风险投资中的道德风险及其防范

Morality Risk and Its Protection in Venture Capital Investment

风险投资的过程中存在着双重委托代理关系,一重是投资者和风险投资公司之间的委托代理关系,另一重是风险投资公司和风险企业之间的委托代理关系,由于委托者和代理者之间的信息不对称,二者之间存在道德风险。它在风险投资过程中有多种表现,必须建立相应的制度和对策来加以防范。

There are twofold agency by agreement in the procedure of venture capital investment. One is between the investor and the investment company, and the other is between the investment company and the enterprises involved, in which the morality risk can be found because of the unevenness between the agency by agreement and its agent. There are a variety of such morality risks in the investment which needs to protect against by means of relevant system and countermeasures.