This paper aims to study the principal-agent relationship between investors and venture capitalists （VCs）, makes research on the moral hazard issues under this relationship, and how to design an effective incentive ...This paper aims to study the principal-agent relationship between investors and venture capitalists （VCs）, makes research on the moral hazard issues under this relationship, and how to design an effective incentive mechanism to avoid it. By constructing a new incentive model, this paper provides the reference for investors to establish a reasonable payment contract. The designed incentive contract is a kind of dominant consecutive payment mode, which plays a strong incentive role to the VCs, in addition, it also requires the VCs to invest certain capital to the project, which can effectively prevent the slapdash action of VCs, and reduce the agent cost of investors.展开更多
In this paper, a new class of memoryless non-quasi-Newton method for solving unconstrained optimization problems is proposed, and the global convergence of this method with inexact line search is proved. Furthermore, ...In this paper, a new class of memoryless non-quasi-Newton method for solving unconstrained optimization problems is proposed, and the global convergence of this method with inexact line search is proved. Furthermore, we propose a hybrid method that mixes both the memoryless non-quasi-Newton method and the memoryless Perry-Shanno quasi-Newton method. The global convergence of this hybrid memoryless method is proved under mild assumptions. The initial results show that these new methods are efficient for the given test problems. Especially the memoryless non-quasi-Newton method requires little storage and computation, so it is able to efficiently solve large scale optimization problems.展开更多
文摘This paper aims to study the principal-agent relationship between investors and venture capitalists （VCs）, makes research on the moral hazard issues under this relationship, and how to design an effective incentive mechanism to avoid it. By constructing a new incentive model, this paper provides the reference for investors to establish a reasonable payment contract. The designed incentive contract is a kind of dominant consecutive payment mode, which plays a strong incentive role to the VCs, in addition, it also requires the VCs to invest certain capital to the project, which can effectively prevent the slapdash action of VCs, and reduce the agent cost of investors.
基金Foundation item： the National Natural Science Foundation of China （No. 60472071） the Science Foundation of Beijing Municipal Commission of Education （No. KM200710028001）.
文摘In this paper, a new class of memoryless non-quasi-Newton method for solving unconstrained optimization problems is proposed, and the global convergence of this method with inexact line search is proved. Furthermore, we propose a hybrid method that mixes both the memoryless non-quasi-Newton method and the memoryless Perry-Shanno quasi-Newton method. The global convergence of this hybrid memoryless method is proved under mild assumptions. The initial results show that these new methods are efficient for the given test problems. Especially the memoryless non-quasi-Newton method requires little storage and computation, so it is able to efficiently solve large scale optimization problems.
