创业投资基金运行机制相关问题信息经济学研究

发布时间：2018-10-22 20:28

【摘要】： 创业投资作为一种支持创业者创业的投资工具，在孵化创新中小企业、高技术产业发展、拓宽就业市场、增强就业机会、优化资源配置、培育新的经济增长点等方面发挥了巨大的作用，引起了各国的高度重视。从80年代初，，创业投资问题作为一个专门研究领域引起了人们的重视。由于时代发展的变化，在不同的时期研究热点有所不同。随着1996年诺贝尔经济学奖授予维克里和莫尔斯两位信息经济学家，国内外学者愈来愈感兴趣于信息经济学，并且不断地将信息经济学理论运用于创业投资运行机制问题的研究。本文紧扣创业投资基金的主题运用信息经济学理论对创业投资基金运作机制的三个方面：创业企业家的评估、创业企业资本结构优化和创业投资基金的退出进行了比较系统、深入的分析。 (1)在分析创业企业家的代理风险的类型、代理风险的成因基础上，对基于代理风险的创业企业家评估指标进行了定性分析，提出了创业企业家评估指标子体系。 (2)考察了创业投资公司常用的投资工具，并对创业投资公司多选择权益性投资工具的原因进行分析。运用信息经济学理论对创业企业的资本结构进行了剖析，构建了一个基于创业投资家(公司)与创业企业家的简单交易模型，讨论了关于创业资本产出不确定状况下的补偿机制。 (3)在分析了创业投资基金退出方式的基础上，对影响创业投资基金投资期限的主要因素进行了剖析。
[Abstract]:As an investment tool to support entrepreneurs, venture capital is developing innovative small and medium-sized enterprises, developing high-tech industries, widening the job market, enhancing employment opportunities, and optimizing the allocation of resources. The cultivation of new economic growth points has played a great role and attracted great attention from various countries. Since the beginning of 1980's, venture capital as a special research field has attracted people's attention. Due to the development of the times, research hotspots are different in different periods. With the award of the Nobel Prize in 1996 to two information economists, Vickrey and Morse, scholars at home and abroad are more and more interested in information economics, and continue to apply the theory of information economics to the study of the operational mechanism of venture capital. Based on the theme of venture capital fund, this paper uses the theory of information economics to compare the three aspects of the operation mechanism of venture capital fund: the evaluation of venture entrepreneur, the optimization of venture capital structure and the exit of venture capital fund. (1) on the basis of analyzing the types of agency risks of entrepreneurial entrepreneurs and the causes of agency risks, The qualitative analysis of entrepreneurial entrepreneur evaluation index based on agency risk is carried out. The index system of entrepreneur evaluation is put forward. (2) the investment tools commonly used by venture capital companies are investigated. It also analyzes the reasons why venture capital companies choose more equity investment tools. Based on the theory of information economics, this paper analyzes the capital structure of entrepreneurial enterprises and constructs a simple transaction model based on venture capitalists (companies) and entrepreneurs. This paper discusses the compensation mechanism under the uncertainty of venture capital output. (3) on the basis of analyzing the exit mode of venture capital fund, This paper analyzes the main factors that affect the investment period of venture capital fund.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2002
【分类号】：F830.9;F062.5

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