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笔者从我国风险资本配置的规律和趋势,研究风险资本配置对风险企业成长的影响。得出:通过对注资阶段的博弈分析,风投机构更倾向于投资风险企业的后期阶段,但风险企业在种子期和扩张期获得风险资本更利于其成长;投资期限在一个合理区间范围内越短,资金的利用效率越高,越有利于企业扩张;行业性质和企业规模决定了风险企业的资金需求额度。对单个企业来说,风险企业的成长与风险资本规模呈“倒U型”关系,存在一个最佳投资额度。
From the laws and trends of venture capital allocation in our country, the author studies the impact of venture capital allocation on the growth of venture enterprises. The conclusion is drawn as follows: Through the game analysis of the capital injection phase, VC firms prefer to invest in the latter stages of venture capital firms, but venture capital firms are more likely to gain venture capital in the seed period and expansion period. The investment period is within a reasonable range Short, the higher the efficiency of the use of funds, the more conducive to business expansion; the nature of the industry and the size of the venture determines the funding needs of venture capital. For a single enterprise, the growth of venture capital and the size of venture capital are inverted U-shaped relationship, there is an optimal investment quota.