In this paper,base on the analysis of industry chain and value chain of tourism project,the author reconsidered the characteristics of investment of tourism project,introduced real option,analyzed latent risk and investment value in the course of staged investment of tourism project,and put forwards the strategy of flexible management of tourism project.

Some methods and evaluating indexes of ultimate choice of projects for venture-capital investment were discussed by the analyses of the policies of venture-capital investment and the risks of investment stages.

In the light of the situation that long-term cooperation fails due to non-investing party s subjective discount factor being small,this paper designed a model of multi-phase investment and limited period cooperation by utilizing the game theory.

The optimal time of staged financing is the most difficult problem for venture capitalists in venture capital.

The paper analyzes the “bilateral commitment” dilemma between venture capitalist and entrepreneur, which arises from the transformation of specific human capital to exclusive human capital of entrepreneur, and explains the mechanism for staged financing to solve this dilemma.

Staged financing is a basic operational form of venture capital,so it is of important senses for research decision problem of staged financing.