基于双资源配置的多阶段风险投资组合模型及优化研究

项目名称： 基于双资源配置的多阶段风险投资组合模型及优化研究

项目编号： No.71271090

项目类型： 面上项目

立项/批准年度： 2013

项目学科： 管理科学

项目作者： 彭飞

作者单位： 华南师范大学

项目金额： 54万元

中文摘要： 作为创业创新发动机的风险投资对于经济转型和可持续发展具有十分重要的意义。风险投资实践和学者的研究都表明，管理投入对风险企业价值有着重要影响，分阶段投资是风险投资家常采用的重要投资策略。但已有的风险投资组合文献却鲜有将二者同时进行考虑的，因而存在着理论难以有效地指导风险投资实践的现象。本课题的主要研究目标为，把风险投资家对风险企业的管理投入视作风险投资中需配置的重要资源，将其合理量化后纳入组合投资价值体系；通过深入分析了解管理投入资源在风险投资组合构建和资源配置中的影响规律及影响机制；通过合理的价值形式，构建包含资金和管理投入等两种资源配置、符合风险投资家实际决策模式的多阶段风险投资组合优化模型，应用合适的方法对模型优化求解，分析两种资源配置下组合投资的有效前沿特点，发现风险投资资源的最优配置规律和方法，为风险投资决策提供更科学的理论依据和指导，丰富投资组合理论。

中文关键词： 投资后管理；分阶段投资；管理投入；风险投资组合；优化决策

英文摘要： Known as engine of self-employment and innovation, venture capital is significant for economic transformation and sustainable strategy. The practice and academic reports of venture capital show that management inputs have an important influence on the values of venture firms and staged investment is an important strategy frequently used by venture capilists (VCs). But existing documents related with venture capital portfolio rarely consider both at the same time. So it's an normal phenomenon that the theories can't conduct practice effectively. The main goals of this literary are, 1)to consider management inputs taken by VCs as essential factor during allocating resourse, then to subsume its quantization to the value system of venture capital portfolios; 2)to grasp the regular pattens and mechannisms of management inputs acted on venture capital portfolios and allocation of resources through thorough analysis; 3)to construct the Multi-stage Venture Capital Portfolio Optimization Models considering two factors of capital and management inputs, and catering the appropriate decision methods taken by VCs through applying reasonable value model; 4)to make solutions to the optimal models by appropriate way, to analyze advanced features of venture capital portfolios considering the two factors and to discover the op

英文关键词： post-investment management；staged investment；management inputs；venture capital portfolio；optimal decision-making