A Study On Cooperation And Incentive Between Business Incubator And Venture Capital

It is feasible that business incubator and venture capital cooperates in theory, but it is not successful in practice. From the complex relationship of principal and agent between business incubator and venture capital, this dissertation has inspected their micro relationships and the profit function among business incubator, venture capital and entrepreneur, and then the dissertation has established a series of models to study the cooperation and incentives between business incubator and venture. The dissertation has conducted more comprehensive and thorough research of the cooperation and incentives about them. The innovation of this dissertation in the following areas:(1)From the perspective of business incubator fund, the dissertation has carried on the quantitative analysis on the cooperation between business incubator and venture capital to attempt to understand their deep relationship. This dissertation has done cointegration analysis between them to test whether there is cointegration relationship and has established the cointegration error correction model. The dissertation has established the DEA-Tobit model to analyze the efficiency and influence factors of Chinese business incubators, and has argued the business incubator fund impact on the incubator performance.(2)The dissertation has established the game models among sole business incubator, venture capital and entrepreneur as well as the synthesis business incubator, venture capital and entrepreneur. Based the models, the dissertation has studied the market equilibrium and optimal behaviors and has argued the influence of polices to business incubator and entrepreneur. The dissertation has analyzed the moral hazards of their cooperation and put forward the proposals also. The dissertation has established the framework of single principal and two agents between venture capital and business incubator, entrepreneur to study their choices and effort level under the full information and the inadequate information.(3)The dissertation has designed the incentive mechanism on business incubator, venture capital and entrepreneur to promote their cooperation. The dissertation has analyzed the collusion between the manager of business incubator and entrepreneur and has established the game model on input level of business incubator manager to analyze the equilibrium whether the finance returns or not to study the manager's input level. The dissertation has studied the multi-task incentive mechanism when the business incubator manager faces the multi tasks.(4)Based on the new regulation theory, the dissertation has established business incubators regulation model to discuss the local and global subsidy program under the full and the inadequate information and has compared their welfare and efficiency. Then the dissertation tried to find the t most regulatory programs for government.