风险企业财务激励约束机制研究

Research on Financial Incentive-restraint Mechanism of Venture Capital Enterprise

财务治理在公司治理中处于核心地位,而激励约束机制是财务治理的内核。风险企业财务激励约束机制主要体现为风险投资家对风险企业家的激励约束,主要分为货币的激励约束和权力的激励约束。货币激励约束是指变动的收益分配机制和分阶段的资本供给机制,权力激励约束表现为财务管理权、控制权的相机性以及控制权的隐形激励。

Financial governance is the core of corporate governance,and the financial incentive-restraint mechanisms are the kernel of financial governance.Venture capitalists usually incent and restrict entrepreneurs in venture enterprises,which include financial resources and power system.Financial resources of incentive-restraint mechanisms are the changing revenue distribution mechanism and the staged financing.Power systems consist of financial manage authority and control rights incentive-restraint.