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Research on the Interactive Decision of Venture Capital Based on Overconfidence

Author: LiYunHe
Tutor: MaiYiZuo
School: Huazhong University of Science and Technology
Course: Technology Economics and Management
Keywords: Venture Capital Behavioral Finance Interactive decision-making Overconfidence
CLC: F830.59
Type: Master's thesis
Year: 2007
Downloads: 211
Quote: 2
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Abstract


With the development of the knowledge economy to the depth direction, the venture capital process also pay more attention to the investment stage of decision-making influence of the risks involved in their mental behavior, such as the selection of risky projects pay more attention to the entrepreneurial team, the design of the risk of the investment contract pay more attention to the participating human psychological behavior incentives, venture capital and supervision are also involved in the person's psychological behavior. To solve these problems, the interpretation of the standard theory has become powerless. Behavioral finance as an emerging field of study, fully consider the role of market participants irrational psychological factors, and is now widely used in the interpretation of the behavior of human decision-making involved in the field of securities investment with the company in the financial sector. Behavioral finance theory and methods in the field of securities investment and corporate finance for the study of risk investment decision-making, provides a new perspective and ideas. In this paper, based on standard economic theory and existing venture capital theory, the main line to the venture capital firms and entrepreneurs \entrepreneurs choose to stage three links of the venture capital investment - (risk projects), Contract Design of Venture's equity allocation, the supervision and management of venture capital as the main research content. Depth discussion and argumentation game model through the establishment of venture capital firms and entrepreneurs, \to promote better cooperation between them to improve the performance of co-operation, and will help to improve the agency relationship between the two-way venture capital firms and entrepreneurs, reducing their risk of moral hazard, venture capitalists or entrepreneurs \relationship between alternative and oversight. This study has certain theoretical and practical significance. Theoretically, be able to promote the innovation of the risk of investment theory, to enrich existing risk investment research system to build a theoretical platform, preliminary the vote cycle-owned from a behavioral finance perspective of risk; closer to the risk of the investment decision-making actual practice, the choice for risk investment projects In order to improve the the bidirectional agency relationship between venture capital firms and entrepreneurs, coordinating the distribution of benefits between them, as well as reduce the risk investors and entrepreneurs between the bilateral moral hazard is to provide a new perspective and ideas.

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Investment
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