科技金融网络主体合作的演化博弈研究——基于银行、风险投资与科技企业三方分析  

An Evolutionary Game Study on Cooperation of Participants in Sci-tech Financial Network:Analysis of Venture Capital,Banks and Technology-based Enterprises

作　　者：徐玉莲 张思琦 郭思迁 Xu Yulian

机构地区：[1]哈尔滨理工大学经济与管理学院,黑龙江哈尔滨150080

出　　处：《金融理论与实践》2022年第10期26-35,共10页Financial Theory and Practice

基　　金：教育部人文社科项目“区域科技金融网络演化机理、绩效测度与政策调控”(17YJC630187);教育部人文社科项目“战略性新兴产业创新链与资金链生态融合机理与发展机制研究”(19YJA790087);黑龙江省哲学社会科学项目“基于区块链的黑龙江省科技金融网络升级路径及政策选择研究”(21JYB145)的阶段性成果。

摘　　要：引入合作成本,构建银行、风险投资机构与科技企业的三方演化博弈模型,并进行仿真,揭示科技金融网络主体间联接的微观机理。深入分析合作成本、项目成功概率、股权比例、银行利率及其额外收益等因素对三方建立科技金融网络联接的影响。研究发现,科技企业在融资过程中付出的努力具有关键作用,项目成功概率对商业银行、风险投资机构与科技企业的影响程度不同,银行利率对三方合作的影响较小,而银行额外收益对银行参与融资的意愿影响较大,股权控制比例对风险投资机构影响较大。研究结论为推进银行、风险投资机构与科技企业合作、促进科技金融网络形成提供了新的思路。By introducing the cooperation cost,the tripartite evolutionary game model of banks,venture capital institutions and technology-based enterprises is constructed,and simulation is carried out to reveal the micro-mechanism of the connection between the participants of sci-tech financial networks.The impact of cooperation costs,project success probability,equity proportion,bank interest rate and its additional income on the establishment of sci-tech financial network connection is analyzed.The study finds that efforts of enterprises in the financing process play a key role.The probability of project success has different impacts on banks,venture capital institutions and enterprises.The impact of bank interest rate on the tripartite cooperation is small,while the additional income of banks has a greater impact on willingness of banks to participate in financing,and the proportion of equity control has a greater impact on venture capital institutions.The research conclusions provide new ideas for promoting the cooperation between venture capital,banks and technology-based enterprises and the formation of sci-tech financial network.

关 键 词：科技金融网络主体 三方演化博弈 仿真 

分 类 号：F832[经济管理—金融学]