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本文考虑到风险投资市场中存在的双边道德风险问题,提出风险投资者群体与创业企业家群体之间的匹配结构问题。通过采用中国风险投资市场的数据样本进行实证分析,发现风险投资者与创业企业家之间的匹配结构是一种正向选择匹配模式。这是一种双边选择的行为,即高资质的风险投资者更倾向于选择高发展潜力的创业企业,高发展潜力的创业企业也更倾向于选择高资质的风险投资者。
This dissertation takes into account the issue of bilateral moral hazard existing in the venture capital market and proposes the matching structure between the venture capital investor group and the entrepreneur entrepreneur group. Through the empirical analysis of data samples from China’s venture capital market, we find that the matching structure between venture capitalists and entrepreneurial entrepreneurs is a positive selection and matching mode. This is a bilateral choice behavior, that is, high-quality venture capitalists prefer to select high-growth potential start-ups, and high growth potential start-ups also prefer high-quality venture capital investors.