论文部分内容阅读
为满足外部投资者随时到达网络拍卖平台购买股权的需求,建立了基于在线拍卖的风险投资退出股权交易模型,通过求解模型得到了最优股权在线拍卖机制.机制不仅可在完全未知将来投标和决策序列的情况下,立即对当前投标做出分配和支付的决策,而且能吸引外部投资者自愿参与,激励他们报告真实的股权估价信息以及到达和离开时间,并在此基础上,实现风险投资家的期望收益最大化.最后,通过一个简单算例验证了该机制的可行性和可操作性.
In order to meet the demand of external investors to reach the network auction platform to buy stock at any time, the venture capital based on online auction is set up to exit the model of equity transaction, and the optimal online auction mechanism is obtained by solving the model.The mechanism can not only bid and decide completely unknown future Sequence, make immediate decisions about the distribution and payment of current bids, but also attract external investors to participate voluntarily, motivating them to report real equity valuation information and arrival and departure times, and on this basis, to achieve the venture capitalists Finally, the feasibility and operability of this mechanism are verified by a simple example.