风险投资中委托代理问题与制度安排

The principal-agent problem on venture capital market and institution arrangement

风险投资运作过程中 ,存在着由于信息不对称而导致的委托代理问题。在我国 ,由于风险投资业起步较晚、不规范运作普遍 ,委托代理问题更为严重。本文从风险投资组织形式的安排、中介机构的设立和监管体制的完善等制度安排视角 ,对这一问题进行了较为全面的探讨 ,以期规范我国的风险投资运作 ,促进我国高科技产业的快速发展。

There is asymmetry of information on venture capital market.Especially in China,because venture capital was introduced into China only in 1980s,its principal-agent problem is very prevalent.The author explains this problem fully from three aspects.First of all,adopting the venture capital partnership for China;secondly,establishing Chinese intermediary for venture capital industry;thirdly,perfect supervision system.Only by these,can venture capital operate efficiently and prompt high-tech industry's development.