| Just recently, the storm of financial crisis is sweeping the global. Whether the economy will bottom out second time is also not know. Many new start-ups fell in the crisis. How the entrepreneurs to effectively solve the financial Issues of start-ups through Venture Capital is imperative under this background.Venture financing has always been a hot research scholars, which can be divided into endogenous and exogenous according to the different ways of financing. Endogenous financing including the entrepreneur's own funds, borrowed from relatives and friends and so on. Exogenous financing including bank loans,government earmarked funds,risk financing,public financing for the general public, etc. This paper studies the problem of risk financing, which belongs to the venture financing in the theoretical system。How to choose the financing channels for entrepreneurs in Venture financing, and how to trade with financing body after the financing channel selection are affected with many factors。These problems belong to venture financing decision. When the entrepreneurs and venture investors on the price of game. The question faced by entrepreneurs is venture financing decision。This article has done a business analysis of financial decision-making factors, and eased the impact of factors about the venture financing decision in theory, which also classify these factors combined with this paper's specific issue。This article focuses on the anchoring effect how to impact the game of price between entrepreneurs and venture investors among many factors。Anchoring effect is Origins from anchoring phenomenon which is founded by Kahneman and Tversky through the Experiment of "Wheel of Fortune" in 1744。And which is explained like this: Individual judgments based on a certain initial value, or is based on anchor, and then made inadequate adjustment for up and down。Who will give too much attention to the initial obtained information unconsciously in making decisions。After Kahneman and Tversky conducted the study, the anchoring phenomenon has been confirmed in many studies. George Quattrone was found that the anchor phenomenon will appear in some non-numeric context to judge。Anchoring effect could not disappear due to use the stimulation of money or even more extreme anchor. They also concluded that the anchoring effect is a very effective phenomenon, effect size depends on the differences between the anchor and the "anchor before the estimated" (the individual's average judge before present an anchor), until the two meet similar. Anchoring effect on the price of this game is there based on the views of previous。This article is also define the both sides on the price of this game。Entrepreneurs who were divided into nascent entrepreneur, novice entrepreneur, habitual entrepreneur, serial entrepreneur and portfolio entrepreneur。This is a novice entrepreneur referred to, that means who is no entrepreneurial experience has become a founder of a company, or the successor。Venture capitalists generally divided into adventure capitalists, venture capitals firm, corporate venture investors/direct investors, and angels。Referred to in this article is the second venture capitals firm, and also gave a detailed description of the venture capital business processes。Which could be divided into six steps:1,Ventral Screening,2,Due Diligence,3,Negotiation,4,Deal Close,5,Monitoring, 6,Exit。This process also made a brief introduction to the venture project evaluation methods and indicators. By sorting out and understanding of previous theories, this paper's view is that entrepreneurs and venture investors on the price of this game, which effected by external environmental factors, but anchoring effect plays a regulatory role in here.This process of deriving model is reference on two classic game models, which include Bargaining Game Model and Last Asking Price for Arbitration Game Model. This paper reference on the sub-cake idea of the bargaining game model in ideological, and reference on the last asking price for arbitration game model in algorithmic. In this paper's view, which uses the last asking price for arbitration game model is essentially within the bargaining game model. Because of the bargaining game model added to qualifications could change to the improved last asking price for arbitration game model. The focus shall be double game is "X" X∈[0,D],which could to understand both sides'power of bargaining and investment market quotes, while it is a part of expected add value in trading shares. Double issue price level depends only on the "X".The model according to the last asking price for arbitration game model derive that,Which means double Nash equilibrium is that both sides'last successful deal only with the X. When a specific X is given, the two sides can arrive at the equilibrium point.The game model under the anchoring effects derive that,Deal with this type of mathematics, its derivative is WE/=1-F(X/)This formula is always greater than zero, which indicated that the greater of the X, the better to entrepreneurs. But the entrepreneurs think the range of expected "X" is in 0 to X, which means the highest value of entrepreneurs'X affected by the venture capital people'X. And because "X" is the only factor between the parties offer, so from the results derived from the theoretical model, we can see that the entrepreneurial offer effected by anchoring effect of venture investors offer.Derived based on the theory put forward in front of this paper need to verify the two hypotheses:H1:Venture investors'high offer will form big anchoring effect, which could make the entrepreneur bid a higher price.H2:Venture investors'low offer will form small anchoring effect, which could make the entrepreneur bid a lower price.This paper through case test to verify the assumption. It is a minority to use this way to test assumption, so which is one of innovations in this paper. There are also many shortages in test case, But in the following areas include modify the principles of case, the given information of test case, the introduction of anchoring effect, the control of the factors that influence the test's results and process, etc. These areas provide much valuable experience to future research. Data processing using T test and ANOVA, two assumptions are all adopted. Come to the conclusion that, 1,Venture investors'high offer will form big anchoring effect, which could make the entrepreneur bid a higher price.2,Venture investors'low offer will form small anchoring effect, which could make the entrepreneur bid a lower price.The innovation of this paper is that the model's deriving reference two classical models, and the assumption's verification used method of test cases. Although the issue of this paper is small but it has a very strong guidance and practical significance to the real entrepreneurial risk financing. |
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