CAJ | 학술논문

　　从不引入创业投资机构和引入创业投资机构两视角对科技企业孵化器的投资决策进行了分析，获得了科技企业孵化器选择投资决策时需满足的条件。分析了科技企业孵化器与创业企业两者之间的博弈关系，并给出了两者在不引入创业投资机构和引入创业投资机构两种条件下的纳什均衡解。最后对孵化运营模式进行了决策分析，分别从科技企业孵化器和创业企业视角识别出了最优运营方案。
　　종불인입창업투자궤구화인입창업투자궤구량시각대과기기업부화기적투자결책진행료분석，획득료과기기업부화기선택투자결책시수만족적조건。분석료과기기업부화기여창업기업량자지간적박혁관계，병급출료량자재불인입창업투자궤구화인입창업투자궤구량충조건하적납십균형해。최후대부화운영모식진행료결책분석，분별종과기기업부화기화창업기업시각식별출료최우운영방안。
Firstly, the issue of investment decision-making is analyzed from the perspective of the venture investment institution involves and not involves, and obtained the conditions which must be met when technology business incu-bator chooses investment. Secondly, the game relationship between technology business incubator and venture enter-prise, and the Nash equilibriums are gained under two different conditions of the venture investment institution in-volves and not involves. Lastly, analyzed the operational model of technology business incubator, and identified the optimal operational program separately from the perspective of technology business incubator and venture enterprise.