【作者】 钟卫东； 孙大海； 计国君；

【Author】 ZHONG Wei-dong~(1,2) SUN Da-hai~2 JI Guo-jun~1 1 Postdoctoral Research Mobile Station in Business Administration, Xiamen University, Xiamen, 361005, China; 2、Postdoctoral Workstation, Xiamen Country Hi-Tech Innovation Centre, Xiamen, 361009, China

【机构】 厦门大学工商管理博士后科研流动站； 厦门高新技术创业中心博士后工作站；

【摘要】 本文通过建立一个以创业者为中心决策人的风险融资决策模型,对影响初创企业风险融资的主要因素及其作用机制进行了理论分析。分析结果表明:(1)创业者对项目质量评价水平越高,其愿意吸引的风险资本越多,但这种趋势将会逐渐弱化;(2)创业者主观上可能存在着一个对创业项目成功概率评价水平的"临界点",当评价水平大于该临界值时,其对成功概率的评价水平与愿意引入的风险资本数额正相关;(3)创业者感知到的投资者非货币资源越多,其愿意引入的风险资本数额反而越少,但这种趋势将会逐渐弱化;(4)风险投资者与创业者对初创企业评价水平的差距越大,创业者愿意吸纳的风险资本数额越少。更多还原

【Abstract】 By setting up a decision model for venture capital financing with entrepreneurs as central decision maker,the paper provides a theoretical analysis of the main factors influencing startup businesses’ venture capital financing and the functioning mechanism of such factors.The analysis results indicate that:(1) The higher the entrepreneur’s evaluation of the project quality,the greater the amount of venture capital he is willing to secure will be,but this trend will become gradually weaker;(2) Subjectively entrepreneurs may tend to evaluate the success probability of entrepreneurial project,and when entrepreneurs’ own evaluation is greater than the breakeven value,the evaluation level is in positive proportion with the amount of venture capital he is willing to secure;(3) When the entrepreneur feels that the more investors have in non-monetary resources,the less the amount of venture capital he is willing to secure will be,but this trend will gradually become weaker;(4) The greater the gap between the evaluation of startup businesses by venture capital investors and the entrepreneur,the smaller the amount of venture capital the entrepreneur is willing to secure will be.更多还原