多个投资者联合起来共享收益和分摊风险,是进一步壮大我国风险投资业、为科技创新提供市场化支持的必要途径,但也因此带来其中个体投资者发生道德风险的问题。本文针对道德风险中最常见的欺诈风险,分析了资源整合、监管分工、风险分摊和潜在竞争的作用,并采用动态博弈的方法对联合风险投资中的欺诈风险发生进行建模分析。依据通过数值模拟的方法对主要影响因素进行的仿真研究,探讨了相关契约机制的设计原则,为降低欺诈风险概率提供了规律性建议。 It is a necessary way to further expand the venture capital industry in our country and provide marketization support for scientific and technological innovation. However, it also brings about the moral hazard among individual investors. In this paper, we analyze the role of resource integration, regulatory division, risk allocation and potential competition in the most common fraud risk in ethical risk, and use dynamic game method to analyze the fraud risk in joint venture investment. According to the simulation research on the main influencing factors through the method of numerical simulation, the design principles of the relevant contract mechanism are discussed, which provides regular suggestions for reducing the probability of fraud risk.