风险投资契约关系的理论研究

Theoretical Research on Venture Capital Contract Relations hip

在风险投资过程中存在两重委托—代理关系,即投资者与风险投资家之间的委托—代理关系、风险投资家与企业家之间的委托—代理关系。因此,对风险投资契约关系的理论研究基本上是围绕以下三个层面展开的,即:投资者与风险投资家契约关系、风险投资家与风险企业契约关系、三方互动的契约关系。

In process of venture investment, there exist dual entrus t-agent relationships, which are relationship between investor and venture capit alist and relationship between venture capitalist and entrepreneur. Meanwhile, t heoretical researches on venture capital contract relationship are developed on the following three aspects, which are the contract relationships between invest or and venture capitalist, venture capitalist and venture enterprise and mutual cooperation among them.