风险项目选择的信息不对称消除研究

发布时间：2018-04-30 22:41

本文选题：信息不对称消除 + 风险项目选择　；参考：《中南大学》2003年硕士论文

【摘要】：信息不对称现象在经济活动中广泛存在，在风险投资领域更为严重。本文运用博弈论的方法对风险投资领域中的项目选择过程中的信息不对称的消除进行了系统的研究。本文首先指出在项目选择过程中存在四个信息不对称的环节，即：项目的真假性；项目中是否隐藏了重大风险；项目的预期收益是否在投、企双方信息范围一致下做出；项目预期收益是否在信息一结果映射一致下做出。随后在研究了这四个环节中信息不对称的特征前提下，利用博弈论的方法分别设计出在这四个环节投资家获取企业家内部信息以消除信息不对称的方法。在这以基础上，本文对信息不对称消除这一工作进行了经济分析，主要包括：信息不对称的消除对经济决策的影响；信息不对称度的度量方法；信息不对称消除的经济价值的计量。在对单项目可行性分析中的信息不对称消除进行了研究之后，本文继续对多个项目择优中的信息不对称如何消除进行了研究。在指出多项目择优中存在三种信息不对称，(投资家于企业家之间双向拥有；企业家彼此之间拥有)之后，本文在分析了这三种信息不对称分别对多项目择优的影响的情况下，，通过一系列选择模式的辨析，最后得出结论：从正确率，效率，成本的角度考虑，运用第二价格招标法是解决多项目择优中信息不对称的好方法。
[Abstract]:Information asymmetry exists widely in economic activities and is more serious in the field of venture capital. In this paper, the method of game theory is used to study the elimination of information asymmetry in the process of project selection in the field of venture capital. This paper first points out that there are four information asymmetrical links in the process of project selection, that is, the true and false nature of the project, whether there are significant risks hidden in the project, whether the expected income of the project is in the investment, and whether the scope of information between the enterprise and the enterprise is the same. Whether the expected benefit of the project is made in accordance with the mapping of the result of the information. Then, on the premise of studying the characteristics of information asymmetry in these four links, the method of obtaining entrepreneur's internal information in these four links is designed by using the method of game theory to eliminate the information asymmetry. On this basis, this paper has carried on the economic analysis to the information asymmetry elimination this work, mainly includes: the information asymmetry elimination has the influence on the economic decision, the measure method of the information asymmetry degree; The measurement of the economic value of information asymmetry elimination. After studying the elimination of information asymmetry in the feasibility analysis of a single project, this paper continues to study how to eliminate the information asymmetry in the selection of multiple projects. After pointing out that there are three kinds of information asymmetries in multi-project selection (the investors have the two-way ownership between the entrepreneurs and the entrepreneurs own each other), this paper analyzes the influence of the three kinds of information asymmetry on the multi-project selection. Through discriminating and analyzing a series of selection modes, the conclusion is drawn: considering the correct rate, efficiency and cost, the second price bidding method is a good method to solve the information asymmetry in the multi-project selection.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2003
【分类号】：F062.4

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