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| Bargaining Power，Specialized Knowledge and the Optimal Portfolio Size of Venture Capital |
| Pu Yi,Fang Sihai |
| School of Economics and Management, University of Electronic Science and Technology of China, Chengdu 611731,China |
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Abstract Venture capital（VC）tend to hold a portfolio of enterprise in reality，the optimal portfolio size is closely related to the bargaining power and specialized knowledge of VC.Using cooperative game theory and optimization theory，we introduce the two factors of bargaining power and specialized knowledge in this paper and establish the decision-making model to analyze the effect of the two factors on the portfolio size decision problem.At the same time,we do an empirical test for our conclusions.It was found that the bargaining power and specialized knowledge to play a complementary role in decision-making of portfolio size.The specialized knowledge stronger VCs to invest a large number of start-up firms,and the bargaining power determines the profits share rule between VCs and start-ups directly,thereby non monotonic effect the portfolio size of start-ups indirectly.On the one hand,the model provides a method for VCs to choose the number of venture enterprise according to their circumstance;on the other hand,it explains the relationship between the portfolio size and the profit share rule from a different point of view compare with the previous studies.The introduction of bargaining power is the main reason causing the difference between previous studies and this article.
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Received: 16 September 2016
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Corresponding Authors:
Pu Yi
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