摘要: |
政府直接补贴风投机构政策的合理性取决于其有效性。本文首次将三方演化博弈方法引入相关研究,构建包含政府、创业企业和风投机构的非合作演化博弈模型,并求解演化稳定均衡及其条件。两个基本结论为:政府直接补贴政策在长期中无效;演化稳定均衡点的形成主要基于“金融市场的平均利率”与“风投机构的资源整合能力”的协同影响。本文认为缺乏政策粘性是导致结论1“政府直接补贴政策在长期中无效”的内在机理,并采用数值模拟及现实证据进一步夯实了结论1。最后,基于上述结论2,提出促进风投市场发展的政策建议:促进增值服务中介发展,借鉴YOZMA模式提高风投机构的准入门槛,引导资本脱虚向实和完善地区金融市场。 |
关键词: 补贴 风投机构 专业知识能力 三方演化博弈 政策粘性 |
DOI:10.13581/j.cnki.rdm.20180931 |
分类号:F810.2 |
基金项目:山东省软科学基金项目“推进泛济青烟新旧动能转换综合试验区建设的金融支持研究”。 |
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Analysis on the Effect of Policies of Government Directly Subsidizing Venture Captial Institutions and Suggestions for Improvement |
CHEN Zong-yi1, BIAN Chen2
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1.School of Finance, Qilu University of Technology, Jinan 250100, China;2.School of Management, Northeastern University, Shenyang 110000, China
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Abstract: |
The rationality of the government's direct subsidy to venture capital institutions depends on their effectiveness. For the quantitative analysis of the effectiveness of the direct subsidy policy, it introduced the three-way evolutionary game method into relevant research for the first time, constructed a non-cooperative evolutionary game model including government, entrepreneurial enterprises and venture capital institutions, and found the evolutionary stable equilibrium and its conditions. The main conclusions are as follows. Firstly, the government's direct subsidy policy for venture capital institutions is ineffective in the long run. Secondly, the formation of evolutionary stable equilibrium points is mainly based on the synergistic change of “average interest rate of financial market” and “resource integration capability of venture capital institutions”. It argues that the lack of policy stickiness in the government's direct subsidy policy is the internal mechanism of its ineffectiveness in the long run, and uses numerical simulation and realistic evidence to further consolidate the first conclusion. Then, based on the second conclusion, it proposes policy recommendations to promote the development of the venture capital market, specifically to promote the development of value-added service intermediaries. It also suggests to learn from the YOZMA model to improve the entry threshold of venture capital institutions, guiding the capital to deviate and improve the regional financial market. |
Key words: subsidy venture capital institution professional knowledge capability tripartite evolutionary game policy stickiness |