Research On Two-sided Matching Decision Of VC-E Based On Double Reference Points

Through the support of entrepreneurial enterprises(E),venture capital(VC)promotes technological innovation,industrial structure upgrading,and effective transformation of scientific and technological achievements.With the reform of China's market economic system,its role in the stable and healthy development of the economy has become more prominent.However,on the one hand,in the practice of economic markets,VC with the reputation of "engine" for economic growth often plays the role of"barbarians at the door".On the other hand,there are endless opportunities for E to take risky funds.In theory,the root cause of these negative phenomena is that the asymmetry of investment and financing information leads to the adverse selection and moral hazard of VC-E,which in turn makes market resources mismatch and invalid.Therefore,how to alleviate the adverse selection and moral hazard problems between the two sides has become an important research topicTwo-sided matching theory is one of the classic theories of market design.It is obtained through systematic research on market matching operation mechanism,and has been matured and widely applied in many fields.In view of this,this paper cuts in from the perspective of market design,and applies the double-reference point-based two-sided matching theory to the matching relationship between VC-E to improve the stability and satisfaction of both parties,thus alleviating information asymmetry between the two parties.The problem that comes with it.Therefore,the thesis has carried out innovative research work from three aspectsFirstly,according to the characteristics of investment and financing in the venture capital market,the two-sided matching decision model of VC-E based on double reference points is designed.According to the theory of social comparison and the theory of prospects,each type of expected information of each matching subject is used as the reference point of the individual dimension,and the comprehensive expectation information of the parties is matched as the reference point of the social dimension,and then the investment intermediary gives the multiple evaluation information of the matching subject is transformed into the personal and social profit and loss value relative to the reference point,and then the personal and social profit and loss value is further transformed into the comprehensive foreground value of the matching subject satisfaction according to the prospect theory,so as to construct the matching foreground value of both sides.The multi-objective optimization model is solved by solving the model to obtain the optimal matching solution,and finally achieves a stable and satisfactory matching between the two.Secondly,in order to improve the stability of the matching betweenVC-E,a matching mutual evaluation index system is constructed.Because the investment and financing information of the venture capital market is complex and redundant,the types of mutual evaluation indicators are not the same,and it is multi-level and multi-granular In order to better express the investment and financing needs of both parties,this paper not only makes a reasonable design of the mutual evaluation indicators,but also carries out effective data processing on different types of indicators,which provides a reliable basis for improving the satisfaction and stability of matchingFinally,through the analysis of the actual situation of the venture capital market,an example is designed to test the constructed decision models and methods,and the same data is used for the bilateral reference point-based VC-E in most literatures.The matching decision model is used for calculation,and then the matching results based on double reference points and the matching results based on single reference point are compared and analyzed.The two-sided matching model of VC-E based on double reference points is explained.The rationality,effectiveness and feasibility provide an implementable path for the stable development of the venture capital marketIn summary,from the perspective of market design,this paper aims to alleviate the adverse selection and moral hazard issues of VC-E,and build a two-sided matching decision method based on double reference points to achieve a stable and satisfactory match between the two parties.In order to improve the output efficiency of venture capital,optimize the effective allocation of resources,and promote the healthy development of China's venture capital industry.