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本文运用效用理论对风险投资行为进行了分析，讨 论了政府对风险投资的补贴行为。建立了风险资本的供给量与投资者的风险规避倾向分布密 切相关的数学模型，这有利于风险投资理论的计量分析。本文认为政府对风险投资项目的补 贴存在适度问题，这一方面与风险项目成功的影子价格有关，另一方面与投资者的风险规避 倾向的分布有关。
This paper analyzes the behavior of venture capital using utility theory and discusses the government’s subsidy behavior of venture capital. Established a mathematical model closely related to the risk propensity distribution of the supply of venture capital and investors, which is conducive to the econometric analysis of venture capital theory. This paper argues that the government subsidies for venture capital projects have moderate problems. On the one hand, they are related to the shadow prices of successful risk projects and on the other hand, they are related to the distribution of investors’ risk aversion.