经济因素对股权拍卖的影响研究——系统动力学视角  

The Impact of Economic Factors to Equity Auction Mechanism

作　　者：郑君君[1] 关之烨[1] 

机构地区：[1]武汉大学经济与管理学院

出　　处：《武汉大学学报（哲学社会科学版）》2013年第3期73-78,129,共6页Wuhan University Journal：Philosophy & Social Science

基　　金：国家自然科学基金项目(71071120)

摘　　要：风险投资退出市场上存在的信息不对称容易导致逆向选择和道德风险,使得风险企业面临着股权价值失真问题。在建立经济因素对外部投资者估价影响的定量关系表达式的基础上,设计考虑经济因素的风险企业股权拍卖模型,运用系统动力学方法构建反馈系统对所设计的模型进行了仿真分析,以期为风险投资家提供决策参考依据。The asymmetric information can easily lead to adverse selection and moral hazard when venture capital exit the market,which make the real value of venture enterprise' equity difficult to reveal.Firstly via outside investors' valuation this paper establishes a quantitative relational expression and designs an equity auction model which is influenced by economic factors,then constructs a feedback system with the method of system dynamics,and simulates the equity auction model.According to the research some related suggestions are given in order to provide decision-making reference for the venture capitalists.

关 键 词：股权拍卖 经济因素 系统动力学 仿真 

分 类 号：F832.5[经济管理—金融学]