中文摘要：

从人的有限理性出发,强调风险投资者的实际心理感受对风险投资决策的影响,针对投资者对同等数量的损失比收益更加敏感的心理特征,运用价值函数将投资者的这种心理上的损失和收益引入风险投资决策中,同时用下偏矩来度量组合的风险,认为下偏矩更能反映投资者关心损失程度是否在自己能力承受范围内甚于关心损失概率的心理特征。在此基础上,建立了基于价值函数的单心理账户和多心理账户行为风险投资组合模型。

英文摘要：

Based on the people＇s bounded rationality,this paper insists the viewpoint that the real psychological feeling of venture capital investor has effects on his investment decision-making.According to the psychological characteristic that the investor is more sensitive for the loss than for the same amount of gain,it introduces the psychological loss and gain of investor into the process of risk investment decision-making through the value function,and uses lower partial moment（LPM） to measure the risk of portfolio.It considers that LPM can reflect the fact that the investor care about the amount of loss more than the loss probability.Finally,it establishes a behavioral venture capital portfolio model based on the value function for single-accounting and multi-accounting respectively.