The Optimal Multi-Attribute Auction Mechanism and Analysis of Price Fixing Based on Venture Enterprise

Venture enterprise is the product of venture capital and high technology with the characteristic of both high risk and high revenue distinguished from other common enterprises. Therefore, those conventional methods of assets evaluation fail to demonstrate the authentic value of the venture enterprise. This paper, from the perspective of auction mechanism design, provides a new method to fix the real price of venture enterprise by employing the first-price-sealed multi-attribute auction. The optimal payoff of the venture entrepreneur is obtained through setting reserve prices and mechanic design, and a first-score multi-attribute practical process is presented to demonstrate the feasibility of the mechanism.