政策扶持对创业投资配置决策的影响

建立了创业投资者和创业投资家的配置决策模型,分析了政策扶持对创业投资者和创业投资家资产配置决策的影响.研究表明,政策扶持会导致创业投资家提高其努力程度,也会使创业投资家投资于创业投资项目的权重增加,从而有利于减轻投资阶段后移的问题.政策扶持对创业投资者配置决策的影响与两类投资项目的相关性有关.但不论相关性如何,投向创业投资项目的资金数量都会因为政策扶持而有所增加.

The Effect of Policy Support on the Allocation Decision in Venture Capital

A decision model for venture capital provider and venture capitalist was established, and the effect of policy support on asset allocation decision was studied. The study shows that venture capitalist would enhance his effort level and increase the weight of investment to venture capital project because of policy support, which can mitigate the problem of investment stage moving backward. The effect on allocation decision of venture capital provider depends on the correlation between venture capital projects and general private equity investments projects. But the amount of investment to venture capital project will increase which has nothing to do with the correlation.