于后悔理论的风险投资项目选择方法。(2)考虑多个行业的基于动态后悔理论的风险投资项目选择方法。提出了一种考虑投资者后悔情绪的多个行业的风险投资项目选择方法,现实中,风险投资的项目可能来自不同的行业,而不同行业项目的状态可能发生的概率是不同的,本文提出了利用动态后悔理论解决多个行业的风险投资项目选择问题,求出考虑投资者行为的风险投资项目选择问题的后悔均衡解,得到考虑投资者行为后的风险投资项目的整体效用,进而进行风险投资项目的选择。(3)实例研究。针对本文提出的考虑投资者行为的风险投资项目选择方法,分别以LX和YTE投资公司的风险投资为例进行实例研究,给出了计算过程,验证了方法的可行性。最后,本文还做出了结论与展望,总结了本文的贡献与不足,提出了今后的研究展望。
[Abstract]:In reality, there are a large number of venture capital project selection problems. The traditional venture capital project selection method follows the criterion of expected utility maximization, and assumes that the investor is "completely rational" in the process of investment, but, A large number of experiments have proved that, in reality, investors will be affected by various behavioral factors, such as emotional bias, when making decisions in the financial market. This paper makes an in-depth study on the selection methods of venture capital projects considering the behavior of investors. On the basis of summarizing and analyzing the methods of venture capital project selection and the characteristics of venture capital at home and abroad, This paper studies the selection methods of venture capital projects considering the behavior of investors. The research contents of this paper mainly include the following three aspects: 1) considering the method of choosing venture capital projects based on regret theory in an industry. A venture capital project selection method for an industry that takes into account investor regrets, Introducing investor behavior into the venture capital project selection method, In this paper, a method of venture capital project selection based on regret theory in one industry is proposed. The method of venture capital project selection based on dynamic regret theory of multiple industries is considered. A new method considering the regret of investors is proposed. Methods for selecting venture capital projects in multiple industries, In reality, venture capital projects may come from different industries, and the probability of occurrence of different industry projects may be different. In this paper, the dynamic regret theory is proposed to solve the problem of venture capital project selection in many industries. The regret equilibrium solution of venture capital project selection considering investor behavior is obtained, and the overall utility of venture capital project considering investor behavior is obtained. According to the method proposed in this paper, taking the venture capital of LX and YTE investment companies as examples, the calculation process is given. Finally, the conclusion and prospect are given, the contributions and shortcomings of this paper are summarized, and the future research prospect is put forward.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F830.59

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