风险投资中的信息不对称问题及治理对策

Information-asymmetry in Venture Investment and Solutions

风险投资存在着严重的信息不对称。风险投资家与风险资本供给者之间、风险企业家与风险投资家之间的双重代理关系导致了严重的道德风险。这种现象的存在,源于我国信用制度不健全及诚信资源的严重缺乏,并且投资期限越长,可能产生的道德风险越大。治理的关键在于加强信用立法,完善信用制度。

Information-asymmetry in the course of venture investment is very serious.The proxy relationship between venture investor and venture entrepreneur or between venture investor and supplier of capital causes great moral hazard.It is believed that this kind of phenomenon originates from imperfect law system and scare credit and reputation.Furthermore,the longer the investment span is,the more serious the moral hazard is.So the key to this problem must be credit legislation and perfect law system.