美国风险投资合同及其对我国的启示

On the U. S. Venture Capital Contract and Its Reference Value to China

风险投资中的委托代理问题是由信息不对称引起的。信息不对称包括事前的信息不对称和事后的信息不对称,它们都可能导致逆向选择和道德风险。风险投资合同是解决风险投资因信息不对称而引起的代理问题的重要手段,其分阶段投资条款、投资工具选择条款等在美国风险投资合同中大量存在,它们有效地解决了风险投资家和创业企业家之间的逆向选择和道德风险难题。此外,声誉机制也在美国的风险投资中发挥着重要的作用。美国风险投资合同的成熟经验对我国风险投资界具有重要的借鉴意义。

The principal-agent problem in venture capital is caused by informational asymmetry, ex ante of which will lead to ad- verse selection, ex post of which will lead to moral hazard. Venture capital contract is the main method to solve the principal-agent problem, in addition, the reputation mechanism takes effect. The experiences of U. S. venture capital contract is of reference importance to China.