The Venture Capital Research Of Agricultural High-tech Industry Development Under The Game Theory

Agriculture is the foundation of national economic development, is an important area of expanding domestic demand and adjusting the structure, also is an important industry in the world stability, the development of agriculture will directly affect the social stability and development speed. Therefore, by means of science and technology, promote agriculture from traditional agriculture to modern agriculture, and advance to the development of knowledge agriculture in the future for the world is essential to enhance the comprehensive national strength. In this process, the agricultural industrialization of high technology has become the decisive factor, supporting the development of agriculture and enhance the competitiveness of agriculture,but the high risk and high investment has become the obstacle to its development. The traditional financing channels can not meet the demand for capital in the process of industrialization of agricultural high technology, but venture capital can make up for the traditional financing gap, and solve the financing difficulties.Using the pursuit for high profitability of venture capital, and the venture capital institutions’s modern enterprise management system, not only can solve the problem of shortage of funds of agricultural high-tech industrialization,but also can improve the agricultural high-tech companies’ level of organization and management, and provide better help for the realization of industrialization of high technology achievements. However, the information asymmetry in agricultural entrepreneur of the docking process of venture capital, create new problems,the game between venture capital and agriculture enterprise of choosing behavior.The ultimate goal of both parties is maximized realize their interest.In view of this, various kinds of subjective and objective risk factors will affect the selection process of both sides. Therefore, using the game theory to analyze the selection process between venture investors and entrepreneurs in the process of industrialization of agricultural high technology,by predicting the risk, analyzing the causes of risk, finally puts forward the countermeasures to reduce the degree of risk investment. In this paper, the comprehensive use of economics, management, finance and other multi-disciplinary theory and method, through studying and referencing of domestic and international venture capital’s relevant theoretical knowledge, combined with the actual situation of venture capita in Chinese agricultural high-tech industry, using the methods of qualitative and quantitative analysis to study the agricultural high-tech industrialization venture capital’s characteristics and the endogenous and operation mechanism,then analyze the risk investor and entrepreneur’s behavior of selection process and reasons,which caused by adverse selection and moral hazard, after that put forward some methods to solve the corresponding risk by establish the game model. At last through the empirical analysis to verify the method, the results show that the signal game model can effectively solve the problem of adverse selection, by incentive and constrained game mechanism can solve the problem of moral hazard.