提高风险投资过程中两级委托—代理效率的思考

Thinking on improving the efficiency of principal—agent relationship at two levels during the course of venture capital

本文从对风险投资者与风险投资商、风险投资商与风险企业之间的两层委托代理的简要分析入手 ,首先在诠释委托—代理效率内涵的基础上构建了分析委托—代理效率的一个理论框架 。

The paper begins with the concise analysis of the principal——agent relationship at two levels among investors of venture capital and venture capitalists,venture capitalists and entrepreneurial firms.Then the framework for analyzing principal——agent efficiency on the basis of the implication of the concept ‘principal——agent efficiency' is established.Finally,the framework is applied to explore the problem of improving the efficiency of principal——agent relationship at two levels.