基于生命周期理论的风险投资公司与风险企业匹配问题研究

发布时间：2018-01-02 23:18

本文关键词：基于生命周期理论的风险投资公司与风险企业匹配问题研究　出处：《哈尔滨工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着科技的迅猛发展，知识经济全球一体化的脚步日益加快，为了迎接更新更激烈的挑战，应该迅速提高我国企业的国际竞争力。而从目前来看能够参与世界竞争并保持一定优势的基本都是国有或国家重点扶持的企业，私有企业少之又少。纵观世界其他国家经济发展的历程，风险投资在这一过程中起到了关键作用，因为风险投资的运作机理和目的与银行完全不同，他们更青睐于发展潜力大但投资风险高的风险企业。而由于风险投资失败率非常高，要想使风险企业更好的发展从而推动经济发展，我们就要采取有效的措施提高风险投资的成功率。本文就是针对这一问题作出了探索性的研究。本文以博弈论的分支—双边匹配理论为基础，将风险投资作为一个整体来研究，强调风险投资中选择的双向性与投资的双向性。首先根据风险企业不同发展阶段的特征和风险投资的合作动机提出风险企业不同发展阶段的匹配问题，而后根据风险投资公司与风险企业对理想合作伙伴的预期，以及风险投资中介的客观评价建立具体区间数与模糊区间数模型，，求出不同主体在不同评价指标下的信息量，根据信息量最小化原则，淘汰信息量大的方案。最后建立多目标优化模型，求出风险投资中单方向最优方案，即只考虑风险投资公司最优的方案和只考虑风险企业最优的方案，再通过隶属度函数进行加权求和，求出总体最优方案，以便达成最后的匹配结果。通过本文的分析我们可以知道，在信息完全对称的情况下，有限个风险投资公司与风险企业之间存在一种均衡情况，在这个情况下任何一个主体的选择都是最优或是较优的，而且在风险投资过程中存在着一种主导性和心理价位，有效的控制他们会对风险投资的成功有积极的作用。
[Abstract]:With the rapid development of science and technology, the integration of global knowledge economy is accelerating pace, in order to meet the new challenge, should rapidly improve the international competitiveness of Chinese enterprises. From the current point of view can participate in the world competition and maintain certain advantages are basically state-owned or state supported enterprises, private enterprises few. Throughout the history of other countries in the world economic development, venture capital has played a key role in this process, because the operation mechanism of venture capital investment and the goal and the bank is completely different, they prefer the development potential but high risk of the investment risk of enterprise. But because of the risk of investment failure rate is very high, in order to make the development of the risk of the enterprise better so as to promote economic development, we should take effective measures to improve the success rate of investment risk. This paper is aimed at this problem an exploratory Research.
The branch of game theory in two-sided matching theory, the risk of investment as a whole to study, emphasizing bidirectional two-way selection in venture capital and investment. According to the motive of cooperation in different development stages of venture investment risk characteristics and put forward the matching problem in different development stages of venture enterprises, and then according to the Vc firm and venture enterprise of ideal partner's expectations, and objective evaluation of risk investment intermediary to establish specific interval number and fuzzy interval number model, calculate the amount of information of different subjects in different evaluation index, according to the amount of information minimization, eliminated a large amount of information. Finally, a multi-objective optimization model for single. The direction of the optimal solution in venture capital, which only consider the Vc firm optimal solution and only considering the enterprise risk optimal solutions, and through membership The degree function is weighted sum, and the overall optimal scheme is obtained in order to reach the final match result.
Through this analysis we can know, in complete information symmetry, there is a balance between a Vc firm and venture enterprise, any one subject in this case is the choice of optimal or better, but also a kind of leading and the psychological price exists in the process of venture capital investment. They will be on the success of venture capital plays a positive role in effective control.

【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F270

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