风险厌恶视角下风险投资项目选择的群决策研究  

Research on the Group Decision-making of Venture Capital Project Selection from Risk-averse Perspective

作　　者：宋鹏[1] 张超[2] 钱宇华[2] SONG Peng;ZHANG Chao;QIAN Yu-hua(School of Economics and Management,Shanxi University,Taiyuan 030006,China;School of Computer and Information Technology,Shanxi University,Taiyuan 030006,China)

机构地区：[1]山西大学经济与管理学院,山西太原030006 [2]山西大学计算机与信息技术学院,山西太原030006

出　　处：《经济问题》2022年第10期61-65,72,共6页On Economic Problems

基　　金：教育部人文社会科学研究规划基金项目“基于多粒度的多属性复杂大群体决策方法研究”(18YJA630095);国家自然科学基金青年项目“基于多粒度粗糙集的风险投资项目选择决策分析研究”(71301090)。

摘　　要：风险投资项目选择是风险投资的关键问题,对于相关利益主体实现投资业绩的有效增长起着重要作用。风险投资机构在进行投资项目选择时往往呈现出风险厌恶的决策行为。引入风险厌恶策略来刻画投资项目的评价矩阵,在混合数据背景下构建多属性群决策模型,并利用全乘比例分析多目标优化方法获取项目选择结果。研究结果表明,以上模型可将风险投资群体决策者的风险厌恶行为有效融入风险投资项目的选择决策过程中,并为风险投资项目选择提供科学的稳健型决策机制。As a key fundamental issue in venture investment,venture capital selection plays a significant role in realizing stakeholders’ effective growth of investment performance.Currently,venture capital organizations tend to make risk-averse decisions when selecting venture capital projects.In this research,the risk-averse tactics are introduced to depict the evaluation matrix of investment projects,and the multi-attribute group decision-making model is constructed in the context of hybrid data.The project selection results are hence obtained with the MULTIMOORA(Multi-Objective Optimization by Ratio Analysis plus the full MULTIplicative form)approach.The results indicate that the above model can effectively integrate the investors’ risk-averse attitudes with their decision into the decision-making process of venture capital project selection.The present study provides a valid and robust decision-making scheme in terms of venture capital projects selection.

关 键 词：风险投资 项目选择 风险厌恶 群决策 

分 类 号：F830.59[经济管理—金融学]