本文构建了创新引导基金模式下的协同创新博弈模型,研究了创新投资基金如何通过协同创新利益分配机制及基金投资策略的设计,激励企业和创新承包方提高协同创新投入,提升协同创新投资规模和绩效;得出了引导基金模式下协同创新最优分配机制和基金投资策略。研究表明:基金应将市场收益所有分配份额交给企业,基金和承包方向企业索取固定收益,从而使企业成为协同创新剩余价值的唯一索取者,激励企业按契约规定进行投资;基金应在满足承包方创新投入资金需求的情况下,尽可能在创新后期阶段才向承包方投资,以激励承包方提高创新投入,最大化基金期望净利润。
Moral hazard is the main factor obstructing the scale enlarging and efficiency improving in collaborative innovation. In this paper, a game model of collaborative innovation with venture capital fund of funds is developed, in order to study how the innovation fund use revenue sharing mechanism and investment policy to raise the investment from enterprise and innovation supplier, as well as performance of collaborative innovation. The optimal revenue sharing mechanism and the investment policy of fund are obtained through theoretic and numerical analysis. It is found that the fund should give the whole revenue share ratio to the enterprise, while the fund and the innovation supplier should claim a fixed revenue from enterprise to motivate the enterprise to make commitment according to contract; and the fund should give the innovation supplier the investment as late as possible, while the innovation supplier invests its own capital at earlier stages, in order to stimulate it to raise innovation commitment, as a result the expected profit of the fund is maximized.
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