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由于创业投资项目的产出具有较强的不确定性,单个创业投资公司受自身资源的制约很难对项目做出准确的评估,通常需要联合其他创业投资公司进行联合投资。文章从信息经济学的视角出发,通过引入创业投资家的风险规避成本、努力成本和战略收益,建立联合创业投资决策的三阶段模型,应用信号传递中的学习效应分析了创业投资中的联合投资决策过程。主导型创业投资公司通过接收跟随型创业投资公司对投资项目的评估信号,利用贝叶斯法则修正先验概率,然后再重新调整对项目的评估,通过联合投资伙伴间信号传递的学习效应寻找联合创业投资的合作区间,进而提高创业投资的成功率。最后,通过算例分析验证了理论模型的有效性。
Due to the strong uncertainty of the output of venture capital projects, it is very difficult for an individual VC firm to make an accurate assessment of the project due to its own resources constraints. It is usually necessary to jointly invest with other venture capital firms. From the perspective of information economics, this paper establishes a three-phase model of joint venture investment decision-making by introducing venture capitalists risk avoidance costs, hard work costs and strategic returns. By using the learning effect of signal transmission, this paper analyzes the joint venture investment Decision-making process. Leading venture capital firms receive follow-up venture capital companies to assess the project investment signals, using Bayesian law to amend the prior probability, and then re-adjust the assessment of the project, through joint investment partners to find the signal learning effect of learning to join Venture Capital cooperation between the range, thereby increasing the success rate of venture capital. Finally, the validity of the theoretical model is verified by an example analysis.