作　　者： ; ;

机构地区： 昆明理工大学管理与经济学院

出　　处： 《昆明理工大学学报（社会科学版）》 2012年第6期70-76,共7页

摘　　要： 基于Holmstrom and Tirole(1997)的企业家模型,在创业公司局部风险中性的假设下,利用委托代理关系研究了项目多元化对天使投资最优契约的影响,并对理论模型进行了数值模拟计算。理论和数值模拟计算表明:当项目正相关时,相关程度只影响创业公司的最优支付,并不对融资成功条件产生影响;当项目负相关时,相关程度不仅影响天使投资的最优契约还影响融资成功条件;当创业公司局部风险中性的范围较大时,创业公司的最优支付随项目相关程度的增加而减小;当创业公司局部风险中性的范围较小时,创业公司的最优支付随项目相关程度的增加而增加。 The paper develops a study model of the impact of diversification on optimal contract of angel in- vestment via principal - agent theory based on Holmstrom and Tirole＇ s （ 1997 ） entrepreneur model under the assumption that the start -up firm is local risk neutral and the model is numerically simulated. Theory and nu- merical simulation suggests that when the projects are positively related, the degree of correlation between pro- jects only affects the start -up firm＇s optimal payment and has no effect on the financing conditions; when the projects are negatively related, the degree of correlation between projects affects not only the start - up firm＇ s optimal contract but also the conditions of financing; when the range of the risk - neutral of start - up firm is lar- ger, the optimal payment of start -up firm decreases with the degree of correlation between projects; when the range of the risk - neutral of start - up firm is smaller, the optimal payment of start - up firm increases with the degree of correlation between projects.

关 键 词： 天使投资 最优契约 委托代理 激励

领　　域： [经济管理]