近来,对风险投资的研究大都是从信息不对称、控制权的私有收益的角度出发,并且把首次投资水平看成是外生决定的变量.把其内生化并从谈判力的视角出发建立了一个两期信号博弈模型.通过模型分析,①得到了影响首次投资水平的关键因素:投资双方的谈判力、双方信息不对称以及事后不确定性程度;②对相关因素进行了量化分析,并讨论了投资双方谈判力的分配问题. Recently, the research on venture capital has mostly focused on the asymmetric information and the private benefits of control, and considered the level of initial investment as a variable of exogenous decision.It is endogenous and established from the perspective of bargaining power A two-period signal game model.According to the model analysis, ① the key factors affecting the initial investment level are: ① the negotiation power of both parties, asymmetric information of both parties and the degree of uncertainty afterwards; ②the relevant factors are quantitatively analyzed and discussed The allocation of bargaining power between investors.