议价力、专业知识能力与风险投资最优组合企业数量——模型与来自中国大陆的证据

发布时间：2018-02-06 01:54

本文关键词： 风险投资组合企业数量议价力专业知识能力　出处：《科技进步与对策》2017年05期 　论文类型：期刊论文

【摘要】：风险投资机构通常持有一定数量的组合企业,而议价力和专业知识能力与最优组合企业数量间关系密切。将议价力和专业知识能力引入风险投资组合企业数量选择问题中,运用合作博弈与最优化理论方法,基于议价力和专业知识能力,建立决策模型并进行实证分析。研究发现,议价力和专业知识能力在风险投资组合企业数量确定过程中具有互补作用,专业知识能力强的机构会投资更多数量创业企业,而议价力决定了风险投资机构与创业企业间的利润分配结构,从而间接对组合企业数量产生非单调影响。模型一方面为风险投资机构根据自身情况和外部环境作出组合企业数量决策提供了理论依据;另一方面,从与以往研究不同的视角阐释了风险投资组合企业数量与利润分配结构间的关系。
[Abstract]:Venture capital institutions usually hold a certain number of portfolio companies. The bargaining power and professional knowledge ability are closely related to the number of optimal portfolio firms. The bargaining power and professional knowledge ability are introduced into the number selection of venture capital portfolio enterprises, and the cooperative game and optimization theory are used. Based on bargaining power and professional knowledge ability, a decision model is established and empirical analysis is carried out. It is found that bargaining power and professional knowledge ability play a complementary role in the process of determining the number of venture capital portfolio firms. Institutions with strong expertise will invest more entrepreneurial enterprises, and bargaining power determines the profit distribution structure between venture capital institutions and venture capital enterprises. On the one hand, the model provides a theoretical basis for venture capital institutions to make portfolio enterprise number decisions according to their own situation and external environment. On the other hand, the relationship between the number of venture capital portfolio firms and profit distribution structure is explained from a different perspective from previous studies.
【作者单位】：电子科技大学经济与管理学院;
【分类号】：F830.59

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