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当前位置:首页 > 商业/管理/HR > 企业财务 > 风险企业控制权分配的博弈过程分析
20021212:100026788(2002)1220081207,,(,150001):,L,,,L:;;:F830.59:AAllocationofControlRightsbetweenVentureCapitalistandEntrepreneurbyGameTheoryANShi,WANGJian,HELin(SchoolofManagement,HarbinInstituteofTechnology,Harbin150001,China)Abstract:Highrisksandasymmetricinformationinventureinvestmentleadtheallocationofcontrolrightsbetweenventurecapitalistandentrepreneurtobecomeakeyprobleminthesuccessfuloperationofventureproject.Thispaperanalyzestheallocationofcontrolrightsbetweenventurecapitalistandentrepreneurbygametheory,includingtheirobjectiveinthegameduringtheallocationofcontrolrights,thegamebetweenthembeforeventurefinance,duringthenegotiationontheallocationofcontrolrightsandontheenforcementofthecontrolrights,whichareinstructiveforventurecapitalistparticipatingintheallocationofcontrolrightsandmakinginvestmentdecision.Keywords:controlrights;venturefirm;gametheory:2002205216:(1968-),,,,,:;(1974-),:,1L,,2,L,Hellmann,Chan,BerglofAndreiLHellmann,[1]L,L,Chan,BerglofHellmann,,01[2,3]LAndreiA.Kirilenko,[4]L,,L©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,[5],[6]L,[7]LL,,,L2Hellmann,,;,L2,,L,L,:L:L3,:,,;:,:(SE,SuccessfulEnterpriser)(FE,FailingEnterpriser)L1L1R0,RSESE,RSER00,,RFEFE,RFER0PSESEPFEFE,PFE=1-PSER0SESER0FEFE,R0FER0P0SESEP0FEFE,P0FE=1-P0SECE()CVC()rVC,rVC=CVCö(CVC+CE)rE,rE=CEö(CVC+CE)=1-rVC,,:28200212©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.Z,:Z1ZIE,IVCI0E,I0I0E,0I0E,I011,:I0=CVCR0(1)I0E=CE(R0SEP0SE+R0FEP0FE)(2)1,(IE,IVC)IEIVC:IE=CE(RSEPSE+RFEPFE)=CVC(RSEPSE+RFEPFE)(1-rVC)örVC(3)IVC=CVC(RSEPSE+RFEPFE)(4),SE,RSEPSE+RFEPFER0SEP0SE+R0FEP0FE,IEI0EZ,,,ZIVCI0,RSEPSE+RFEPFER0,:,,,(IE,IVC)Z,RSEPSE+RFEPFER0,,,ZIVCI0,RSEPSE+RFEPFER0,:,,,(I0E,I0)Z,RSEPSE+RFEPFER0,,,,Z,IVCI0ZIVCI0SE,:RSERFEPFEPSEZPFE=1-PSE,RSERFEPSEZ4,Z,Z:,,:Z,Z,,Z,,2Z3812©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.2RHVCRLVCCHVCCLVC,CLVCFCHVCCE()CVC(),2ZIHE,IHVCI0E,I0I0E,0ILE,ILVC2,,I0E(2),I0:I0=(CHVC-CLVC)R0(5)2,(IHE,IHVC)(ILE,ILVC)IHE,IHVC,ILEILVCIHE=CHVCRHVC(1-rHVC)örHVC=CERHVC(6)IHVC=CHVCRHVC(7)ILE=CLVCRLVC(1-rLVC)örLVC=CERLVC(8)ILVC=CLVCRLVC+(CHVC-CLVC)R0(9),,RHVCRLVC,,RHVCR0RLVCR0,IHVCILVCIHEILE,,,,,(IHVC,IHVC)Z,,RHVC=RLVCZ,RHVC=RLVCR0,IHE=ILE,IHVCILVC,,,,(IHE,IHVC)Z,,,Z,,,Z,,,Z,,[8]Z,,,Z48200212©