时间不一致偏好下风险投资最优投资时机研究

This study applies real options approach to incorporate time preferences of the entrepreneur and venture capitalist into venture capital optimal investment timing research framework, and analyses the effect of homogeneous and heterogeneous time preferences on the venture capital entry timing, equity allocation, and cash-on-cash multiple. The results show that the higher time inconsistency degree of the entrepreneur or venture capitalist, the later venture capital enters, which is contrary to the effect of both parties’ expected beliefs; the optimal equity allocation depends on the relative time inconsistency degree between the entrepreneur and venture capitalist, and the party with the higher time inconsistency degree is more willing to demand equity; under time-inconsistent preferences, the cash-on-cash multiple of the venture capitalist only depends on his/her time inconsistency degree, while the cash-on-cash multiple of the entrepreneur is related to the time inconsistency degrees of himself/herself and the venture capitalist. This study provides theoretical reference and practical guidance for encouraging venture capital to “invest early, invest small, invest in science and technology”, and improving the financial support innovation system in China.