基于政府补贴的创业投资定价与决策  

Pricing and Decision Making of Venture Capital Based on Funding Policies

作　　者：张寅冬 丁川[2] ZHANG Yindong;DING Chuan(School of Finance,Shandong University of Finance and Economics,Jinan 250014,China;School of Economic and Mathematics,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]山东财经大学金融学院,山东济南250014 [2]西南财经大学经济数学学院,四川成都611130

出　　处：《运筹与管理》2024年第4期85-91,I0021-I0031,共18页Operations Research and Management Science

基　　金：山东省自然科学基金资助项目(ZR2021QG012);济南市哲学社会科学规划项目(JNSK21C17);国家社会科学基金资助项目(21BGL075);教育部人文社会科学青年基金资助项目(20YJC630120);国家自然科学基金资助项目(71671142,71701164)。

摘　　要：中国经济正处于由要素推动型模式向创新驱动模式转变的历史时期,创业投资已成为激励企业创新研发、加快经济发展方式转型的主要推手。现有学者对如何制订最为有效的补贴策略仍然存有争议。本文着眼于三类不同类型的孵化补贴政策的同时结合孵化过程中的股权商议过程,分别得到了三种补贴政策下考虑股权商议过程的多阶段创业投资定价公式。研究发现:企资双方针对同一投资项目的投资价值,因补贴政策的不同而存在较大差异,针对扶持项目的最优补贴政策随项目主要特征的变化而变化。本文为最优补贴政策的制订提供了理论参考与依据。Innovation is a source power of a country’s economic development and an important force to push forward the economy and society.Compared with the huge investment in R&D funds,China’s actual industrial technology level and key core competitiveness have not achieved sufficient development yet.Although the government attaches unprecedented importance to the innovation capability of enterprises,due to the limitation of external factors and objective laws,it is impossible for the investment of national financial funds to grow rapidly without boundaries.Therefore,both the government and enterprises should gradually change the focus of their work and pay more attention to the efficiency of subsidizing units.As far as the current mainstream subsidy policies around the world are concerned,there are no more than three main forms of subsidy.That is,the subsidy policy for start-ups represented by the Small Business Administration(SBA)of the United States,the subsidy policy for venture capital institutions by the YOZMA program of Israel,and the subsidy policy for both start-ups and venture capital institutions by the German Central Government Guidance Fund.However,there is still no accurate conclusion on what form of subsidy policy can promote the development of start-ups to the greatest extent.Therefore,the optimal subsidy policy and pricing for start-ups with the government have become the focus issues that need to be solved in the process of promoting the development of innovative economy.Different from previous studies,this paper summarizes and puts forward three different types of subsidy policies on the basis of previous studies and cases.Taking the venture capital project valuation as an opportunity,this paper focuses on the government subsidy and equity negotiation process in the venture capital process,takes the difference of the negotiation ability between the enterprise and the capital into account and uses the real option pricing theory in the continuous time framework to model and solve the above problems.Thi

关 键 词：创业投资 政府补贴 实物期权 

分 类 号：F830.591[经济管理—金融学]