本文關鍵詞：基于生命周期理論的風險投資公司與風險企業(yè)匹配問題研究　出處：《哈爾濱工業(yè)大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： 雙邊匹配 公理化 生命周期 合作動機

【摘要】：隨著科技的迅猛發(fā)展，知識經濟全球一體化的腳步日益加快，為了迎接更新更激烈的挑戰(zhàn)，應該迅速提高我國企業(yè)的國際競爭力。而從目前來看能夠參與世界競爭并保持一定優(yōu)勢的基本都是國有或國家重點扶持的企業(yè)，私有企業(yè)少之又少�？v觀世界其他國家經濟發(fā)展的歷程，風險投資在這一過程中起到了關鍵作用，因為風險投資的運作機理和目的與銀行完全不同，他們更青睞于發(fā)展?jié)摿Υ蟮顿Y風險高的風險企業(yè)。而由于風險投資失敗率非常高，要想使風險企業(yè)更好的發(fā)展從而推動經濟發(fā)展，我們就要采取有效的措施提高風險投資的成功率。本文就是針對這一問題作出了探索性的研究。 本文以博弈論的分支—雙邊匹配理論為基礎，將風險投資作為一個整體來研究，強調風險投資中選擇的雙向性與投資的雙向性。首先根據風險企業(yè)不同發(fā)展階段的特征和風險投資的合作動機提出風險企業(yè)不同發(fā)展階段的匹配問題，而后根據風險投資公司與風險企業(yè)對理想合作伙伴的預期，以及風險投資中介的客觀評價建立具體區(qū)間數與模糊區(qū)間數模型，，求出不同主體在不同評價指標下的信息量，根據信息量最小化原則，淘汰信息量大的方案。最后建立多目標優(yōu)化模型，求出風險投資中單方向最優(yōu)方案，即只考慮風險投資公司最優(yōu)的方案和只考慮風險企業(yè)最優(yōu)的方案，再通過隸屬度函數進行加權求和，求出總體最優(yōu)方案，以便達成最后的匹配結果。 通過本文的分析我們可以知道，在信息完全對稱的情況下，有限個風險投資公司與風險企業(yè)之間存在一種均衡情況，在這個情況下任何一個主體的選擇都是最優(yōu)或是較優(yōu)的，而且在風險投資過程中存在著一種主導性和心理價位，有效的控制他們會對風險投資的成功有積極的作用。
[Abstract]:With the rapid development of science and technology, the integration of global knowledge economy is accelerating pace, in order to meet the new challenge, should rapidly improve the international competitiveness of Chinese enterprises. From the current point of view can participate in the world competition and maintain certain advantages are basically state-owned or state supported enterprises, private enterprises few. Throughout the history of other countries in the world economic development, venture capital has played a key role in this process, because the operation mechanism of venture capital investment and the goal and the bank is completely different, they prefer the development potential but high risk of the investment risk of enterprise. But because of the risk of investment failure rate is very high, in order to make the development of the risk of the enterprise better so as to promote economic development, we should take effective measures to improve the success rate of investment risk. This paper is aimed at this problem an exploratory Research.
The branch of game theory in two-sided matching theory, the risk of investment as a whole to study, emphasizing bidirectional two-way selection in venture capital and investment. According to the motive of cooperation in different development stages of venture investment risk characteristics and put forward the matching problem in different development stages of venture enterprises, and then according to the Vc firm and venture enterprise of ideal partner's expectations, and objective evaluation of risk investment intermediary to establish specific interval number and fuzzy interval number model, calculate the amount of information of different subjects in different evaluation index, according to the amount of information minimization, eliminated a large amount of information. Finally, a multi-objective optimization model for single. The direction of the optimal solution in venture capital, which only consider the Vc firm optimal solution and only considering the enterprise risk optimal solutions, and through membership The degree function is weighted sum, and the overall optimal scheme is obtained in order to reach the final match result.
Through this analysis we can know, in complete information symmetry, there is a balance between a Vc firm and venture enterprise, any one subject in this case is the choice of optimal or better, but also a kind of leading and the psychological price exists in the process of venture capital investment. They will be on the success of venture capital plays a positive role in effective control.

【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.48;F270

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