| 基于道德风险的科技创业企业多阶段投资博弈决策模型 |
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| 引用本文： | 赵敏,李湛,王荣.基于道德风险的科技创业企业多阶段投资博弈决策模型[J].上海交通大学学报,2006,40(4):689-692. |
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| 作者姓名： | 赵敏 李湛 王荣 |
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| 作者单位： | 1. 上海交通大学,安泰经济与管理学院,上海,200052
2. 上海市科技创业中心,上海,200035 |
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| 基金项目： | 上海市科技发展基金资助项目(031111058) |
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| 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.
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| 关 键 词： | 创业企业 多阶段投资 道德风险 博弈 |
| 文章编号： | 1006-2467(2006)04-0689-04 |
| 收稿时间： | 2005-04-20 |
| 修稿时间： | 2005年4月20日 |
A Decision-Making Model of Multi-stage Investment Game for Scientific Start-ups Based on Moral Hazard |
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| ZHAO Min,LI Zhan,WANG Rong.A Decision-Making Model of Multi-stage Investment Game for Scientific Start-ups Based on Moral Hazard[J].Journal of Shanghai Jiaotong University,2006,40(4):689-692. |
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| Authors: | ZHAO Min LI Zhan WANG Rong |
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| Institution: | 1. Antai School of Economics and Management, Shanghai Jiaotong Univ. , Shanghai 200052, China; 2. Shanghai Technology Innovation Center, Shanghai 200035 |
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| Abstract: | 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. |
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| Keywords: | start-up ventures multi-stage financing moral hazard game theory |
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