基于信号传递理论的风险基金投资标的选择研究  

Reaearch on the VC Investment Targets Selection Based on the Theory of the Signal Transmission

作　　者：祝建军[1] 柳云鹏 郭晓君[1] 

机构地区：[1]武汉纺织大学会计学院

出　　处：《财会通讯（中）》2016年第12期3-6,共4页Communication of Finance and Accounting

摘　　要：本文运用信息经济中的信号传递模型,分析了在信号传递完全有效和不完全有效两种情形下,风险投资基金公司选择投资目标公司(创新企业)的一种方法。结果表明,目标公司的预期收益、风险投资基金对目标公司创新能力的判断是影响投资决策的主要因素。如果信号传递完全有效,创新能力强的创新企业将选择高投资金额,创新能力弱的创新企业选择低投资金额。否则,无论是高质量还是低质量的风险企业都会选择高投资金额,风险基金面临投资时的逆向选择问题。This paper uses the signal transmission model of information economy,analyzes the totally effective in signal transmission and not completely effective in both cases,the VC film chooses the target company(a type of innovative enterprises)method.The results show that the expected return of the target company,risk investment company to innovation ability the judgment of the target company is the main factors influencing the investment decisions.If signal transmission completely effective,innovative capability of innovative enterprise will choose high investment,low innovation ability of enterprises to choose investment amount.Otherwise,the risk of both high quality and low quality enterprises can choose high amount of investment,investors face when the adverse selection problem.

关 键 词：信号传递模型 风险投资 创新能力 信息不对称 

分 类 号：F832.48[经济管理—金融学]