Study of Multi-period Dynamic Financial Model of Venture Capital Considering Reputation
考虑声誉的风险投资多阶段动态融资模型研究

On the basis of analysis and discussion of the function and affection of the reputation of venture capitalists during the raising of venture capital, this paper sets up a two-period dynamic financing model of venture capitalists considering reputation using multi-period dynamic model of game theory and analyses it. Then some important conclusions have been drawn: the degree of endeavor during the period affected by reputation is strictly more than that during the period not affected by reputation; the longer the period affected by reputation is, the larger the incentive function of reputation to venture capitalist is, and the higher the degree of endeavor of venture capitalist is. Lastly, an example is cited to concretely illustrate the application and analysis of two-period dynamic financing model of venture capitalist.