| 股权众筹投融资方的最优策略分析 |
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| 引用本文： | 曾燕,梁思莹,田凤平,魏嘉伟.股权众筹投融资方的最优策略分析[J].管理科学学报,2017,20(9). |
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| 作者姓名： | 曾燕 梁思莹 田凤平 魏嘉伟 |
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| 作者单位： | 1. 中山大学岭南(大学)学院,广州,510275;2. 中山大学国际金融学院,广州,510275;3. 中山大学数学学院,广州,510275 |
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| 基金项目： | 国家自然科学基金资助项目，国家社会科学基金资助项目，霍英东教育基金会高等院校青年教师基金资助项目，广东省自然科学杰出青年基金资助项目 |
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| 摘 要： | 分析了股权众筹融资方和投资方的最优策略.依据股权众筹的流程,构建了股权众筹过程中投融资方利益博弈的3阶段模型,并在同时满足融资方与投资方预期收益最大化的条件下,求解了相应的最优化问题并给出了投融资方最优策略的解析式.研究结果表明,在参数满足一定条件时,股权众筹投融资方均存在最优策略,且最优策略受边际收益、项目成功概率、预期回报率等因素的影响.
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| 关 键 词： | 股权众筹 最优投融资策略 项目价值 异质性投资者 多方博弈 |
The optimal strategy for entrepreneur and investors in equity crowdfunding |
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| ZENG Yan,LIANG Si-ying,TIAN Feng-ping,WEI Jia-wei.The optimal strategy for entrepreneur and investors in equity crowdfunding[J].Journal of Management Sciences in China,2017,20(9). |
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| Authors: | ZENG Yan LIANG Si-ying TIAN Feng-ping WEI Jia-wei |
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| Abstract: | This paper studies the optimal strategy for entrepreneur and investors in equity crowdfunding.Based on the general procedure for equity crowdfunding,a three-step model is established to characterize the gambling behaviors between the entrepreneur and the investors.To maximize the expected utility of the enterprise and investors,three optimal problems are solved and the optimal strategy for each stage is given.The results indicate that when parameters satisfying certain condition,optimal strategies for the investors and entrepreneur exist,which are influenced by marginal revenue,the probability of project succeed,expected rate of return,etc. |
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| Keywords: | equity crowdfunding optimal strategy for entrepreneur and investors project's expected value heterogeneous investors multiplayer game |
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