日本风险资本产权缺失的影响——新制度经济学分析

The impact of property rights insufficiency of japanese venture capital—analysis from the angle of new institutional economics

从制度经济学角度分析 ,日本风险资本的典型特征便是产权缺失。产权缺失是相对的。产权缺失对日本风险资本发展的影响是巨大的 ,它使风险资本长期处于一种非效率均衡 ,资源严重浪费 ;使风险资本组织效率不高 ,限制了投资的高收益 ;也使风险资本剩余权分配发生扭曲 ,致使资本管理者激励不足 ,资本的运做偏离了风险资本的本来意义。对日本风险资本来说 。

Property rights insufficiency is the typical characteristic of Japanese venture capital analyzing it from the angle of institutional economics. Property rights insufficiency is comparative. The impact of property rights insufficiency is notable to the development of Japanese venture capital. It makes venture capital balance in low efficiency for a long time, and resources are wasted seriously. It makes the organizational efficiency of venture capital not high, and it limits the high profit of investment. It also makes the allotment of Contingent Claim of venture capital be distorted, and it makes the incentive to administrative personnel of venture capital is not enough. It deviates the original meaning of the venture capital. Speaking to Japanese venture capital, the property rights insufficiency is heavy losses of efficiency.