基于公平偏好下的风险企业家道德风险研究

风险企业家在向风险投资家寻求融资共同发展风险项目的过程中表现出有限理性,具有公平偏好心理,其往往因为嫉妒心理而影响到自身的努力水平,这样,风险投资中的道德风险问题不可避免,进而会损害到风险投资家的利益。本文从有限理性的角度出发,通过设计针对具有公平偏好的风险企业家的有效激励机制,以此来分析和防范公平偏好心理带来的道德风险问题。研究表明,风险投资家应尽可能选择公平偏好程度较小的风险企业家作为投资对象,以减少或规避风险投资市场中的道德风险。

Research on Moral Hazard of Venture Entrepreneur Base on the Fairness Preference

When the Venture Entrepreneur turn to the Venture Capitalist for financing to develop his project,he shows limited rationality with fairness preferences psychology,who will induce envy to affect the level of its efforts,so that moral hazard is inevitable.Under the principle of limited rationality,this article designs an effective incentive mechanism including the Venture Entrepreneurs with fairness preferences psychology,then to analyze and prevent the problem of moral hazard.The results show that in the choice of agents from the Venture Entrepreneur,the lowest intensity of fairness preferences psychology,the best.