创业企业资本融资:相机治理的研究视角

Study on the Finance of Venture Enterprise from Contingent Governance

由于创业企业的信息不对称,易产生逆向选择,导致创业资本市场低效率,因此创业企业融资难众所周知。本文从相机治理的角度,通过一套制度安排,实现了创业投资家对创业企业家的激励与约束,成功地解决了创业投资家与创业企业家之间的委托代理问题,使创业企业获得了创业资本的支持。

Information asymmetry causes adverse selection and ineffective capital market, it is difficult to finance for venture enterprise. According to the characteristics of venture enterprises, this paper presents the contingent governance of venture enterprise and analyses the mechanism of contingent governance. It indicates the measures and functions about the contingent governance of venture enterprises. At last, it is realized that venture capitalist operates the contingent governance in order to solve the problem of principal-agent between venture capitalist and venture entrepreneur and to finance venture enterprises.