摘要
风险投资运作中存在着由投资者到风险投资公司 ,再到风险企业的两层委托代理关系 ,委托代理关系的存在必然导致道德风险和逆向选择。结合风险投资的特点 ,探讨了如何在两个层次的委托代理关系中设计有效的激励约束机制来提高风险投资效率。
In venture capital deals, there exist two principal-agent relations: from investors to VC firms, and from VC firms to VC business. The principal-agent relations always lead to moral hazard and adverse selection. In this paper, we discuss how to design effective incentive-monitor systems to enhance the efficiency of venture capital.
