创业投资组织形式选择问题分析——基于民间投资者的角度

An Analysis on the Choice of Organization of Venture Capital——On the Perspective of Folk Investors

民间投资主体对创业投资组织形式的选择是由自身的特性、利益捆绑程度、合同的修改成本三项因素决定的。对个人投资者来说,有限合伙制是其最优选择;大型企业集团将选择附属公司制,大中型企业将参股创业投资公司;对于保险公司、养老基金、投资银行等机构来说,信托基金制和有限合伙制都可能是最优选择,主要取决于收益与安全系数综合考虑后所得的值的比较。论文用美国的资料对民间投资者选择创业投资组织形式的理论模型进行了初步验证。

The expansion of the folk investors forms the need of VC, but the great difference of the organization of VC is the arrangement of incentive. It is determined by such elements as the character of investors, the binding of interest, and the cost of modification. On the base of this, the paper builds a theory model of the choice on the organization of VC of the folk investors, and then verifies it.