克服信息不对称——有效的风险投资契约设定

Overcoming Informational Asymmetry--Entering into Agreements of Effective Risk Investment

风险投资是以股权形式投向企业，特别是中小型、高新技术企业，并为其提供多种服务，最后以出售股权方式来回笼资金的投资方式。风险资本是一种股权资本而不是借贷资本，是金融创新和技术创新的成果。本文试图分析在信息不对称风险的条件下，风险资本如何制定有效而安全的组织形式来规避此风险。

Risk Investment is a way of investment． It is in the form of stock options, and it is made towards enterprises, especially medium and small－sized enterprises as well as high－tech enterprises． It provides various services, and reabsorbs funds by selling stock options． Venture capital is a kind of stock option capital instead of loan capital． It results from financial innovation and technological innovation． This paper analyses that under the condition of informational asymmetry, how we can set an effective and safe organizational form of venture capital in order to avoid the risk．