竞争机制下风险投资机构间决策的博弈分析

竞争机制的条件下,风险投资机构的投资决策不仅仅受到投资项目的影响,更是受到竞争对手的影响.本文运用实物期权方法,从风险投资机构的角度估计了风险企业投资机会的价值.然后运用博弈论的相关理论,研究在风险投资家机构不止一家情况时,他们之间在投资的过程中的相互影响.通过建立博弈模型,得出了博弈的纳什均衡,提出了在风险投资机构在进行投资时,应该联合投资以利于分散风险和增加投资机构收益.

Game analysis of decision-making on venture investment institutions under competition mechanism

Under the conditions of competition,venture capital investment decision-making not only in affected by investment projects,but also by competitors.Based on the real options theory,this paper estimates the value of the investment opportunities from the perspective of venture investment institutions.Then in the case of that there are more than one venture investment institutions,the paper studies the interaction among them in the process of investment using game theory.And finally,through establishing a game model,the paper obtains the Nash equilibrium and suggests that the venture investment institutions should invest jointly in order to decentralize the risks and increase corporate earnings.