| 风险投资多阶段动态信号传递契约安排 |
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| 引用本文： | 金永红,慈向阳,叶中行,奚玉芹.风险投资多阶段动态信号传递契约安排[J].上海交通大学学报,2004,38(3):434-437. |
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| 作者姓名： | 金永红 慈向阳 叶中行 奚玉芹 |
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| 作者单位： | 1. 上海交通大学,数学系,200030
2. 上海交通大学,安泰管理学院,200052 |
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| 基金项目： | 国家自然科学基金资助项目(10171066)，上海市科委基础研究重点项目(02DJ14063)，中国博士后科学基金资助项目(2003034262). |
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| 摘 要： | 以信息经济学的信号传递模型为基础，讨论了在多阶段风险投资的后续投资过程中风险投资家运用信号识别来防范和控制风险企业家逆向选择风险的问题，建立了一个风险投资多阶段信号传递契约安排，并以四阶段风险投资过程为例对其进行了分析和求解．最后举例说明了该多阶段动态信号传递契约安排的具体运用与分析．
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| 关 键 词： | 风险投资 信号传递模型 多阶段动态信号传递契约安排 |
| 文章编号： | 1006-2467(2004)03-0434-04 |
| 修稿时间： | 2002年11月8日 |
Design of Multi-Period Dynamic Signaling Contract in Venture Capital |
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| JIN Yong-hong,CI Xiang-yang,YE Zhong-xing,XI Yu-qin.Design of Multi-Period Dynamic Signaling Contract in Venture Capital[J].Journal of Shanghai Jiaotong University,2004,38(3):434-437. |
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| Authors: | JIN Yong-hong CI Xiang-yang YE Zhong-xing XI Yu-qin |
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| Institution: | JIN Yong-hong~1,CI Xiang-yang~2,YE Zhong-xing~1,XI Yu-qin~2 |
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| Abstract: | Based on the signaling model of information economics, this paper discussed that venture capitalist avoids and controls the adverse selection risk from entrepreneur by using signaling model during successive period of multi-period venture capital. Thus it designed a multi-period signaling contract of venture capital, and analysed and solved a four-period venture capital. Finally, a sample was given to illustrate the specific application and analysis. |
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| Keywords: | venture capital signaling model design of multi-period dynamic contract |
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