创业投资的最优时机和规模选择——以创业投资机构为视角  

The Optimal Timing and Scale Selection for Entrepreneurial Investment--From the Perspective of Venture Capital Institutions

作　　者：闵俊棚 Min Junpeng(School of Economics,University of Chinese Academic of Social Science,Beijing 102488,China)

机构地区：[1]中国社会科学院大学经济学院,北京102488

出　　处：《经济研究导刊》2023年第24期75-79,共5页Economic Research Guide

基　　金：国家社会科学基金一般项目“结构变迁视角下经济高质量发展的实现路径研究”(21BJL032);国家自然科学基金项目“数字化背景下供应链网络特征对企业技术创新的影响研究”(72262019)。

摘　　要：为探究创投企业的投资决策以引导其投早、投小、投硬科技,根据包含技术创新不确定性的创业投资模型,求解投资最优时机和最佳规模,并通过比较静态分析,探讨外生参数对二者的影响。结果表明,在其他条件给定时,需求弹性降低和可变成本系数上升均导致投资时机推迟、规模下降;随着固定成本上升,投资时机将推迟,规模随之扩大。贴现因子的提高将降低投资规模。若固定成本较低,贴现因子提高会使投资时机提前,但若固定成本较高,贴现因子提高会对投资时机产生先提前后推迟的影响。在技术升级幅度大、创新强度高的行业,投资时机相对推迟,规模也将提高。因此,政府应根据企业所属行业的不同特征制定有针对性的创业投资激励政策,且对于技术迭代快的行业,应充分落实税收优惠和补贴政策。To understand the decision making of venture capital companies’investment and guide them to invest in early small firms with core technologies,the optimal timing and scale of investment are solved in a venture capital model with technological innovation uncertainty.The impacts of exogenous parameters on them are discussed using comparative static analysis.The results indicate that given other conditions,the decrease of demand elasticity or the increase of variable cost coefficient leads to the delay of investment timing and the decrease of scale;with the increase of fixed cost,the timing is delayed and the scale is expanded accordingly.The increase of the discount factor reduces the investment scale.Given low fixed cost,the increase of the discount factor hastens investment timing,but if the fixed cost is high,the increase of the discount factor first advances and then delays the timing.In industries with large technological upgrades and high innovation intensity,the timing is relatively delayed,and the scale is increased.Therefore,in order to encourage venture capital investments,targeted policies should be made based on different characteristics of the industries,and the tax and subsidy policies should be fully implemented for industries with rapid technological innovations.

关 键 词：创业投资 实物期权 投资时机 投资规模 比较静态分析 

分 类 号：F830[经济管理—金融学]