摘要
阶段性和风险性是科技创业企业成长的主要特征,分段投资是投资者对科技创业企业进行投资的基本运作方式.对Ramy Elitzur多阶段投资博弈决策模型进行了简化和改进,针对阶段性投资的安全性问题,从防范创业企业家道德风险的角度,提出了科技创业企业多阶段投资博弈的精炼决策模型,为科技创业企业的投资决策提供参考依据.
Periodical and multi-stage are the main characteristics of the scientific start-ups. Investors often use multi-period financing method for the start-ups. Based on simplifying and improving Ramy Elitzur＇s multi-period game theoretic model, this paper takes account of the characteristics of staged financing, the security of funding, and the necessary to keep away the moral hazard of entrepreneurs. At the end, this paper suggests a decision-making game model to guide kinds of investors on multi-stage investment, which is very meaningful for financing start-ups.
出处
《上海交通大学学报》
EI
CAS
CSCD
北大核心
2006年第4期689-692,共4页
Journal of Shanghai Jiaotong University
基金
上海市科技发展基金资助项目(031111058)
关键词
创业企业
多阶段投资
道德风险
博弈
start-up ventures
multi stage financing
moral hazard
game theory
