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为解决现有风险投资项目组合选择方法未考虑资本不可细分和投资收益率难以预测的问题,首先在借鉴MV模型思想的基础上结合风险投资项目评价指标体系定义了项目组合偏好率及其方差,并将二者分别视为项目组合的产出与投入,然后基于DEA相对效率评价原理构建了能够评价出具有Pareto最优性的项目组合优选模型即VCP-DEA/AR模型,最后通过一个数值验证案例证明了该模型的科学有效性和应用可行性。
In order to solve the problem that the portfolio selection method of venture capital projects does not consider the unpredictability of capital and the unpredictable return on investment, this paper first defines the portfolio preference rate and its variance based on the MV model and the evaluation index system of venture capital project , And treat them as the output and input of the project portfolio respectively. Then based on DEA’s relative efficiency evaluation theory, a VCP-DEA / AR model that can evaluate the Pareto optimal project portfolio optimization model is established. Finally, a numerical value The verification case proves the scientific validity and feasibility of the model.