创业投资合同与我国公司法制的适应性探讨

Venture Capital Contracts and the Suitability of China's Corporate Legal System

创业投资合同打破了标准的公司利益与控制权分配格局,形成了创业企业独有的公司治理结构,回应了内含于创业投资中的极端不确定性、信息不对称以及代理成本问题,从而对接了资本和创新。在我国创业投资实践中,美式创业投资合同条款在本土化的过程中遭遇了种种制度障碍,与我国的公司治理规则、公司资本制度有诸多不匹配、不协调之处,这是我国公司法制适应性不足的表现,亟待修正与完善。

Venture capital contracts break the standard distribution of company interests and control, forming a unique corporate governance structure of start-up companies, reflecting their intrinsic uncertainty, information asymmetry and agency cost problem, therefore needing capital and innovation. In China＇s venture capital practice, U.S. style venture capital contract clauses encounter all sorts of institutional barriers, incompatible with China＇s corporate governance rules and capital system. It shows inadequate adaptability of our company legal system, which urgently needs correction and perfection.