VEI规模、偏好与科技型中小企业分享机理  

Venture Equity Investment Scale,Preference and Sharing Mechanism of SMEs

作　　者：孔令夷[1] 

机构地区：[1]西安邮电大学经济与管理学院,陕西西安710061

出　　处：《华东理工大学学报（社会科学版）》2014年第4期62-73,共12页Journal of East China University of Science and Technology：Social Science Edition

基　　金：国家自然科学基金项目"三网融合模式下电信运营商竞争策略设计与公共政策:基于双边市场理论的研究"(陆伟刚主持;编号为71173172);国家自然科学基金项目"技术创新网络结构演变下知识扩散对企业成长的影响研究--基于CAS理论的视角"(贾卫峰主持;编号为71102149)的阶段性成果;教育部人文社会科学研究项目"外资技术扩散与国内企业研发投入的交互影响研究--基于演化博弈的视角"(孔令夷主持;编号为12YJC790084);陕西省教育厅人文社科专项资助项目"关中-天水经济区外资技术扩散与内资研发投入交互影响的演化博弈研究"(孔令夷主持;编号为12JK0056)的阶段性成果

摘　　要：创业股权投资(VEI)在技术创新中的重要性凸显,探究VEI下科技型中小企业分享机理,有利于优化创投效率及新创科技型企业绩效。构建复制动态机制下科技型中小企业分享VEI的博弈模型,设定创投偏好,分析不同VEI规模下科技型中小企业的交互影响,探讨均衡实现条件及影响因素。仿真结果显示:演化稳定性受到竞价起始比例、VEI规模、歧视性竞价、股权估价的影响。为了引导向Pareto最优均衡态演化,创投公司应保密或调整VEI规模,设定竞价上下限,通过正面引导、声明发布等改变中小企业初始种群;科技型中小企业应有差异化股权估价值;政府也应加强科技型中小企业的VEI分享管制。The paper constructed a VEI sharing game model of S＆T based SMEs under replicator dynamics mechanism, set venture investment preference, analyzed reciprocal effect between S＆T based SMEs under different scale of VEI, and discussed realization condition and influencing factors of equilibrium. The simulation results showed that evolutionary stability is affected by starting bidding ratio, VEI scale, discriminatory bidding and equity evaluation. In order to lead to evolve toward Pareto optimal equilibrium, venture investment corporation should keep VEI scale secret or adjust it, set low and high bidding limit, and make positive guidance and announcement to change starting population of S＆T based SMEs. At the same time, S＆T based SMEs ought to make differentiation of equity evaluation. Strengthening governmental control is also useful for equilibrium of VEI sharing.

关 键 词：创业股权投资 演化经济学 科技型中小企业 分享机理 

分 类 号：F224.32[经济管理—国民经济]