基于马尔科夫过程的风险资本多阶段投资决策

分段投资是风险投资家进行风险投资的基本运作方式，科学地做出投资决策对于风险投资家乃至我国风险投资业的发展具有重要的意义。本文在总结有关分段投资研究的基础上，针对阶段性投资的安全性问题，运用马尔科夫过程的有关理论，给出了风险资本多阶段投资的决策方法，为风险投资家做出最优的投资决策提供理论依据。

Decision-making on Stage Financing Based on Markov Process

Stage financing is one of the most important financing forms. It is of an important means for the venture capitalist and even the development of venture capital industry in China to make scientific decisions. Aiming at the safety of stage financing, the paper gives the method of decision making on stage financing by using Markov process theory based on summarizing the study on stage financing, which will provide venture capitalists with the theoretic basis to make optional decisions.