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.5,,,Z,,Z,Z,:,:Z,,(),,(),Z,Z,Z3Z3REVCRWVCRMVCCACWC(,)CMC,3ZIEE,IEVCINE,INVCIEE,IEVCIME,IMVC33,:IEE=CEREVC=CVCREVC(1-rVC)örVC=CVCREVCrEö(1-rE)(10)IEVC=CVCREVC-CA(11)INE=CERWVC+CWC(12)INVC=CVCRWVC=CERWVC(1-rE)örE=CERWVCrVCö(1-rVC)(13)IME=CERMVC+CMC(14)IMVC=CVCRMVC=CERMVC(1-rE)örE=CERMVCrVCö(1-rVC)(15),,,Z,,,,,Z:1),Z,IMVCIEVCZIMVCIEVC,CVCRMVCCVCREVC-CA,Z5812©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.CVCRMVCCVCREVC-CACVC(REVC-RMVC)CA,:,Z,:,,(IME,IMVC)Z,,ZIMVCIEVC,CVCRMVCCVCREVC-CA,ZCVCRMVCCVCREVC-CACVC(REVC-RMVC)CA,,,Z,:,,(IEE,IEVC)Z,,,,Z2),Z,INVCIEVCZINVCIEVC,CVCRWVCCVCREVC-CA,ZCVCRWVCCVCREVC-CACVC(REVC-RWVC)CA,,,Z,:,,(INE,INVC)Z,,ZINVCIEVC,CVCRWVCCVCREVC-CA,ZCVCRWVCCVCREVC-CACVC(REVC-RWVC)CA,,,Z,:,,(IEE,IEVC)Z,,,,,Z,,,,Z,,(),,,,IEEIEE=CEREVC+CEC(16),CEC,CECFCWCFCMCZ,,Z,,Z6,Z,,RSERFEPSEZ,,,Z,,,,68200212©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,CVC(REVC-RMVC)CA,,;CVC(REVC-RMVC)CA,Z:[1]HellmannT.Theallocationofcontrolrightsinventurecapitalcontracts[J].TheRandJournalofEconomics.1998,29(1):57-76.[2]ChanSPark,HemanthaSB.Hearthexploitinguncertaintyinvestmentopportunitiesasrealoptions:anewwayofthinkinginengineeringeconomics[J].TheEngineeringEconomist.2000,45(1):1-34.[3]BerglofErik.Acontroltheoryofventurefinance[J].JournalofLaw,Economics,andOrganization.1994,(10):247-267.[4]AndreiA.Kirilenko.Valuationandcontrolinventurefinance[J].TheJournalofFinance.2001,LVI(2):565-587.[5].[J]..2001,(6):22-26.[6],.[J]..2000,(3):36-40.[7].[J]..2000,21(6):32-40.[8],,.[J]..2001,19(1):6-9.(38)[4]SavardG,GauvinJ.Thesteepestdescentdirectionfornonlinearbilevelprogrammingproblem[J].OperationsResearchLetters,1994,15:265-272.[5]LiuB,EsogbueAO.Clustervalidityforfuzzycriterionclustering[A].ProceedingsoftheIEEEInternationalConferenceonSystems,ManandCybernetics[C],1995,5:4702-4705.[6]RaiffaH.DecisionAnalysis[M].Massachussetts:Addison2Wesley,1968.[7],,.[J].,1998,11(1):83-87.[8].[M].:,2000.[9],.[M].:,1998.[10]LiuB.Stackelberg2NashEquilibriumformultilevelprogrammingwithmultiplefollowersusinggeneticalgorithms[J].Computers&MathematicswithApplications,1998,36(7):79-89.[11],,.(GA)2Alopex[J].,2000,29(4):304-308.[12],.[M].:,1996.[13],,.PID[J].,2001,28(5):14-17.7812©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.
本文标题:风险企业控制权分配的博弈过程分析
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