同时考虑过度自信和损失厌恶的风险投资契约模型研究  

The impact of venture capital contract model considering both overconfidence and loss aversion

作　　者：王思颖 WANG Siying(School of Mathematics and Information,China West Normal University,Nanchong,Sichuan 637001,China)

机构地区：[1]西华师范大学数学与信息学院,四川南充637001

出　　处：《内江师范学院学报》2024年第8期91-95,共5页Journal of Neijiang Normal University

基　　金：国家自然科学基金项目(72101172);西华师范大学英才科研基金项目(17YC381)。

摘　　要：研究风险企业家具有过度自信和损失厌恶偏好两种非理性行为对风险企业风险投资的影响,建立了将过度自信与损失厌恶偏好相结合的风险投资契约模型.研究表明,同时考虑过度自信与损失厌恶偏好时,风险企业家的努力水平、收益分享率、风险企业家和风险投资家的最优报酬函数都随着过度自信程度的增强而增加,随着损失厌恶偏好程度的增强而减少.当损失厌恶程度小于某临界值时,风险企业家和风险投资家在同时考虑过度自信和损失厌恶偏好时的期望报酬函数会高于完全理性状态时的期望报酬函数;反之,当损失厌恶程度大于某临界值时,风险企业家和风险投资家的期望报酬函数会低于完全理性状态时的期望报酬函数.This paper mainly studies the influence of venture entrepreneurs with the two irrational behaviors of overconfidence and loss aversion preference on venture capital investment of venture firms,and establishes a venture capital contract model combining overconfidence and loss aversion preference.The study reveals that when overconfidence and loss aversion preference are taken into account,the effort level of venture entrepreneurs,the benefit sharing rate,and the optimal reward function of venture entrepreneurs and venture capitalists all increase as the overconfidence increases,and decrease as the loss aversion preference increases.When the degree of loss aversion is less than a certain critical value,the expected return function of venture entrepreneurs and venture capitalists considering both overconfidence and loss aversion preference will be higher than the expected return function when they are completely in their rational state.Conversely,when the degree of loss aversion is greater than a certain critical value,the expected return function will be higher than that in the completely rational state.The expected return function of venture entrepreneurs and venture capitalists will be lower than the expected return function when they are in their perfectly rational state.

关 键 词：契约模型 过度自信 损失厌恶偏好 

分 类 号：F272[经济管理—企业管理]