Research On The Management Resources Coordination In Venture Capital Syndicate Mechanism

In the process of investment projects, venture capitalists will invite other co-investment venture capitalists in order to spread the risk. Venture capitalists in the process of investing in start-ups, they not only have the support of financial resources, but also on venture enterprise management support, technical guidance, and other aspects of industry experience, we collectively support management of resources. Financial resources, management of resources for their joint venture between enterprises, in order to ensure return on investment, you need them in the process of cooperation, the allocation of financial resources to coordinate treatment and management of resources in order to achieve maximum benefit.This article participates in a coordinated game behavior venture capitalists view, the use of game theory approach, based on homogeneous type and heterogeneous type of management resources in both cases, namely venture to explore individual rationality and collective rationality from two angles investors resource coordination procedure when syndicated investments, the main work is as follows:Firstly, based on mutual coordination between homogeneous type resource management point of view of venture capitalists Game Analysis, in the case of individual rationality, proved the existence of Nash equilibrium, get a homogeneous type of venture capitalists management resources into "shift" trend; in the case of collective rationality, given the coalition to achieve optimal conditions, changes in strategy analysis venture capitalists overall revenue influence; and individual rationality and collective rationality case for comparison.Secondly, coordination between the management of resources based on idiosyncratic point of view of venture capitalists Game Analysis, in the case of individual rationality, proved the existence of Nash equilibrium, get a heterogeneous type of venture capitalists management resources into "shift" trend; in the case of collective rationality, given optimal conditions league analyzed policy changes venture capitalists overall revenue influence; and individual rationality and collective rationality case for comparison.Finally, the case of homogeneous and heterogeneous scenarios to compare and get relevant revelation, by comparison and analysis, the management of resources between different venture capitalists when the complementary nature and help enhance the overall revenue, and thus get some related revelation, venture capitalists in the selection of partners, the three-stage logic model gives a complementary factor into the management of resources, and opportunities for joint investment process Marxist terms, given the inverted-U relationship management and opportunistic complementary resources to provide some guidance and advice for venture capitalists.Through the establishment and analysis of the above model, the paper considering the financial resources and management resources in these two key factors conducive to coordinated management of resources among venture capitalists, and make the right investment decisions jointly, thus forming a stable venture syndicate investment. The findings of this paper to promote the development of venture capital industry has a certain theoretical and practical significance.