专业化、机构化与美国的创业投资--KPCB的成功经验及对我国的启示

Specialization,Institutionalization and Venture Capital in the Untied States:Evidence from KPCB

本文以美国最著名的创业投资机构——KPCB为案例,剖析了创业投资过程中组织制度和退出机制,指出有限合伙制之所以占主导地位,在于它从人力资本角度解决了创业投资家人力资本的定价问题,为创业投资家提供了强大的激励。同时,美国资本市场的IPO机制为创业投资提供了最佳退出渠道,为创业投资家带来巨额收益,从而形成创业资本的良性循环。

This paper discusses a case,KPCB,which is one of the most famous venture capital firms.The organization and exit mechanism of venture capital are analyzed.The paper shows that Limited Partnership takes a leadership,because it can resolve the pricing of human capital,so it gives general partner incentive.IPO is the most exit channel for venture capital in the United States; venture capitalist can receive a great income through IPO.In this case,venture capital cycle is prosperous.