【正文】
風(fēng) 險 投 資 決 策 分 析 模 型劉 凱 華中科技大學(xué)經(jīng)濟(jì)學(xué)院摘要:本文在幾個關(guān)于投資者和競爭市場的一般性假設(shè)的基礎(chǔ)上探討風(fēng)險投資的性質(zhì)并用一類動態(tài)優(yōu)化模型描述風(fēng)險投資者的決策行為,從而得到了風(fēng)險投資者(間或是一個企業(yè),一個獨(dú)立的單位)進(jìn)行風(fēng)險投資或者選擇風(fēng)險投資項(xiàng)目所必須具備的條件;研究發(fā)現(xiàn)在風(fēng)險投資中引入市場競爭加快了新產(chǎn)品研制與開發(fā)的進(jìn)程,但同時增加了新產(chǎn)品開發(fā)的社會必要成本,據(jù)此提出了“風(fēng)險投資的行業(yè)協(xié)調(diào)”問題及協(xié)調(diào)的原則;結(jié)果還表明,在本文的框架下,壟斷只是競爭這種普遍形式的一種特例。這些結(jié)果不僅對于提高風(fēng)險企業(yè)的投資決策水平和加強(qiáng)風(fēng)險投資的行業(yè)管理有著非常重要的價值,而且對于經(jīng)濟(jì)學(xué)關(guān)于壟斷與競爭的關(guān)系也是一種罕見的描述。 關(guān)鍵詞:風(fēng)險投資 行業(yè)協(xié)調(diào)Analyzing Model Of Venture Investments DecisionLiu Kai College of Economics, Huazhong University of Science amp。 Technology Abstract: Basing on some normal suppose of the venture investments and venture market we present nature of venture investment , a type of dynamic model used to show venture investment’s technology behavior which has more general and extensive attribute 。analyzing shows that there be the venture investment’s essential conditions。 the results show that the rivalry in the venture investment hurries the Ramp。D process but increases the social cost of the venture investment 。therefore the problem of mystery’s matching and it’s principle were got in this paper 。the result show yet the monopolization is only an example of the rivalry.Keywords: venture investment mystery’s matching風(fēng)險投資決策分析模型劉凱 華中科技大學(xué)經(jīng)濟(jì)學(xué)院(武漢430074)1 問題的提出與假設(shè)稱含有不確定