风险投资模式对创业者努力程度影响研究  

A Study on the Impact of Venture Capital Model on Entrepreneur's Efforts

作　　者：吴兴海[1] 罗国锋[1] WU Xing-hai;LUO Guo-feng(School of Business Administration,Northeastern University,Shenyang 110819,China)

机构地区：[1]东北大学工商管理学院,辽宁沈阳110819

出　　处：《华东经济管理》2018年第2期139-145,共7页East China Economic Management

基　　金：河北省社会科学基金项目(HB16GL005);辽宁省社会科学基金重点项目(L17AGL006);中央高校基本科研业务费专项资金项目(N162304014)

摘　　要：文章以新企业创建过程为情景,通过构建数理模型,首先在个体方式创业情形下,分析了风险投资者的投资模式对创业者努力程度的影响。研究发现,当信号对于新企业现金流的揭示程度较高或新企业的现金流收益较稳定时,较之单次投资模式,分阶段投资模式更能够激励创业者努力的程度。进而,将研究问题情形扩展至团队方式创业下,分析验证了上述结论的稳健性。The paper,taking the establishment process of new ventures as a scenario,develops a mathematical model to analyze the impact of investment model of venture capitalists on entrepreneur's efforts in the context of individual entrepreneurship.The study finds that the stage investment model,compared with the single investment model,is better able to motivate entrepreneur s efforts when the disclosure degree of signal on new ventures cash flow is higher or when the cash flow of new ventures is more stable.Moreover,the paper extends the study to the team mode,and analyzes and verifies the robustness of the above conclusions.

关 键 词：投资模式 阶段投资 单次投资 创业者努力 

分 类 号：F272.2[经济管理—企业管理] F272.35[经济管理—国民经济]