行为金融视角下的风险投资基金与小企业之间股权分配研究

摘要

As venture funds undertake large risks in SMEs financing, venture funds behave differently from other investors. Among many investors in SMEs financing, venture funds intend to seize the controlling rights. This paper discusses the equity allocation between venture funds and SMEs on rational and irrational conditions with models. The results show: As SMEs are lack of funds, they are willing to transfer part of the shares to get venture funds financing.%由于风险投资基金对中小企业进行投资需要承担较大的风险,因此风险投资基金在中小企业的融资中表现出与其他投资者不同的行为.在中小企业的众多投资者当中,风险投资基金相对其他投资者可能会更加积极地采取措施来接管中小企业的控制权.本文运用模型分析理性与非理性条件下,风险投资基金与中小企业之间的股权分配.通过研究,我们发现中小企业由于受自身资金的约束,其愿意通过转让部分股权来获得风险投资基金的融资.