风险投资中“双重道德风险”及其控制

“Doble moral risk” in venture investment and its control

风险投资作为融资方式的创新和经济发展的推动工具,虽然充满着巨大收益的诱惑,却也存在着风险和失败的可能。由信息不对称而产生的道德风险属于非系统风险,是可以通过采取有效的资本运作模式和科学的投资方式来规避。本文分析了风险投资中双重道德风险控制的必要性和可行性,设计了控制道德风险的机制模型,就如何规避风险投资中的双重道德风险提出研究对策。

Venture investment ,as a means of financ- ing innovation and economic development promotation, is full of great benefits temptation, but there also exists possibility of risks and failure. The moral haz- ard arising from information asymmetry is a non-sys- tematic risk, which can be avoided through effective capital operation and scientific investment approach. This paper analyzes the necessity and feasibility of double moral risk control in the venture capital, designs a mechanism to control the moral hazard and com- bines the successfull story of the moral risk control in China＇s venture capital and foreign moral hazard control mechanism to propose a solution on how to cir- cumvent the double moral hazard in China venture capital.