中文摘要：

创业投资者和创业企业家之间的博弈贯穿于创业企业发展的整个过程,创业融资的过程通常是多次行为博弈。文章引入创业企业家与创业投资者的努力互补效应进行分析,通过研究发现：在一次性博弈或者有限次重复博弈中,创业企业家和投资者会依据分配系数选择相应的策略组合,且无论分配系数为何值都不能使创业企业家和投资者同时以集体利益最大为准则选择各自的努力水平。在无限次重复博弈中,创业企业家与投资者会依据不同的贴现因子和不同的分配系数进行策略选择,此时则可以促使创业投资者与企业家均依据集体收益最大化原则选择努力水平。

英文摘要：

Capital shortage usually exists in the high-tech venture, but the venture capital solves the financing difficulties. Once the venture capitalists enter into entrepreneurial activities, the business success depends on the effort of the entrepreneurs and investors. This paper contrasts on the incomes of different strategies for the effort level between entrepreneur and investor to analyze the reason for the faulty of Pareto, it also estimates the interval of distribution coefficient, which can provide the reference for the distribution of income in entrepreneurial company.