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
To obtain a conceptual design for a hybrid rocket motor(HRM)to be used as the Ascent Propulsion System in the Apollo lunar module,the deterministic design optimization(DDO)method is applied to the HRM design.Based on ...To obtain a conceptual design for a hybrid rocket motor(HRM)to be used as the Ascent Propulsion System in the Apollo lunar module,the deterministic design optimization(DDO)method is applied to the HRM design.Based on the results of an uncertainty analysis of HRMs,an uncertainty-based design optimization(UDO)method is also adopted to improve the design reliability.The HRM design process,which is a multidisciplinary system,is analyzed,and a mathematical model for the system design is established to compute the motor performance from the input parameters,including the input variables and model parameters.The input parameter uncertainties are quantified,and a sensitivity analysis of the model parameter uncertainties is conducted to identify the most important model parameter uncertainties for HRMs.The DDO and probabilistic UDO methods are applied to conceptual designs for an HRM to be used as a substitute for the liquid rocket motor(LRM)of the Ascent Propulsion System.The conceptual design results show that HRMs have several advantages as an alternative to the LRM of the Ascent Propulsion System,including nontoxic propellant combination,small motor volume,and comparable functions,such as restarting and throating.Comparisons of the DDO and UDO results indicate that the UDO method achieves more robust and reliable optimal designs than the DDO method.The probabilistic UDO method can be used to develop better conceptual designs for HRMs.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supported by the National Natural Science Foundation of China(Grant No.51305014)the China Postdoctoral Science Foundation(Grant No.2013M540842)
文摘To obtain a conceptual design for a hybrid rocket motor(HRM)to be used as the Ascent Propulsion System in the Apollo lunar module,the deterministic design optimization(DDO)method is applied to the HRM design.Based on the results of an uncertainty analysis of HRMs,an uncertainty-based design optimization(UDO)method is also adopted to improve the design reliability.The HRM design process,which is a multidisciplinary system,is analyzed,and a mathematical model for the system design is established to compute the motor performance from the input parameters,including the input variables and model parameters.The input parameter uncertainties are quantified,and a sensitivity analysis of the model parameter uncertainties is conducted to identify the most important model parameter uncertainties for HRMs.The DDO and probabilistic UDO methods are applied to conceptual designs for an HRM to be used as a substitute for the liquid rocket motor(LRM)of the Ascent Propulsion System.The conceptual design results show that HRMs have several advantages as an alternative to the LRM of the Ascent Propulsion System,including nontoxic propellant combination,small motor volume,and comparable functions,such as restarting and throating.Comparisons of the DDO and UDO results indicate that the UDO method achieves more robust and reliable optimal designs than the DDO method.The probabilistic UDO method can be used to develop better conceptual designs for HRMs.
